Budget collection reaches 66.7% of yearly estimates

Hanoi (VNA) – Revenues of the State budget in the first six months of this year stood at about 941.3 trillion VND (40.3 billion USD), equivalent to 66.7% of the yearly estimates, it was reported at the Finance Ministry’s review conference on July 7.

State budget spending in the reviewed period was estimated at 713 trillion VND, or 40 percent of the yearly estimates.

The Finance Ministry has timely proposed the promulgation of policies on exempting, reducing and rescheduling tax, land rents and fees to ease difficulties for and support businesses and the people, with a total value of around 39.8 trillion VND.

State management of the financial, securities and corporate bond markets has been strengthened, while price and market control has been aligned with realities to remove difficulties for production-business activities and people’s life.

However, the ministry noted the complicated situation related to tax evasion and frauds in digital platform-based business, e-commerce and cross-border business.

Besides, the allocation of state budget and disbursement of public investment capital remain slow, failing to stimulate economic growth.  

The divestment of State capital in State-owned enterprises failed to meet schedule, affecting budget collection.

In particular, the securities and derivative markets have witnessed increasingly complicated price manipulation, while the corporate bond market saw “hot” growth with potential risks.

The causes of those problems lie in the difficulties facing production and business activities brought about by the impacts of COVID-19 and rising fuel and materials costs, the ministry said.

Slow action by some ministries, sectors and local administrations in implementing budget spending plans plus a lack of severe sanctions are the reason for the delay in allocating State budget and disbursing public investment capital, according to the ministry./.