Vietnam's budget revenue climbs 14 percent to hit $37 bln from Jan-Sep

By Ha Phuong   October 12, 2017 | 03:29 pm GMT+7

Most of the revenue came from housing and land tax, personal income tax, admin fees and the lottery tax.

Around VND843 trillion ($37 billion) was collected for Vietnam's state budget during the first nine months of the year, an increase of 14 percent on-year and equivalent to 69.5 percent of the annual target, according to data released by the Ministry of Finance on Wednesday.

Domestic collections reached $29.26 billion, accounting for nearly 80 percent of the total, of which housing and land tax, personal income tax, admin fees and the lottery tax were among the major contributors.

Budget revenue from crude oil climbed 15 percent on-year to reach $1.5 billion, hitting 88.9 percent of the annual target.

Meanwhile, collections from import and export activities reached $9.43 billion, or 75.1 percent of the annual plan, up 10.5 percent on-year.

Over 90 percent of provinces reported higher budget collections than the same period last year, according to the ministry.

However, the ministry said that direct revenue from production and business activities had underperformed due to falling contributions from major manufacturing sectors such as crude oil and gas, automobiles, mobile phones and cigarettes.

Total state budget expenditure in the first nine months reached nearly $40 billion, or 65.1 per cent of the yearly plan.

By the end of September, overspending had reached around $17 billion, standing at 70 percent of the limit for 2017.