Crude oil contributes 6% of budget collection

09:31 | 16/12/2015 Economy

Budget collection of crude oil valued VND 66 trillion (US$3.1 billion), lower than VND 76 trillion of tax debts, said Deputy Finance Minister Do Hoang Anh Tuan.

Crude oil contributes 6% of budget collection

Illustration photo

Mr. Tuan made the announcement yesterday at an interview with the Viet Nam Television.

According to the Deputy Minister, the budget collection from crude oil no longer contributed highly to budget collection in comparison with five and ten years ago.

Mr. Tuan said that oil price dropped to US$36 a barrel and would not affect budget collection in 2015.

The Ministry of Finance crafted concrete scenarios for oil prices at US$60, 50, and 45 a barrel or even US$40, 35, and 30.

In 2016, Viet Nam was projected to import around 12.5-13 million tons of petrol. Decreased oil price would lead to lower prices of input materials. Hence, business performance and people’s lives would be improved. Budget collection would increase, said Mr. Tuan./.


Source: VGP