Vietnam had six localities posting budget revenue of VND50 trillion ($2.14 billion) or more last year. Thanh Hoa is about to join this group, as its budget revenue for 2022 is expected to come in at between VND50 trillion and VND55 trillion ($2.14 billion and $2.35 billion), exceeding the annual estimate by some 40 per cent.
The custom sector’s contribution to State budget revenue in the first seven months of this year totaled more than VND260 trillion ($11.16 billion), a 12.7 per cent increase year-on-year and representing 74.2 per cent of the annual estimate.
The Ho Chi Minh City Statistics Office has reported that the city’s Index of Industrial Production (IIP) increased 0.9 per cent in July compared to June and 53.2 per cent year-on-year. Total budget revenue in the city in the first seven months of 2022 represented 73.2 per cent of the annual estimate and increased 20 per cent year-on-year.
State budget revenue reached 54.9 per cent of the annual estimate in the first five months of 2022, and the budget is in surplus to the tune of VND217.3 trillion ($9.31 billion). According to the General Statistics Office, revenue from trade activities and crude oil, and in the two economic locomotives of Hanoi and Ho Chi Minh City, have increased impressively. The return of significant numbers of businesses post-pandemic is also among the factors helping budget revenue post solid results.
State budget revenue in the first four months of this year has been estimated at more than VND645 trillion ($28.02 billion), a 13.3 per cent increase compared to the same period last year. There are issues that may affect budget revenue into the future, however, such as rising fuel prices affecting production costs, and loss of revenue from support policies such as tax exemptions and reductions, among others.
According to the General Department of Taxation, thanks to improvements in services and the recovery of business, total State budget revenue in the first quarter of 2022 reached nearly VND390 trillion ($17.18 billion), up 5.3 per cent over the same period of 2021. The budget will forego revenue of more than VND20 trillion ($881.9 million) due to reductions in environmental protection taxes on petrol and oil from April 1. The tax sector will therefore need to make every effort to complete its budget tasks in the second quarter.
