First quarter budget revenue up 10.3 percent

Mai cited a surge in real estate transactions as an example, adding that streamlined tax procedures also played a role in tax collection.

At the same time, budget revenues from crude oil export dropped by 35.9 percent year on year to VND16.6 trillion (USD772 million), meeting only 17.9 percent of estimates. Overall, import-export activities contributed VND35.4 trillion to the State budget, up 5.8 percent and meeting 20.2 percent of plans.

Meanwhile, Q1 budget spending was VND263 trillion (USD12.2 billion), up 12.3 percent from the same period last year. Overspending stood at around VND37.3 trillion, equivalent to 16.5 percent of the yearly estimates.

Also in the period, capital mobilization for the State budget in the first quarter was lower than expectation, meeting only 22.4 percent of the yearly plan and equivalent to just 62.7 percent of the amount for the same period last year.

The Finance Ministry said over VND55.9 trillion (around USD2.6 billion) was mobilized in the reviewed period, including VND36.9 trillion of five-year capital, VND6 trillion of ten-year capital and VND13 trillion of 15-year capital.

The ministry also signed 13 agreements for USD1.72 billion worth of credit in the three-month period.

Deputy Minister Mai attributed the drop in capital mobilization to a change in policy which shifts to medium- and long-term capital instead of relying on short-term capital as in the previous years.

(Source: Dangcongsan.vn)