10:55 | 21/10/2016 Finance - Banking
Budget revenues reached VND718.3 trillion (US$32.2 billion) in the first nine months of the year, accounting for around 70% of the annual target, a representative of the Ministry of Finance said in its quarterly press briefing early this week.
Budget revenues reached US$32.2 billion in the first nine months of this year
The figure also represented an increase of 5.2% compared to the same period last year.
Deputy Minister of Finance Nguyen Huu Chi said State revenue remained low due to the impact of lower crude oil prices, causing difficulties for companies and groups operating in the field.
Specifically, budget collection from crude oil in the first nine months was only VND29.8 trillion, representing a year-on-year slump of 41.9%.
Contribution to the State budget by State-owned enterprises during the period was only equal to 96.7% of the funds paid to the reserves in the corresponding period last year.
Meanwhile, budget expense totaled VND870.5 trillion, up 5.7% from the figure a year ago.
Via budget expenses, the State overspent VND152.2 trillion in the first three quarters of the year. The amount is equivalent to 60% of the quota that the National Assembly had allocated for overspending in 2016./.