A official of Hanoi Department of Taxation is providing consultancies to a taxpayer (Source: VNA)

Hanoi (VNA) - Budget revenues reached 718.3 trillion VND (32.2 billion USD) in the first nine months of the year, accounting for around 70 percent of the annual target, a representative of the Ministry of Finance said in its quarterly press briefing early this week.

The figure also represented an increase of 5.2 percent compared to the same period last year.

Deputy Minister of Finance Nguyen Huu Chi said State revenue remained low due to the impact of lower crude oil prices, causing difficulties for companies and groups operating in the field.

Specifically, budget collection from crude oil in the nine months was only 29.8 trillion VND, representing a year-on-year slump of 41.9 percent.

Contribution to the State budget by State-owned enterprises during the period was only equal to 96.7 percent of the funds paid to the coffers in the corresponding period last year.

Meanwhile, budget expense totaled 870.5 trillion VND, up 5.7 from the figure a year ago.

Through budget expense, the State overspent 152.2 trillion VND in the first three quarters of the year. The amount is equivalent to 60 percent of the quota that the National Assembly had allocated for overspending in 2016.-VNA