Vietnam: In 8 months, state budget revenue is estimated at over 1,208 trillion VND

According to the Ministry of Finance, accumulated in the first 8 months of 2022, state budget revenue is estimated at 1,208.2 trillion VND, equaling 85.6% of the estimate; in which the central budget is estimated at 84.8% of the estimate, the local budget is estimated at 86.4% of the estimate.


The report on state budget implementation in August and 8 months of 2022 by the Ministry of Finance shows that, accumulated in the first 8 months of 2022, domestic revenue is estimated at nearly 954.6 trillion VND, equaling 81.1% estimated, an increase of 15.9% over the same period in 2021.

Excluding land use levy, lottery, capital recovery, dividends, profit, profit after tax and the difference between revenues and expenditures of the State Bank. Domestic tax and fee collection reached 80.2% of the estimate, increased by 13.6% over the same period. If excluding the impact factors of the policy of exemption, reduction and extension, the domestic tax and fee collection (excluding unexpected amounts) will increase by 6.9% over the same period.





By the end of August, there were 02 revenues estimated to exceed the estimate, including income from houses and land, reaching 107.7% and other revenues from other budgets, reaching 102.9%; 03 revenues reaching over 90% of the estimate are personal income tax, reaching 98.9%; collection of fees for granting the right to exploit mineral resources reached 99.2% and collection of public land and other public benefits reached 94%. Direct revenues from production and business activities accounted for 52% of the estimate. The total domestic revenue was estimated at 76.8% of the estimate, increased by 11.2% over the same period.

However, there are still 02 revenues that have not yet met the estimated schedule: the collection of environmental protection tax at 57.6% and the recovery of capital, dividends, profit, profit after tax, and the difference between revenues and expenditures of State Bank reached 50.9%.


According to the Ministry of Finance, in terms of tax, the budget revenue in the first 8 months of 2022 was quite compared with the estimate and grew over the same period. In which, value added tax in 8 months is estimated at 69.3% of the estimate, raised 13.9% over the same period; special consumption tax is estimated at 81.4% of the estimate, raised 16.1% over the same period; natural resources tax is estimated at 81.5% of the estimate, raised 19.1% over the same period; corporate income tax reached 80.6% of the estimate, raised 6% over the same period in 2021.

Regarding the revenue in the area, it is estimated that 60/63 localities have carried out domestic collection in 8 months, reaching over 68% of the estimate; 49/63 localities have higher revenue than the same period, 14 provinces have lower revenue than the same period.


By the end of August 15, 2022, tax authorities throughout the country have carried out 37.6 thousand inspections and examinations; checking 412.5 thousand tax declaration records of enterprises. It is recommended to handle about VND 35.5 trillion in finance, of which about VND 7.7 trillion will be collected and paid to the state budget, reduced deductions and reduced losses of VND 27.8 trillion; urge the collection and handling of tax arrears estimated at the end of 8 months at VND 22.8 trillion.


Revenue from crude oil is estimated at nearly 51.1 trillion dong in the first 8 months, equaling 181.2% of the estimate, raised 98.8% over the same period in 2021. The average paid oil price of 8 months reached about 107.3 USD/barrel, increased by 47.3 USD/barrel compared to the estimate, increased by 64.9% over the same period; paid crude oil output reached 5.7 million tons, equaling 81.4% of the plan.


Also in the first 8 months of 2022, the balance income from import-export activities was estimated at 197.6 trillion VND, equaling 99.3% of the estimate, raised 21.5% over the same period in 2021, based on: total tax revenue was estimated at 295.7 trillion VND, equal to 84% of the estimate; VAT refund under the regime of VND 98 trillion, equal to 64.1% of the estimate.

Import and export activities in 8 months have positive growth; the export and import turnover of goods subject to accumulated tax as of August 15, 2022 reached about US$97.9 billion, raised 14.4% over the same period last year, of which the turnover of goods contributed a large amount of revenue to the bank. Books increased sharply such as crude oil (raised 42.3%), gasoline (raised 112%), phones and components (raised 44.7%), iron and steel (raised 15%), computers and products electronics (raised 29.3%), chemicals (raised 18%),...

In 8 months, the customs authority continued to strengthen the collection management, implemented solutions to remove difficulties, facilitate enterprises to clear goods, promote import and export activities.


As of August 15, 2022, the customs force has carried out 1,826 inspections, checks and settlements, and collected nearly 249.2 billion VND into the state budget; closely coordinated with functional forces to fight against smuggling, commercial fraud and counterfeit goods, arresting 9.93 thousand violations with the value of goods about 4.17 trillion VND, handling revenue state budget 232.5 billion dong.

Source: Tap Chi Tai Chinh