Budget revenues were estimated at 226 trillion VND (10.5 billion USD) in the first quarter, up 10.3 percent year on year and meeting 24.8 percent of collection plans, according to Deputy Finance Minister Vu Thi Mai.

At a regular press briefing on April 7, the deputy minister said domestic revenue comprised over 173 trillion VND, a yearly increase of 19.6 percent, thanks to stable macroeconomy and the recovery trend in business and production activities boosted by improved supply and demand.

Mai cited a surge in real estate transactions as an example, adding that streamlined tax procedures also played a role in tax collection.

At the same time, budget revenues from crude oil export dropped by 35.9 percent year on year to 16.6 trillion VND (772 million USD), meeting only 17.9 percent of estimates. Overall, import-export activities contributed 35.4 trillion VND to the State budget, up 5.8 percent and meeting 20.2 percent of plans.

Meanwhile, Q1 budget spending was 263 trillion VND (12.2 billion USD), up 12.3 percent from the same period last year. Overspending stood at around 37.3 trillion VND, equivalent to 16.5 percent of the yearly estimates.

Also in the period, capital mobilization for the State budget in the first quarter was lower than expectation, meeting only 22.4 percent of the yearly plan and equivalent to just 62.7 percent of the amount for the same period last year.

The Finance Ministry said over 55.9 trillion VND (around 2.6 billion USD) was mobilized in the reviewed period, including 36.9 trillion VND of five-year capital, 6 trillion VND of ten-year capital and 13 trillion VND of 15-year capital.

The ministry also signed 13 agreements for 1.72 billion USD worth of credit in the three-month period.

Deputy Minister Mai attributed the drop in capital mobilization to a change in policy which shifts to medium- and long-term capital instead of relying on short-term capital as in the previous years.-VNA