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Saturday, June 22, 2024

State budget revenue in Jan-Sep up 10.75%

The Saigon Times

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HCMC – The State budget revenue in the January-September period of this year reached nearly VND1.1 quadrillion, meeting 80.75% of this year’s target and rising 10.75% year-on-year, according to the Ministry of Finance.

Of the total, domestic revenue was VND878.5 trillion, or 77.5% of the expected amount, the local media reported.

Despite the severe impact of the Covid-19 pandemic, the progress of the State budget revenue collection in the nine-month period was still ensured and the revenue rose over the year-ago period thanks to strong economic growth in the last months of last year.

In the nine months, the State budget spending was VND1,030 trillion, equivalent to 61.1% of the plan, including VND218.6 trillion on investment, VND79.3 trillion on loan interest payment and VND725.3 trillion on regular expenditure.

According to the Ministry of Finance, both the State budget and localities’ budgets were prioritized for the fight against the pandemic.

As of September, VND29.1 trillion was sourced from the State budget for the Covid fight and support for pandemic-hit people and enterprises, including VND19.7 trillion for pandemic prevention and control and VND9.4 trillion for people and firms hit by the pandemic.

As the spending progress was slower than the collection progress, the country posted a State budget surplus in the January-September period. The Ministry of Finance has adjusted the Government bond issuance to effectively use the State budget while ensuring the payment of overdue debts and restructuring of public debts.

By September, VND237.7 trillion worth of Government bonds with an average term of 13.21 years and an average annual interest of 2.26% were issued.

In the last months of the year, the Ministry of Finance will continue reforming administrative procedures on taxes, simplifying business conditions, enhancing the digital tax management and closely cooperating with the police, customs and market management agencies to control prices to prevent State budget losses and create a healthy business environment to attract investments.

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