Illustrative image (Source: VNA)

Hanoi (VNA) - Revenue to the State budget totaled 775 trillion VND (over 32.2 billion USD) in the first seven months of this year, equivalent to 58.7 percent of the yearly estimate and up 13.4 percent year-on-year, said the Ministry of Finance on August 7.

Domestic revenue is estimated at 621.5 trillion VND (nearly 26.9 billion USD), an increase of 14.3 percent from the same period last year. The figure was equal to 56.5 percent of the projection for the whole year.

Revenue from crude oil surged 34.3 percent year on year to 35.4 trillion VND (over 1.5 billion USD), accounting for 98.5 percent of the yearly projection, while import-export activities brought in 172.5 trillion VND (over 7.4 billion USD), representing a year-on-year rise of 3.4 percent.

The export-import activities in the period under review maintained stable growth, with total value up 12.7 percent against the same period last year.

According to the ministry, State budget spending was at 759.7 trillion VND (over 32.6 billion USD), equal to 49.9 percent of the yearly projection and up 9.8 percent compared to the same period last year.

Of this, development investment spending, debt payment, and regular spending  were 150.45 trillion VND ( nearly 6.46 billion USD), 68.8 trillion VND (2.95 billion USD), and 534 trillion VND (22.9 billion USD), up 26 percent, 10.4 percent, and 5.1 percent compared to the figures of the same period last  year, respectively.

The ministry said tax authorities have carried out over 30,000 inspections and collected nearly 5.8 trillion VND (nearly 249 million USD) for the State budget. They also worked to prevent transfer pricing and reduce losses with a total value of over 9 trillion VND (386.3 million USD) and retrieved 18 trillion VND (772.6 million USD) in tax debt.

In addition, customs agencies have conducted 4.400 post-clearance inspections, collecting 1.48 trillion (63.5 million USD) for the State budget.-VNA