State budget revenue reaches over VND427 trillion (US$18.17 billion) in Q1 2020

	National Assembly adopts resolution on 2020 State budget allocation
	Additional state budget given to Ministry of Agriculture and Rural Development
	State budget revenue hits over VND340 trillion

Illustrative image (Photo: VNA)

Nhandan reported that the domestic revenue reached VND351.6 trillion, fulfilling 27.8% of the year’s target. Revenue from crude oil hit VND17.3 trillion, equivalent to 49.1% of the year’s plan, while State budget collection from exports reached VND58 trillion, accounting for 27.9% of the year’s target.

Domestic revenues collected from State-owned enterprises reached VND29.3 trillion, 16.5% of the estimate, while budget collection from foreign-invested enterprises (excluding crude oil) reached VND48.9 trillion, fulfilling 21.4% of the 2020 target.

Revenue from non-state trade and services taxes reached VND63.2 trillion, equal to 27.6% of the yearly estimate, in addition to VND41.4 trillion collected from personal income tax, accounting for 32.2% of the year’s plan.

Illustrative image (Photo: hanoimoi.com.vn)

Total State budget expenditure in the first quarter of the year was estimated at VND408.5 trillion, 23.4% of the estimate. Of which, recurrent expenditure reached VND291.6 trillion, fulfilling 27.6% of the estimate.

In 2020, the MoF expected to fulfill the financial – state budget objectives for the 2016 – 2020 period based on fiscal discipline, in turn stabilizing macro-economic conditions and promoting production and business activities.

The MoF would continue to restructure state budget, in which a major part is used for salary reform and social welfare policies.

The ministry targets 2020 state budget revenue at VND1,500 trillion (US$64.75 billion), up 3.8% compared to the 2019 estimate, while the capital mobilization rate for state budget is estimated at 22.2% of GDP, with taxes and fees projected at 19.4% of GDP.

The Ministry of Finance (MoF) published the 2020 state budget estimates for public comment (Photo:hanoitimes)

Meanwhile, budget spending is projected to reach over US$1,700 trillion (US$73.38 billion), up 7% compared to the 2019 estimate. The MoF expected to focus on increasing the spending ratio for development investment and lowering regular spending; allocating sufficient funds for timely debt payment and ensuring national financial security.

The MoF expected the fiscal deficit in 2020 at VND234.8 trillion (US$10.13 billion), equivalent to 3.44% of GDP. By the end of 2020, Vietnam’s public debt is estimated to reach 54.3% of GDP, government debt at 48.5% and foreign debt at 45.5%.

Development and investment expenditure was at VND76.6 trillion,16.3% of the estimate, while those for interest payment reaching VND38.6 trillion, equal to 32.7% of the year’s plan.

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