State budget revenue in the first 11 months of this year fell 7.8 percent year-on-year to just over 1.26 quadrillion VND (54.58 billion USD), the Ministry of Finance reported on December 8, blaming the economic fallout from COVID-19 for the decline.
Hanoi (VNA) - State budget revenue in the first 11 months of this yearfell 7.8 percent year-on-year to just over 1.26 quadrillion VND (54.58 billionUSD), the Ministry of Finance reported on December 8, blaming the economicfallout from COVID-19 for the decline.
The figurerepresented 83.4 percent of the annual estimate, with central and local budgetcollections at 77.4 percent and 91.1 percent, respectively, the ministry said.
Domesticcollections were down 4 percent against the same period last year, to nearly1.08 quadrillion VND, or 84.4 percent of the annual plan.
Revenuefrom crude oil totalled 31.5 trillion VND, a sharp decline of 38.9 percent againsta year earlier and equivalent to 89.5 percent of the plan.
Revenuefrom imports and exports plunged 19.6 percent year-on-year to 161.5 trillionVND, or 77.6 percent of the plan.
Statebudget expenditure, meanwhile, rose 8.5 percent to close to 1.37 quadrillionVND, equivalent to 78.4 percent of the annual plan.
Theministry said that about 17.9 trillion VND has been spent from the State budgetto cover COVID-19 response and financially support businesses and peopleaffected.
More than4.54 trillion VND has been used to address the aftermath of natural disastersand cope with African swine fever. This includes 1.63 trillion VND allocated tohelp nine central and Central Highlands provinces respond to the recentdevastating flooding and 11 northern provinces deal with the consequences of hailstorms, flash flooding, and landslides.
Nearly32,950 tonnes of rice from the national reserve has been provided to aidnatural disaster victims and those stricken by the crop failure./.
It is unlikely that State budget revenue will reach the 2020 target approved by the National Assembly of over 1.51 quadrillion VND (64.89 billion USD) due to the impact of COVID-19, Minister of Finance Dinh Tien Dung has said.
The Government and House of Representatives of Indonesia passed the 2021 state budget bill into law on October 1, aiming at accelerating economic recovery amid the COVID-19 pandemic and pushing for structural reforms to boost competitiveness.
Total State budget collection in the first ten months of this year was estimated at 1.13 quadrillion VND (48.7 billion USD), or 75.2 percent of the annual estimate and down 10.3 percent year-on-year, according to the Ministry of Finance.
Vietnam has seen considerable improvements in budget transparency at national, provincial and ministry levels, heard a project closing workshop in Hanoi on October 8.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Illustrative photo. (Source: VNA)
