Business

Revenue from crude oil falls sharply in January

The total state budget revenue in January was 95 percent of the revenue year-on-year due to about 66 percent fall in crude oil revenue, the Ministry of Finance said.
Revenue from crude oil falls sharply in January ảnh 1Workers operate a crude pipe system at the Chan May Gas and Oil Plant in Thua Thien-Hue Province. (Photo: VNA)

Hanoi (VNA) – The total state budget revenue in January was 95 percent of the revenue year-on-year due to about 66 percent fall in crude oil revenue, the Ministry of Finance said.

The ministry said the total budget revenue last month stood at 102.6 trillion VND (4.66 billion USD), or 10.1 percent of the expected revenue and 95 percent of the revenue in January 2015.

The revenue from the domestic market gained a year-on-year increase of 5.8 percent to touch 93 trillion VND (4.23 billion USD), because the revenue from major economic sectors increased, with the private industrial and trade sector revenue rising 14.2 percent, the foreign-invested enterprise sector revenue increasing 13.7 percent; and the individual income tax revenue jumping by 20 percent.

However, the ministry said the budget revenue from crude oil fell by 65.7 percent year-on-year to reach 3.2 trillion VND (145.5 million USD) in January.

The reduction was due to the slump in the average crude oil price in Vietnam by 22 USD to reach 38 USD per barrel, as against expected calculations following the fall in world crude oil prices, the ministry said.

The budget revenue from import and export activities also dropped by 19.8 percent year-on-year to reach 17.8 trillion VND (809.1 million USD).

The ministry said the value of key exports fell, reducing the income from exports. The value of completely built-up auto exports plunged by 55.9 percent, of steel exports by 20.9 percent and of equipment and component exports by 4.8 percent.

Meanwhile, the expenditure revenue reached 107.86 trillion VND (4.9 billion USD), the ministry said, leading to a budget deficit of 5.26 trillion VND (240 million USD) in January.-VNA

VNA
#state budget revenue #crude oil #falls sharply
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