State budget collection up 5.3 percent in Q1

Hanoi (VNA) - Total revenue of the State budget reached 308.4 trillion VND (13.6 billion USD) in the first quarter of 2018, equivalent to 23.4 percent of the yearly estimate and up 5.3 percent year-on-year, said the Ministry of Finance.

Domestic revenue, estimated at 253.1 trillion VND (11.16 billion USD), rose by 7.2 percent from the same period last year. The figure was equal to 23 percent of the estimate.

Meanwhile, revenue from crude oil surged 13.9 percent year on year to 13.2 trillion VND (582.1 million USD), accounting for 36.9 percent of the estimate. Import-export activities contributed nearly 67.58 trillion VND (2.98 billion USD) to the State budget, equal to 23.9 percent of the estimate.

In the reviewed period, State budget spending stood at 290 trillion VND (12.78 billion USD), equal to 19 percent of the yearly estimate and up 1.7 percent annually.

Of the sum, development investment spending, regular spending and debt payment were 35.3 trillion VND (1.55 billion USD), 222.5 trillion VND (9.81 billion USD), and 31.4 trillion VND (1.38 billion USD), respectively.

Government bonds worth 40.4 trillion VND (1.78 billion USD) were issued as of March 28, ensuring supply for spending and debt payment.

The Finance Ministry said it would continue coordinating with relevant agencies to enhance budget collection management and combat smuggling, trade fraud and transfer pricing, along with handling tax arrears.-VNA