Budget revenues hit VND97.4 trillion in January 2017

10:09 | 13/02/2017 Finance - Banking

Vietnam’s budget revenues reached approximately VND97.4 trillion (US$4.28 billion) in the first month of 2017, equivalent to 8% of the year’s estimate and 103.9% compared to the same period last year, according to the Finance Ministry.

Revenues from crude oil in January 2017 were estimated at VND2.3 trillion (US$101.2 million), equivalent to 6% of the estimate

Of the total figure, domestic revenues were estimated at VND87.9 trillion (US$3.86 billion), equal to 8.9% of the year’s estimate and up 4% year on year.

Revenues from crude oil were estimated to reach VND2.3 trillion (US$101.2 million), equivalent to 6% of the estimate, down 25% over January 2016.

Total revenues from import and export activities were estimated at VND19.2 trillion (US$844.8 million), equal to 6.7% of the estimate. After VAT refunds according to regulations (VND12 trillion), budget balance revenues from import and export reached VND7.2 trillion (US$316.8 million), representing a year-on-year increase of 15.8%.

Total budget balance expenditures in January 2017 hit roughly VND87.25 trillion (US$3.84 billion), equal to 6.3% of the year’s estimate, of which expenditures for ensuring the spending demands for socio-economic development, national defence and security, state management, alleviation of the consequences of natural disasters and social security accounted for 86.2% of the total expenditures, while expenditures for paying due interests represented 10.9%.

In order to create favourable conditions for agencies to implement tasks right from the beginning of the year, the Finance Ministry proactively allocated provisional funding for the units waiting for budget allocation. The ministry also paid pensions and allowances for February 2017 in advance aiming to enable revolutionary contributors and pension and allowance beneficiaries to enjoy a happy Lunar New Year (Tet).

In addition, 13,000 tonnes of rice from the national reserves were also distributed to people in disadvantaged areas.

Theo NDO