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Six-month budget revenue falls to seven-year low on COVID-19 pandemic

Xuan Thinh Tuesday | 07/07/2020 14:41

Photo: CafeF

Vietnam’s budget revenue in first half of this year dropped 10.5% from 2019, lowest since 2013, Minister of Finance Dinh Tien Dung told Tuesday cabinet meeting attended by PM Nguyen Xuan Phuc.

The collected budget revenue has reach 44.2% of anticipated. Minister Dung explained that it was the result of gloomy business situation local enterprises are suffering due to the impacts of coronavirus pandemic.

The domestic budget revenue decreased by more than 7 and budget from State-owned firms decreased by 21.5%. Budget from FDI enterprises dropped 6.3%.

On spending, State budget expenditure as of end-June was estimated to reach 41.8% of anticipated. The government has spent VND15.3 trillion ($660 million) on prevention and control of the pandemic and supporting citizen affected by the pandemic.

Vietnam’s State budget was reported at $32 billion in first half of 2019, up 13.2 percent year on year, according to the Ministry of Finance.

► Vietnam’s Jan.-June credit growth slows to 3.26% on pandemic

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