State budget revenue in January 2018 increased by 5.2%

Tax agents assists taxpayers to settle personal income tax at the Tax Department of Ho Chi Minh City. Photo: Nguyen Hue.

Increased revenues

The total State budget revenue in January was estimated at 114.2 trillion VND, equal to 8.7% of the estimates, increased by 5.2% compared to the same period in the last year. Of which, the domestic revenue was estimated at 95.5 trillion VND, equivalent to 8.7% of the estimates, equal to 98.6% compared to the same period in 2017. Excluding specific revenues (land use fees, receipt lottery, dividends and after-tax profit), the remaining domestic revenue was estimated at 78.2 trillion VND, equal to 9.3% of the estimates, rose by 3.7% compared to the same period of 2017.

One particular point is that the revenue has increased sharply compared to the same period in the last year. Revenues from foreign invested sector increased by 2% compared to the same period in 2017; revenues from non-state sector increased by 5.7%; personal income tax increased by 7.2%; the environmental protection tax increased by 15.7%; fees and charges increased by 6%.

Crude oil production in January reached 1 million tons, equal to 8.8% of the plan. As a result, revenues from crude oil were estimated at 4.1 trillion VND, equal to 11.4% of the estimates, up by 48.6% compared to the same period in the last year.

Revenue from import-export activities is estimated at 22.5 trillion VND, equal to 8% of the estimates, up 9.6% compared to the same period in 2017, which is mainly thanks to import and export activities in January continuing the growth rate of import and export activities of some key commodities (computers, electronic products and components, iron and steel, gasoline...), and increasing compared to the same period. After the reimbursement of Value Added Tax (8 trillion VND), the budget revenue from import-export activities reached 14.5 trillion VND, equal to 8.1% of the estimates.

Ensure the balance

Total state budget expenditures in January 2018 were estimated at 91.5 trillion VND, equal to 6% of the estimates, focusing on regular expenditures for socio-economic development, national defense and security, and management, ensuring social security (accounting for 80% of total expenditures) and paying interest at maturity (accounting for 15.5% of total expenditure).

The central budget balance and budget of local administration at all levels are ensured. In January 2018, the Government borrowed 16,555 billion VND from the the domestic issuance of government bonds, ensuring timely the funds to meet spending tasks of the estimates and repayment of the principal of the Central budget. It is estimated that the State Treasury will issue over 275 trillion VND in the whole year, focusing on the term of 5-10 years.

About the debt repayment, the Government's debt payment in January 2018 was estimated at 21,373 billion VND, of which the domestic repayment was 16,176 billion VND, and foreign debt repayment was 5,197.4 billion VND.

About the statistics on the disbursement of capital construction investment plans for 2017 (as of January 31, 2018) and the plan for 2018, the Ministry of Finance said the figure was estimated at 299,507 billion VND, equal to 83.9% of total state budget investment in 2017 under o the Resolution of the National Assembly.

Specifically: the State budget capital (excluding government bonds) was 285,707 billion VND, of which the central ministries and branches were 70.493 trillion VND, and the localities were 215,213 billion VND. Government bonds was 13,800 billion VND.

For the implementation of the plan in 2018, due to it being in the process of allocating and announcing the investment capital plan to the investors, the progress of spending is low; In January, it is mainly to finalize dossiers, procedures and pay for projects under the 2017 plan.