An estimated 577 trillion VND (24.86 billion USD) was collected for the State budget in the first five months of the year, equal to 38.2 percent of the estimate and down 9.2 percent compared to the same period last year.
Hanoi (VNA) – An estimated 577 trillion VND (24.86 billion USD) was collectedfor the State budget in the first five months of the year, equal to 38.2percent of the estimate and down 9.2 percent compared to the same period lastyear.
Accordingto the State Budget Department under the Finance Ministry, the COVID-19pandemic, although already put under control in Vietnam, is still raging inmany big trade partners of Vietnam such as the US and the EU, thus greatlyaffecting budget revenues and spending.
Specifically,domestic revenues dropped 5.9 percent, revenues from crude oil were down 17.8percent and from import-export activities down 23.4 percent.
Budgetcollection from half of the revenue sources has not met the set target. Collectionfrom the State-run sector met only 33.4 percent of the estimate, and that fromthe foreign-invested sector met just 37.5 percent of the estimate.
Taxrevenue is also on the decline, including revenue from value-added tax, specialconsumption tax and corporate income tax.
Anotherreason behind the decrease in budget collection is the policy to postpone thepayment of tax and land use fees for enterprises, organisations and businesshouseholds affected by COVID-19. As of the end of May, the amount of delayedtax amounted to 37 trillion VND (about 1.6 billion USD).
Meanwhile,State budget spending in the five-month period was estimated at 603.4 trillionVND, or 34.5 percent of the estimate. Spending on development investmentreached only 26 percent of the estimate./.
The State budget revenue in January – April was estimated to total 491.38 trillion VND (21.05 billion USD), representing a drop of 5.9 percent against the same period last year, as the Government offered tax relief to support those affected by the COVID-19 pandemic, according to the Ministry of Finance.
Even though the COVID-19 pandemic has been put under control in Vietnam, its negative impacts were still felt in many fields, including budget collection in Ho Chi Minh City.
Cabinet members started to review the national socio-economic situation in May – the first month after the social distancing measures were lifted and the economy entered the “new normal” period – during a Government meeting in Hanoi on June 2.
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The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Vietnam is now positioning itself as a global manufacturing hub with a diversified export portfolio, improved product quality, and enhanced price competitiveness.
Illustrative image (Photo: VNA) 
