Việt Nam News

Budget collection exceeds 2018 plan

January 02, 2019 - 16:00

State budget collection totalled VNĐ1.42 quadrillion (US$61.7 billion) in 2018, seven per cent more than the target for the full year, according to the Việt Nam State Treasury.

A branch of Vietinbank, which helps collect the State budget. - Photo taichinhdientu.vn

Viet Nam News

HÀ NỘI — State budget collection totalled VNĐ1.42 quadrillion (US$61.7 billion) in 2018, 7 per cent more than the target for the full year, according to the Việt Nam State Treasury.

Minister of Finance Đinh Tiến Dũng said surpassing budget revenue goals contributed to implementing the Government’s goals of stabilising the macroeconomy, controlling inflation and stimulating socioeconomic growth.

Dũng said the budget revenue was particularly impressive in the context of the challenges and instability of the world economy in 2018. He said difficulties are expected to continue in 2019, necessitating efficient management of the State budget.

The statistics also revealed State budget spending via the State Treasury totalled VNĐ857.7 trillion in 2018, or 87.8 per cent of the planned level. Spending for investment totalled VNĐ276.6 trillion, 69.3 per cent of the plan.

Government Resolution 01/NQ-CP, released on Tuesday, targeted tightening fiscal discipline in 2019 to restructure the State budget and enhance transparency in its use.

The Government asked to expand the tax base to increase budget revenue. E-invoices will replace paper invoices in Hà Nội, HCM City and major cities in 2019. The resolution will also support efforts against transfer pricing and tax evasion.

The budget revenue target was 5 per cent higher than the plan for 2019, according to the resolution. — VNS

Tags Vietnam State Treasury Budget collection Budget spending Vietnam News news

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