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The press conference

Total state budget revenue in the first nine months of 2022 is estimated at VND1,327.3 trillion

At the press conference, the representative of the Ministry of Finance said that the total state budget revenue in the first nine months of 2022 rose 22% year-on-year to VND1,327.3 trillion, equal to 94% of the estimate.

Of which, domestic revenue grew of 18.8% (excluding revenue from land use levy, lottery collection, capital recovery, dividends, profit, profit after tax and difference between revenue and expenditure of the State Bank, domestic tax and fee collection).

Particularly, revenues from three economic sectors are estimated at 83% of the estimate, up 13.3% compared to the same period in 2021. Specifically, revenue from the SOE sector, the FDI sector and the non-state economic sector rose 14.1%, 5.9%, and 18.9% year-on-year, respectively.

In addition, revenue from crude oil surged 103.5% year-on-year and revenue from import and export activities increased 22.1%.

However, there are still two revenues that have failed to meet the progress: environmental protection tax (reaching 62.1%) and revenue from capital recovery, dividend collection, profit, profit after tax, the difference between revenue and expenditure of the State Bank (reaching 59%).

61 out of 63 cities and provinces record domestic revenue in first eight months of more than 75% of the estimate, and 52 out of 63 cities and provinces have higher revenue than the same period, last year and 11 cities and province have lower revenue than the same period last year.

Regarding budget expenditure, the State spent VND1,086.3 trillion, equaling 60.8% of the estimate, up 5.4% year-on-year, of which: development investment expenditure was estimated at 48, 1% of the target decided by the National Assembly; interest payment expenditure was estimated at 70% of the target and recurrent expenditure was estimated at 68.3% of the target.

The Ministry of Finance said the state budget expenditure tasks in the nine months have been carried out according to the estimate, meeting the needs of socio-economic development, national defense, security, state management and debt repayment at the due date, ensuring funding for overcoming consequences of natural disasters, epidemics, social security and beneficiaries of salaries, pensions and social allowances from the state budget.

The central budget spent provision of VND4.61 trillion, mainly allocating more funds for Covid-19 pandemic prevention to the Ministry of National Defense (VND729.8 billion) and supporting localities (VND3,136 billion) in pandemic prevention and control and support and helping pandemic-hit people, support for plant varieties, livestock and aquatic products to restore production in areas damaged by natural disasters and epidemics; temporarily granting more than VND4.1 trillion to local agencies to implement the policy of supporting rent for employees according to Decision 08/2022/QD-TTg of the Prime Minister.

In addition, the Ministry of Finance has issued about 28, 980 tons of national reserve rice to overcome the consequences of natural disasters and epidemics and provide relief to the people during the Lunar New Year and the beginning of the year.

As for development investment spending, disbursement in the first nine months of the year increased in value year-on-year by 13%, but progress was still slow; the disbursement rate reached only 46.7% of the plan assigned by the Prime Minister (the same period in 2021 reached 47.38%), of which disbursement of foreign capital only reached 19.07% of the plan.

Seven out of 20 ministries and local agencies recorded a disbursement rate of above 50% of the plan, while 14 ministries, central agencies and two local agencies had a disbursement rate of less than 20% of the assigned plan.

State budget revenue in 2022 expected to exceed the estimate

The increase in state budget revenue is because the Ministry of Finance has actively followed the situation, advised or worked with other ministries, central and local agencies to advise the Government, Prime Minister to issue or submit the competent authority to issue fiscal policies (exemption, reduction and extension of payment for taxes, fees) and to support socio-economic recovery and development and control inflation.

In addition, the Ministry of Finance has requested Tax and Customs agencies strengthen collection management measures, inspection and examination and strictly handle cases of tax evasion, trade fraud and loss of revenue; boost revenue from real estate business and e-commerce; administrative reform and modernization to strengthen electronic applications, deploy e-invoices across the country

After nine months of implementation, state budget revenue is estimated at VND1,327.3 trillion, equal to 94% of the estimate, of which domestic revenue reached 88.9% of the estimate, crude oil revenue reached 213% of the estimate and balances revenue from operations, import and export activities reached 108.8% of the estimate.

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Based on the budget collection result in the first nine months of the year, the Ministry of Planning and Investment forecasts that the economy will grow to 7-7.5% in 2022, exports will rise 9.46%, and imports 10.5% year-on-year, and oil price will continue to stay high (average oil price in nine months is US$107.05/barrel). The Ministry of Finance assessed that the whole year's state budget revenue is estimated to exceed the target.