State budget revenue hits $63.5 billion in 11 months, completing 94.9% of whole-year plan

Domestic revenue was projected to be 95.4% of the estimate, a 3% decrease. Crude oil revenue was anticipated to be 135.9% of the plan, a 19.3% decrease. Revenue from import and export activities is expected to reach 86.5% of the forecast, a decrease of 22.4% from the same period in 2022, according to the Ministry of Finance.

Although the economic situation has improved since the first quarter of 2023, production and commercial operations in several major industries remain challenging. The real estate market is taking its time to revive. It reduces budget income when combined with policies that exclude, reduce, and extend taxes, fees, charges, and land rent.

Direct revenues from three production and business sectors are estimated to reach 94.6% of the estimate, up 1.3% over the same period, of which: revenues from the state-owned enterprise sector are estimated to reach 96% of the estimate, an increase of 0.5% over the same period in 2022.

Revenue from the foreign-invested enterprise sector is estimated to reach 93.2% of the estimate, down 2.6%; revenue from the non-state economic sector is estimated to reach 94.6% of the estimate, an increase of 4.3%.

Revenues from housing and land are estimated to reach 78.9% of the estimate, down 37% over the same period, mainly due to the slow recovery of the real estate market. The work of auctioning and granting land use rights in many local projects cannot be implemented or deployed, but no investor won the auction.

There are 27 localities whose 11-month domestic revenue reached over 95% of the estimate; 13 localities had revenue growth over the same period, while up to 50 localities had lower revenue over the same period.

State budget spending for 11 months is estimated to reach VND1,502.9 trillion ($62 billion), equal to 72.4% of the estimate, up 10.9% over the same period in 2022.

In 11 months, VND278.5 trillion of government bonds have been issued, with an average term of 12.43 years and an average interest rate of 3.26% per year.

In the reviewed period, the economy recorded a State budget surplus of $1.5 billion. 

Source: Ministry of Finance