09:31 | 09/11/2016 Economy
Vietnam’s State budget revenues reached VND821 trillion (over US$36.78 billion) in the first ten months of 2016, accounting for around 80.9% of the annual target, according to the Ministry of Finance.
Illustrative image (Photo: VNA)
The figure also represented an increase of 6.1% compared to the same period of last year.
Of the total, domestic collection contributed VND663 trillion, which equals 84.5% of the annual estimate.
However, State revenues remained low due to lower crude oil prices, which caused difficulties for companies and groups operating in the field.
Specifically, budget collection from crude oil in the first nine months was only VND31.46 trillion, representing a year-on-year slump of 42.4%.
Meanwhile, budget expenses totalled VND980.5 trillion, accounting for about 77% of the annual target, up 6.9% from the figure a year ago.
Through budget expenses, the State overspent by VND159.5 trillion in the last ten months of the year. This amount is equivalent to 62.8% of the quota that the National Assembly had allocated for overspending in 2016./.