Positive budget balance

	The budget deficit in the 7 months of 2016 is 78.5 trillion vnd
	Tighten expenditure and management of public assets to combat waste
	Initial results of the electronic tax payment

Production of shoes and bags at Vien Thinh Company.

Revenues continue to rise

According to the latest statistics of the Ministry of Finance, total revenue budget in July 2016 reached 102 trillion vnd, an increase of 26.6% compared to June. Specifically, domestic revenue was 86 trillion vnd, increasing by 34.8%, mainly due to July - the deadline for companies to pay taxes and revenues arising in the second quarter of 2016. Oil revenue reached 4 trillion vnd, an increase of 10.2%.

Budget revenue from import-export activities reached 21.5 trillion vnd. In July, the value of some imported commodities with high proportion of the budget decreased as the value of imported automobiles fell by 22.3%, equivalent to 1.2 trillion vnd; fuels and petroleum fell by 14%, equivalent to 700 billion vnd; iron and steel fell by 11.3%, equivalent to 380 billion vnd; machinery, tools and spare parts decreased by 7.1%, etc. All of these reduces the revenues of this sector by 14.6% compared to June. After the implementation of value-added tax refund of 10 trillion vnd, the net budget revenues reached 11.5 trillion vnd.

Thus, by the end of July, total State revenue budget reached 583.6 trillion vnd, accounting for 57.5% of the estimate, an increase of 5.7% compared to the same period of 2015.

This positive figures show the considerable efforts of enforcement agencies in strengthening the management of state budget revenues.

"Accelerate" investment disbursement

Apart from the positive results of state budget revenues, the operations of expenditures are also managed closely and safely. Total expenditures in the first 7 months of 2016 reached 662.1 trillion vnd, equivalent to 52% of the estimate. Specifically, investment and development spending was 92.2 trillion vnd, equivalent to 36.2% of the estimate, an increase of 6.9% comparted to the same period of 2015. State budget expenditures for Banks for Development and Banks for social policy reached 59.1% of the estimate; and additional allocations for development Fund of SMEs reached 29.7% of the estimate. Regarding the implementation of capital construction, capital disbursement for projects was about 91.3 trillion vnd, reaching 36.2% of the estimate; and capital disbursement for projects of ministries and localities reached 26%, 40.3% respectively. Capital disbursement of Government bonds was approximately 25.8% of the estimate, much lower than the figure 44% as the same period of 2015.

The amount of debt and aid in the past 7 months reached 91.1 trillion vnd, equivalent to 58.8% of the estimate, promptly ensuring full payment to term debt commitments, not negatively impacting the economy. Expenditures for the development of economy-society, defense, security, administration reached 473.7 trillion vnd, accounting for 57.5% of the estimate.

In order to implementing Government Resolution No. 60 / NQ-CP on the tasks and key measures to accelerate the disbursement of public investment in 2016, the Ministry of Finance has been reviewing, guiding a number of provisions on expenditure control of the State Treasury to accelerate the disbursement of capital investment and government bonds in 2016; ministries, branches and localities have focused on implementing the proposed measures. The Ministry of Finance confirmed that these solutions would promote disbursement schedule in the near future.

Save to manage overspending

With such budget expenditure results, the budget deficit in the first 7 months of 2016 reached 78.5 trillion vnd, equivalent to 31% of the estimate. According to the Deputy Minister of Finance, Mr. Huynh Quang Hai, compared to the deficit that the National Assembly allowed in 2016 was 254 trillion vnd, the progress of the first 7 months are within acceptable limits.

In the context of the difficult period of State budget revenues, together with expenditures rising, the Deputy Minister of Finance, Mr. Huynh Quang Hai said that in the near future the reduction of expenditures was necessary.

According to the Deputy Minister of Finance, the principle of regular expenditures which has been reflected in the draft budget of 2016 is in the direction of cutting all regular expenses.

Apart from saving regular expenditures, the units under the Ministry of Finance also continue to promote administrative reform and implement measures to promote the production development and boost economic growth, thereby accomplishing the allocated budget of the National Assembly.

Gov’t introduces eight socio-economic development measures in H2 PM Nguyen Xuan Phuc presented a string of eight measures to realize the socio-economic development goals and ...

With these solutions, the Finance will ensure keeping the budget deficit safely.