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Tuesday, June 25, 2024

State budget collection exceeds target by 4.5%

The Saigon Times

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HCMC – State budget revenue this year had reached VND1.7 quadrillion as of December 25, beating the initial estimate by 4.5%.

The central State budget saw a 4.6% year-on-year rise in revenue while local budgets gained a 4.4% uptick, according to Nguyen Duc Chi, deputy minister of Finance.

Chi attributed the higher-than-expected revenue to meticulous scrutiny of revenue sources, enhanced management in key sectors, and adjustments to property tax calculations to align with market values.

Fiscal policies have been proposed and implemented throughout the year to ease the financial burden on businesses and individuals, resulting in a total exemption, reduction, or deferral of taxes, fees, levies, and land rents amounting to around VND193.4 trillion.

Despite these measures, Vietnam has maintained prudent fiscal management with strict budgetary control and consistent cost savings. Resources have been allocated to developmental investments, particularly in the expressway network and interregional transportation.

State budget expenditure has reached about VND1.73 quadrillion, equivalent to 83.4% of the estimate. To offset budget deficits and repay principal debts of the central budget that came due, the Government issued VND296.7 trillion worth of government bonds by December 25, accounting for 74.2% of the annual plan. These bonds have an average term of 12.5 years and an average coupon rate of 3.21% per year.

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