First quarter revenue rose by 13.2%

	13 Customs Departments have already achieved revenue collection of thousand billion VND
	Tax sector’s revenue reached 18.3% of the estimate
	State budget revenue in 2 months rose by 18.2%

Domestic revenue in the first quarter reached VND 315.4 trillion. Photo: H.Van.

49 of 63 localities reached the progress

This statistic showed that domestic revenue in the first quarter reached VND 315.4 trillion, equal to 26.9% of the estimate, up 13.8% over the same period in 2018. It was estimated that 49 of 63 localities reached the estimated target (over 24%).

In order to achieve this progress, in the last 3 months, the Tax agency has focused on collection right from the beginning of the year, reviewing the subjects of collection and budget revenues in the area, inspecting the tax declaration, tax finalization of enterprises to ensure the revenue to the State budget.

Revenue from crude oil in March 2019 was estimated at VND 4.5 trillion, up by VND 900 billion from February. Accumulated, the first quarter revenue reached VND 12.28 trillion, equivalent to 27.5% of the estimate, down 14.3% over the same period in 2018.

Revenue from import and export activities in March increased by about VND 6.6 trillion compared to February, bringing the total revenue of the first quarter to VND 80.8 trillion, equal to 26.9% of the estimate, up 17.6 % compared to the same period in 2018. After the Value Added Tax refund was deducted (VND 27.8 trillion), the state budget revenue balance reached about VND 53 trillion, equal to 28% of the estimate, up by 17.7% compared to the same period in 2018.

The General Department of Customs issued Directive No. 723 / CT-TCHQ dated January 30, 2019 to request its officials and cadre to strictly and efficiently find solutions for trade facilitation, anti-revenue loss in the implementation of the state budget collection task in 2019; Official Letter No. 981 / TCHQ-TXNK dated February 02, 2019 requests the provincial and municipal Customs Departments to assess the state budget collection task in 2018 and carry out the task in 2019.

The State budget saw a surplus

Regarding state budget expenditure, total expenditure in the first 3 months of 2019 reached VND 315.6 trillion, equal to 19.3% of the estimate, up 7.6% over the same period in 2018.

In which: expenditure for development investment was VND 46.7 trillion, 10.9% of the estimate, up 32.4%; expenditure for debt interest was VND 30.76 trillion VND, 24.6% of the estimate, down 3.6%; recurrent expenditure reached nearly VND 237.2 trillion, 23.7% of the estimate, up 5.3% over the same period in 2018.

In general, the budget-spending in the first quarter of 2019 was strictly controlled in accordance with the estimate and the progress of meeting the tasks of social security.

As of March 15, 2019, the State Treasury system had collected VND 164.643 trillion, achieving 15.8% of the state budget's recurrent expenditure estimates through the Treasury (excluding expenditures for debt repayment, aids and supplements to the financial and reserve fund).

Following the Prime Minister’s Decision, in the first quarter, the Ministry of Finance extracted VND 450.6 billion from the Central budget for localities to urgently provide housing assistance to households affected by natural disasters from 2016 to 2018 (VND 238.16 billion) and to overcome consequences of natural disasters and floods (VND 212.42 billion).

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Due to low spending demand in the first quarter, the state budget balance saw a surplus. In order to orientate the market’s development and restructure public debts on debt maturity and deposit rates, in the first quarter of 2019, the Ministry of Finance issued VND 69.5 trillion of Government bonds with an average term of 12.35 years and an average interest rate of 4.91% per year.