Budget revenues were estimated at 280.9 trillion VND (12.4 billion USD) in Q1, up 15.2 percent compared to the same period in 2016 and meeting 23.2 percent of the annual estimate,.
Central Technology Platform No 2 at Bach Ho oil field of Vietsovpetro Joint Venture (Photo: VNA)
Hanoi (VNA) - Budget revenues were estimated at 280.9 trillion VND (12.4billion USD) in the first quarter of this year, up 15.2 percent compared to thesame period in 2016 and meeting 23.2 percent of the annual estimate, theMinistry of Finance (MoF) said on April 10.
Domestic collection for the period was 232 trillion VND, equivalent to 23.4 percentof the projected revenues, and 13.3 percent higher than the same period lastyear.
In March, revenues from crude oil exports were estimated at 3.95 trillion VND,down nearly 400 billion VND compared to the previous month due to largeredundant supply, the MoF said.
However, budget revenues from crude oil exports in the whole quarter reachedroughly 11 trillion VND, meeting 28.9 percent of estimates, up 15.9 percentagainst 2016.
Import-export activities contributed 66.8 trillion VND to the State budget,totaling 18.5 percent higher than the same period last year, and equalling 23.4percent of targeted revenues.
Budget collections from production and business activities grew stronglycompared with last year, with 25.4 percent collected from the private sector,30.3 percent from personal income tax and 35.2 percent from housing and realestate tax.
The MoF attributed the robust results to the close and effective coordinationbetween central and local authorities. The results represent the soundleadership of the Government, the directions of the finance ministry and theefforts of tax authorities who strengthened budget collection measures earlythis year to prevent shortfalls in the middle and end of the year.
The increase in revenue may also be attributed to the vigorous economic growthin the last quarter of 2016, with GDP growth in the fourth quarter estimated at6.68 percent, the MoF said.
Meanwhile, budget expenditure reached nearly 285 trillion VND in the firstquarter, up 7.8 percent from the same period last year and equivalent to 20.5percent of the annual plan. Expenditures for development investment wererecorded at 44.1 trillion VND, while debt payment and interest expensestotalled 29.1 trillion VND, and regular spending reached 211.2 trillion VND.
Overspending stood at over 4 trillion VND, 2.27 percent of the yearlyestimates, the MoF said. In terms of capital mobilisation for the State budget,as of March 31 MoF issued roughly 56.5 trillion VND worth of Government bondsto offset excessive budget spending and to cover investment and developmentexpenditure.-VNA
Prime Minister Nguyen Xuan Phuc asked the Finance Ministry to take prompt measures to collect revenues for the State budget from the beginning of the year at a teleconference in Hanoi on January 6.
The southern metropolis Ho Chi Minh City collected 35 trillion VND (1.52 billion USD) for its coffer during January 2017, departments and agencies reported the municipal authorities on February 6.
State budget collection was estimated to hit 97.4 trillion VND (4.3 billion USD) in the first month of 2017, accounting for 8 percent of the estimates, according to the Ministry of Finance (MoF).
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Central Technology Platform No 2 at Bach Ho oil field of Vietsovpetro Joint Venture (Photo: VNA) 
