Budget collection reaches 66.7% of yearly estimates
Revenues of the State budget in the first six months of this year stood at about 941.3 trillion VND (40.3 billion USD), equivalent to 66.7% of the yearly estimates, it was reported at the Finance Ministry’s review conference on July 7.
Hanoi (VNA) – Revenues of the State budget in the first six months of thisyear stood at about 941.3 trillion VND (40.3 billion USD), equivalent to 66.7%of the yearly estimates, it was reported at the Finance Ministry’s reviewconference on July 7.
State budget spendingin the reviewed period was estimated at 713 trillion VND, or 40 percent of theyearly estimates.
The Finance Ministry hastimely proposed the promulgation of policies on exempting, reducing andrescheduling tax, land rents and fees to ease difficulties for and support businessesand the people, with a total value of around 39.8 trillion VND.
State management ofthe financial, securities and corporate bond markets has been strengthened,while price and market control has been aligned with realities to removedifficulties for production-business activities and people’s life.
However, the ministrynoted the complicated situation related to tax evasion and frauds in digitalplatform-based business, e-commerce and cross-border business.
Besides, the allocationof state budget and disbursement of public investment capital remain slow,failing to stimulate economic growth.
The divestment ofState capital in State-owned enterprises failed to meet schedule, affectingbudget collection.
In particular, thesecurities and derivative markets have witnessed increasingly complicated pricemanipulation, while the corporate bond market saw “hot” growth with potentialrisks.
The causes of thoseproblems lie in the difficulties facing production and business activitiesbrought about by the impacts of COVID-19 and rising fuel and materials costs, the ministry said.
Slow action by someministries, sectors and local administrations in implementing budget spendingplans plus a lack of severe sanctions are the reason for the delay inallocating State budget and disbursing public investment capital, according to the ministry./.
State budget collection in 2022 is expected to reach over 1.41 quadrillion VND (61.7 billion USD), while expenditure is estimated at about 1.78 quadrillion VND (78.05 billion USD), up 4.5 percent compared to that in 2021, according to a report on State budget estimates for 2022 that has been made public by the Ministry of Finance.
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Illustrative photo (Source: VNA) 
