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Oil and gas sector helps balance State budget

The oil and gas sector has made considerable contributions to the State budget, experts have said.
Oil and gas sector helps balance State budget ảnh 1Illustrative image (Source: Vietsov)

Hanoi (VNA) – The oil and gas sector has madeconsiderable contributions to the State budget, experts have said.

According to a Government report on State budget balance in2017, State budget collection in 2017 exceeded 1.293 quadrillion VND (55.59billion USD), up 6.7 percent from estimates, mostly due to increases in landuse fee, import tax and crude oil sales.

The report said crude oil fetched 49.58 trillion VND (2.13billion USD), 29.5 percent more than the estimate.

In 2018, the Vietnam National Oil and Gas Group(PetroVietnam)’s domestic crude oil production exceeded the target set by theGovernment by 675,000 tonnes, contributing to the country’s GDP growth of 7.08percent.

The firm’s total revenue in 2018 was 626.8 trillion VND,surpassing the yearly target by 18 percent and a year on year rise of 26percent. It paid 121.3 trillion VND to the State budget, exceeding the yearlygoal by 64.3 percent.

Bui Si Loi, deputy head of the National Assembly (NA)Committee for Social Affairs, said that along with State budget payment, the oiland gas sector has laid a foundation for economic growth in central Thanh Hoaand Nghe An provinces.

It has also helped ensure power security and sovereignty, whilecreating jobs, he said.

Nguyen Duc Kien, deputy head of the NA Economic Committee, saidthe Government should adjust policies to promote the effective operation of oiland gas firms.

Although the world oil and gas market saw a lot of fluctuationsin the first three months of 2019, most of PetroVietnam’s production indexessurpassed the plan by 2-8 percent.

Total earnings of the firm in the first quarter of this yearreached 162.7 trillion VND, exceeding the plan by 6.3 percent. It paid 23.5trillion VND to the State budget, 9.2 percent higher than the first quarter’splan and fulfilling 27 percent of the yearly target.

Statistics from the Ministry of Finance show that in thefirst four year of 2019, State budget collection was nearly 134 trillion VND,including 111.6 trillion VND of domestic collection.

Notably, collection from crude oil was estimated at 4.7trillion VND in April and 18.29 trillion VND in four months, equivalent to 41percent of the yearly projection.-VNA
VNA
#oil and gas sector #State budget balance #crude oil sales #Vietnam National Oil and Gas Group (PetroVietnam) #State budget collection #Vietnam #Vietnam news #Vietnam News Agency
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