Despite difficult economic circumstances both at home and abroad, Vietnam ’s 2013 budget revenue has exceeded 0.4 percent of its target, according to Finance Minister Dinh Tien Dung.

In September, the state budget revenue had reached only 66.6 percent of its annual target, nearly 9 percent lower than expected by that time of the year, the Finance Ministry revealed.

To tackle the risk of budget revenue failure, the ministry closely collaborated with other ministries and local authorities to work out breakthrough solutions, said Minister Dung.

The financial industry has implemented drastic measures to combat tax losses, solving tax arrears and fixing tax refund activities.

By the end of 2013, the industry inspected 60,273 businesses and collected over 13 trillion VND. The tax authority also fetched a little over 25 trillion VND from tax arrears, accounting for 52 percent of total tax arrears by the year end.

Dung also noted that his ministry had tightened its inspectorate works and applied strict punishments for tax collectors and customs officials who broke the rules on tax refunds, added value tax, and tax evasion.-VNA