Illustrative image (Source: doanhnhanviet.net.vn)

Hanoi (VNA) – The total state budget revenue reached 651.7 trillion VND (28.7 billion USD) in the first half of this year, equivalent to 49.4 percent of the estimate and up 14.3 percent year-on-year, Deputy Minister of Finance Huynh Quang Hai reported at a meeting in Hanoi on July 18.

Revenue from crude oil achieved 82.4 percent of its estimate value, which was up 25.3 percent against the same period last year. Revenue from export-import activities and domestic revenue fulfilled 54.9 percent and 47.6 percent of their estimates, representing year-on-year increases of 6.9 percent and 15.5 percent, respectively.

However, the Ministry of Finance said revenue from state, non-state, and foreign-invested businesses remained low, accounting for only 43.7 percent, 47.8 percent, and 38.7 percent of the estimates.

Of the total revenue, the central budget collection made up 46.2 percent of the estimate, as compared with 41.5 percent in the corresponding time last year, and the local budget collection was equivalent to 54 percent of the estimate.

Meanwhile, budget spending stood at about 649.2 trillion VND (28.6 billion USD), or 42.6 percent of the estimate.

Hai said the ministry will continue to build institutions and policies, and make the best use of incentives to promote production and business, thus giving a boost to the national economy in the remaining months of the year.

At the same time, the ministry will step up administrative reform and raise the efficiency of state management, especially in the tax and customs sectors, while improving the business environment and national competitiveness in line with the Government’s resolutions.

The ministry aims to exceed the estimate of State budget collection set by the National Assembly by 3 percent, the official stressed.

To that end, the ministry will work harder to prevent revenue losses, smuggling, trade fraud, and tax avoidance. It will also intensify tax inspections, handle tax debts, increase price and market management, improve the quality of the financial service market, and help finalise accounting and auditing markets.-VNA