Vietnam reported an upsurge in the State's budget revenue, but saw a strong reduction in budget collections from crude oil products during January and February, the Ministry of Finance said.

The total budget revenue during the first two months of this year reflected a year-on-year increase of 17.3 percent to 151.87 trillion VND (7.1 billion USD), the ministry reported on its website on March 5.

Domestic revenue touched 117.5 trillion VND during the first two months, a rise of 24.7 percent against the same period last year.

The growth in the total state budget revenue during these months was due to recovery in the local economy and growth in the purchasing power of society, the ministry pointed out.

Budget collections from production and business activities still saw strong growth, with 29.3 percent collected from the state-owned enterprises, 16.1 percent from foreign-invested enterprises and 20.1 percent from private enterprises.

However, the budget collection from crude oil indicated a year-on-year drop of 20.2 percent to 11.6 trillion VND (542.1 million USD).

The ministry also reported that total state budget spending rose 11.3 percent year-on-year to 77.6 trillion VND (3.69 billion USD) during the first two months of this year.-VNA