The PetroVietnam Exploration Production Corporation (PVEP) has fulfilled its yearly profit target for 2022 by the end of the first quarter of the year, earning an estimated 5,892 billion VND (nearly 258 million USD) in pre-tax profit, up 117 percent year-on-year and surpassing the yearly plan by 2 percent.
The National Assembly (NA) Standing Committee considered the supplementation of the State budget estimate of foreign non-refundable aid (under the task of recurrent expenditure) in 2020 as well as that in 2021 during its ongoing ninth session on March 15 morning.
State budget collection was estimated to exceed 276.66 trillion VND (12.11 billion USD) in the first two months, up 7.7 percent from the same period last year, according to the General Department of Taxation.
Surging crude oil prices and earnings from real estate have pushed up Ho Chi Minh City’s state budget collection by nearly 15 percent in the first two months of 2022, as compared with the corresponding time last year.
Hanoi disbursed some 2.2 trillion VND (96.44 million USD) worth of investment sourced from the State budget in February, equivalent to 66.5 percent of last month’s figure, but an increase of 6.2 percent year-on-year, the municipal Statistics Office reported.
Vietnam’s Government slashed the value-added tax (VAT) rate from 10 to 8 percent earlier this month – a move that cost the State budget 49.4 trillion VND (2.2 billion USD) but, along with other support, is expected to help boost the pandemic-hit economy.
Nineteen State-owned groups and corporations under the Commission for the Management of State Capital at Enterprises (CMSC) achieved total pre-tax profit of 34.2 trillion VND (1.5 billion USD) in 2021, exceeding the annual plan by 70 percent.
The JSC Bank for Foreign Trade of Vietnam (Vietcombank) remained the best-performing credit institution and the largest contributor to the State budget among the listed ones in 2021.
The Government has issued Resolution No. 01/NQ-CP on the main tasks and solutions for implementing the socio-economic development and State budget plans for 2022.
Prime Minister Pham Minh Chinh on January 6 urged the financial sector to harmoniously combine fiscal and monetary policies, and better the State budget management work in 2022.
As the COVID-19 pandemic is predicted to linger and affect the State budget revenue as well as spending on the pandemic combat, it is necessary to flexibly combine fiscal and monetary policies to keep macro-economic stability, said Minister of Finance Ho Duc Phoc.
More than 2.96 million people are benefiting from a rise of 7.4 percent in monthly pension, social insurance allowances and monthly subsidy as from January compared to December 2021, equivalent to 1.05 trillion VND (46.13 million USD), according to the Vietnam Social Security (VSS).
The Government has identified three focal tasks for economic development in 2022, noting that it will capitalise on every opportunity to promote socio-economic recovery and development nationwide, maintain long-term growth momentum, and make use of new and sustainable drivers.
The Government has proposed a package of fiscal solutions worth 291 trillion VND (nearly 12.8 billion USD) in total to support socio-economic recovery and development.
A package of fiscal and monetary solutions worth a total of 291 trillion VND (nearly 12.8 billion USD) to support socio-economic recovery and development has been proposed by the Government in a draft resolution delivered by Minister of Planning and Investment Nguyen Chi Dung, at the first extraordinary session of the 15th National Assembly (NA)
State budget collection in 2022 is expected to reach over 1.41 quadrillion VND (61.7 billion USD), while expenditure is estimated at about 1.78 quadrillion VND (78.05 billion USD), up 4.5 percent compared to that in 2021, according to a report on State budget estimates for 2022 that has been made public by the Ministry of Finance.
An additional 301 billion VND (13.17 million USD) from the 2021 State budget for sport and training has been approved for regular expenditure tasks needed for the preparation for the 31st Southeast Asian Games (SEA Games).
Vietnam-Russia oil and gas joint venture Vietsovpetro has exceeded the production and financial targets for 2021 with profits for both sides was 282.5 million, or 73.2 percent higher than the set plan.
Hanoi’s Gross Regional Domestic Products (GRDP) was estimated to increase by 6.69 percent in the fourth quarter of 2021, and by 2.92 percent in the whole year, the municipal Department of Planning and Investment reported.
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