Móng Cái International Border Gate. Việt Nam’s state budget revenue reached an estimated VNĐ1,114 trillion (US$42.84 billion) in January-April, equivalent to 44 per cent of the full-year plan and up 15.2 per cent from a year earlier. — VNA/VNS Photo Văn Đức

HÀ NỘI — Việt Nam’s state budget revenue reached an estimated VNĐ1,114 trillion (US$42.84 billion) in January-April, equivalent to 44 per cent of the full-year plan and up 15.2 per cent from a year earlier, the Ministry of Finance reported on May 4.

While still on track, the ministry flagged that fallout from the Middle East conflict and a suite of fiscal relief measures, including cuts to environmental protection tax, value-added tax, special consumption tax and fees on gasoline and aviation fuel, are starting to chip away at revenue. Collection progress and growth rates across several tax streams have decelerated from the previous year.

The Government is extending tax and fee relief to help firms and households weather production and trade headwinds. Newly introduced reductions cover environmental protection tax, VAT and special consumption tax on fuels. Total exemptions and reductions in the four-month period were estimated at VNĐ57.9 trillion.

On the revenue structure, domestic receipts were pegged at VNĐ991 trillion, 45 per cent of the annual estimate and up 17.4 per cent year-on-year. Revenue from State-owned, foreign-invested and private enterprises hit VNĐ546.9 trillion, making up 53.6 per centof the estimate and surging 31.2 per cent.

Crude oil revenue came in at about VNĐ17 trillion, or 39.5 per cent of the estimate, buoyed by an average realised oil price of $80.7 per barrel, or $10.7 above the budgeted level. Import-export revenue stood at VNĐ105.4 trillion, or 37.9 per cent of the target.

The ministry has intensified inspections, audits and anti-revenue loss measures. As of April 15, tax authorities had completed 10,200 inspections, recommending financial settlements worth VNĐ17.6 trillion, while recovering nearly VNĐ23.9 trillion in tax arrears.

In e-commerce, 235 foreign suppliers registered for tax through the electronic portal, generating an estimated VNĐ7.9 trillion in revenue, a 112 per cent jump from the same period last year.

Total state budget expenditure in the first four months was estimated at VNĐ668.2 trillion, 21.2 per cent of the annual target and up 11.6 per cent year-on-year. Recurrent spending accounted for the largest share, reaching 26 per cent of the estimate. Central and local budget balances remain in place.

Spending has met requirements for socio-economic development, national defence-security, state management and debt servicing, while ensuring timely payment of salaries, pensions and social benefits, the ministry said.

Both central and local budget balances are secure. By April 28, the Government had issued VNĐ106.3 trillion in sovereign bonds with an average maturity of 10 years and an average interest rate of 4.08 per cent per annum. — VNA/VNS