State budget revenue in June decreased sharply by 6.27% over the same period, dragging the total state budget revenue in the first half of the year down by 5.7%, reaching VND 8.875 trillion. However, many main domestic revenues still stand, maintaining a positive revenue rate compared to estimates.
The report on the socio-economic situation of the country in the second quarter and the first 2 months of 6 released by the General Statistics Office shows that the state budget revenue in the first 2023 months of 6 will decrease by 2023.7% over the same period last year. Meanwhile, state budget expenditure increased by 8.12%, ensuring the needs of socio-economic development, defense, security, state management, payment of due debts as well as timely payment to subjects as prescribed.
MANY MAJOR DOMESTIC REVENUES SUSTAIN
Specifically, the total state budget revenue in June was estimated at VND 6.93 trillion, equal to 5.5% of the estimate, equal to 8.72% over the same period in 5. Accumulated total state budget revenue in the first 2022 months of 6 will reach VND 2023.875 trillion, equal to 8% of the annual estimate and down 54.7% over the same period last year.
Specifically, domestic revenue in June reached VND 6.70 trillion. Accumulated in the first 4 months of 6 will reach VND 2023.718 trillion, equal to 8.53% of the annual estimate and down 9.4% over the same period last year.
However, some revenues lagged behind the estimate, continuing to decline such as: personal income tax collection of VND 86.9 trillion, equal to 56.2% of the estimate and down 7% over the same period. Land use levy collection in 6 months is estimated at VND 47.6 trillion, reaching 31.7% of the estimate. According to statistics, 54 localities estimated collection progress was lower than the same period.
However, some major revenues and taxes still maintain a stable growth momentum.
Specifically, revenue from the state-owned enterprise sector reached nearly VND 98 trillion, equal to 58.1% of the estimate, with a good growth rate of 10.9% over the same period.
Besides, revenue from foreign-invested enterprises (excluding crude oil) was VND 119.4 trillion, equal to 52% and up 0.8%; collection of non-state public, commercial and service taxes of VND 171.3 trillion, equal to 54.8% and equivalent to the same period last year.
Revenue from lottery activities is estimated at VND 24.5 trillion, equal to 65.1% of the estimate. Dividend collection, profit, profit after tax, revenue and expenditure difference of the State Bank in 6 months was estimated at 84.1% of the estimate, up 73.9% …
Regarding the implementation of domestic revenue in localities, it is estimated that by the end of June, 6 localities achieved more than 30% of the estimate, of which 50 localities reached over 14% of the estimate; 55 localities collected higher than the same period; In 9 localities, the estimated collection progress was lower than the same period.
Besides, revenue from crude oil in June reached VND 6.4 trillion; accumulated in the first 5 months of the year reached VND 6.30 trillion, equal to 6.72% of the annual estimate and down 9%;
REVENUES FROM IMPORT AND EXPORT ACTIVITIES STILL STRUGGLED, MANY KEY MARKETS FELL SHARPLY
In terms of budget balancing revenue from import and export activities, in June revenue reached VND 6.18 trillion. Accumulated in the first 6 months of 6 reached VND 2023.126 trillion, equal to 4.52% of the annual estimate and still maintaining a decline of 9.20%.
As noted, in the context of the world economy facing inflation and economic recession in most countries, global consumer demand will decline, especially in key markets, will adversely affect Vietnam’s export and import activities.
This makes it challenging to fulfill the task of collecting revenue from import and export activities managed by the customs sector.
Also according to the General Statistics Office, in the first 6 months of 2023, the total export and import turnover of goods reached 316.65 billion USD, down 15.2% over the same period last year, of which exports decreased by 12.1%; Imports fell further at 18.2%. However, the trade balance of goods in the first 6 months of 2023 still maintains a trade surplus of 12.25 billion USD.
The United States continues Vietnam’s largest export market with an estimated turnover of $44.2 billion. China is Vietnam’s largest import market with an estimated turnover of US$50.1 billion.
Regarding the import and export situation to some key markets, information from the General Statistics Office shows that in the first 6 months of 2023, the trade surplus to the United States is estimated at 37.2 billion USD, down 24.9% over the same period last year; trade surplus to the EU was estimated at 14.5 billion USD, down 9.8%; trade surplus to Japan 1.2 billion USD (same period last year trade deficit 0.7 billion USD).
In the opposite direction, trade deficit from China was 24.5 billion USD, down 30.9%; trade deficit from Korea 13.4 billion USD, down 34.8%; trade deficit from ASEAN 4 billion USD, down 39.1%.
BUDGET EXPENDITURE INCREASED BY NEARLY 13%, DRAGGING DOWN THE BUDGET SURPLUS
Regarding state budget expenditures, the total state budget expenditure in June was estimated at VND 6.155 trillion. Accumulated in the first 9 months of 6 will reach VND 2023.804 trillion, equal to 6.38% of the annual estimate and up 8.12% over the same period last year.
In which, recurrent spending reached VND 537.4 trillion, equal to 45.8% and up 5.5%; development investment expenditure of VND 215.6 trillion, equal to 29.7% and up 43.3%; interest debt payment of VND 51 trillion, equal to 49.5% and down 0.8%.
Thus, balancing the central budget and budgets at local levels is ensured, by the end of May, the state budget only maintained a surplus of VND 5.71 trillion, a deficit of over VND 2 trillion compared to the end of May (VND 45.5 trillion).
Although the state budget revenue is currently in a downward trend due to the difficult context, especially when exempting, extending and postponing revenues, promoting the role of fiscal policy, the Ministry of Finance continues to actively advise and propose to promulgate and promulgate according to its competence exemption policies, extension of taxes, fees, charges and land rent to together with monetary policy and other macro policies to support the economy, remove difficulties for businesses and people, promote socio-economic recovery and development.
The estimated state budget revenue in 2023 is VND 1,620.7 trillion. To achieve the above goal is very difficult, therefore, the Ministry of Finance closely follows the task of collecting the state budget right from the beginning of the year to direct the whole sector to focus on implementing solutions and policies to ensure the task of collecting the state budget; at the same time, supporting the economy.
From now until the end of the year, the Ministry of Finance will closely follow the actual situation, administer proactive and flexible fiscal policies; continue researching and proposing appropriate state budget revenue policy solutions to remove difficulties for businesses and people and promote economic growth.
The Ministry of Finance also requests ministries, branches and localities to closely follow the international, regional and domestic situations arising in order to proactively analyze, forecast, develop scenarios, management plans, and respond to policies quickly, promptly and effectively.
Regarding the task of collecting the budget, the Ministry of Finance drastically performs the task of collecting the state budget; strive to meet and exceed the estimates decided by the National Assembly, offsetting the reduction in revenue due to the implementation of support policies.
At the same time, the financial sector continues to improve institutions and legal policies on state budget revenue; strengthen the management of revenue, prevent revenue loss, handle tax debt recovery, handle receivables into the state budget according to conclusions and recommendations of inspection agencies and State Audit.