May 3, 2023 2 min read

Vietnam’s 2023 Q1 State Budget Revenue Increased by 1.3% Yearly.

The Highlights:

• In twenty-eight of the 63 provinces and centrally controlled cities across the nation, state budget revenue exceeded 28% of the yearly projections.

• According to the General Statistics Office of Vietnam, State budget revenue and expenditure in the first quarter of 2023 met the demand for socio-economic development, national defense, security, state management, due debt and other payments.

The Ministry of Finance said on March 30 that expected state budget revenue for the first quarter of 2023 was 491.5 trillion VND (more than 20.9 billion USD), or 30.3% of the estimate, and was up 1.3% from the same time last year.

At a press conference on March 30 to report the collection of the State budget in the first quarter of 2023

According to a report on the socioeconomic situation in Vietnam in the first quarter of 2023, State budget revenue amounted to an expected VND491.5 trillion, or 30.3 percent of the annual projection and an increase of 1.3 percent year over year.

In particular, revenue from domestic sources came to an anticipated VND411.8 trillion, or 30.9 percent of the yearly projection and a 5.4 percent year-over-year increase.

Nevertheless, revenue from crude oil came to VND15.5 trillion, or 36.9 percent of the plan and 11.4 percent decrease. Import-export earnings totaled VND64.2 trillion, or 26.9 percent of the budget, a decrease of 16.4 percent. The first quarter's expected total state budget spending came to VND363.4 trillion, or 17.5 percent of the plan and an increase of 7.2 percent.

According to the ministry, tax and customs agencies have been told to completely implement solutions and policies on state budget collection in 2023 in order to support individuals and enterprises.

Tax and customs agencies have actively conducted inspections to prevent revenue losses, in addition to advancing administrative reform and digitalization and making dramatic efforts to support enterprises in promoting production and commercial activities.

Also, they have concentrated on tax collection from online retailers and foreign vendors without permanent establishments in Vietnam.

The first quarter of 2023 saw state budget revenue and expenditures that satiated demands for socioeconomic growth, national defense, security, state management, and payment of debt and other obligations, according to the General Statistical Office of Vietnam.

Adapted from VietnamEconomicNews and ThoiBaoTaiChinh