State budget revenue reached over VND1.69 quadrillion ($71.4 billion) as of December 15, exceeding the estimate by 19.8%, the Ministry of Finance announced at a conference in Hanoi on December 19.
Of the total revenue, the central budget collection surpassed the estimate by 19.3%, and that of the local budget by 20.4%.
The ministry attributed the high budget revenue to the economic recovery, with gross domestic product (GDP) expected to expand by 7.5% in 2022, higher than the plan.
In 2022, the Ministry of Finance has also implemented many policies on exempting, reducing and postponing taxes, fees and charges to help businesses restore production and business, thereby making their contributions to the budget.
Since the beginning of the year to December 15, VND193.4 trillion worth of taxes, land rent, fees and charges had been exempted, decreased, or extended.
In the period, state budget spending is estimated at VND1.45 quadrillion, equal to 81.2% of the estimate, in which spending on development investment reached 72.4% of the estimate, and recurrent expenditure 88.1%.
The ministry actively made recommendations to an economic recovery package worth VND347 trillion, with a focus on infrastructure investment, social welfare and digital transformation; and requested ministries, sectors and localities to cut recurrent expenditure by 10% compared to budget allocation norms.