The Bac Duong factory, a branch of the Thuong Dinh Electrical Wires and Cables JSC in Hai Duong province. Production and business activities have basically returned to normal after the COVID-19 resurgence was curbed, creating a positive effect on State budget collection and spending in Q1 (Photo: VNA)
– The State budget revenue
in the first quarter totalled 403.7 trillion VND (about 17.5 billion USD),
equivalent to 30.1 percent of this year’s target and up 0.3 percent from a year
earlier, the Ministry of Finance (MoF) said on March 29.
The MoF noted though after the Lunar New Year
holiday in mid-February, some localities suffered from the COVID-19 resurgence
and had to impose social distancing measures, production and business activities
have basically returned to normal, creating a positive effect on State budget
collection and spending in Q1.
The collections from domestic sources met 30
percent of the year’s estimates, up 1.2 percent year on year, while that from crude
oil achieved 34.6 percent of the year’s plan but down almost 50 percent year on
year. Collections from export – import activities were equal to 30.8 percent of
the annual target and up 9.7 percent from the same period last year.
Notably, the revenues from State-owned
enterprises picked up by 5 percent, foreign-invested businesses 8 percent, and
the non-State economic sector 22.4 percent on a yearly basis, respectively
representing 28.2 percent, 33.5 percent, and 35.2 percent of the targets,
according to the MoF.
Up to 57 of the 63 provincial localities carried
out budget collection from domestic sources on schedule, achieving more than 25
percent of the yearly targets for them. Forty of them recorded higher revenue
compared to the same period last year.
These results indicate positive and relatively
uniform recovery in the economy, as well as the effectiveness of the policies
on fighting against COVID-19 and supporting businesses and people to cope with
the outbreak, the ministry said.
Meanwhile, State budget spending reached 341.9
trillion VND in the first three months, equivalent to 20.3 percent of this
year’s target and up 0.2 percent year on year, data show./.