Friday, October 28 2016


State overspends by $4.7 billion

Update: August, 08/2015 - 09:15
The Ministry of Finance said the State budget in the first seven months of the year had overspent VND100 trillion (US$4.7 billion), or 44.5 per cent of the target for the year.

The State collected VND544 trillion ($25.3 billion), but spending amounted to VND645 trillion ($30 billion) in the first seven months.

Of the amount, VND446 trillion ($20.7 billion) was spent for socio-economic development, administrative management, and the military and security. More than half of the remaining amount went to investment. The rest was used for debt payments.


Kien Giang Province rakes in property taxes

The southernmost province of Kien Giang ranks highest in the country in tax collections, with nearly VND2.9 trillion (US$130 million) or 91 per cent of its yearly plan collected by mid-year.

Real estate transactions on the province's Phu Quoc Island were the main reason behind the large amount of taxes. Land-use rights totalled VND504 billion ($23 million) and land rent VND260 billion ($12 million), three and 10 times higher than the yearly plan, respectively.

Individual income tax collections also reached the highest level: 82 per cent, 50 per cent higher than the same period last year, also thanks to real estate transactions on Phu Quoc Island.


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