|Ten solutions to accomplish the State budget–finance tasks in 2020|
Minister of Finance Ho Duc Phoc chairs the conference.
Revenue increased by 17.4% year-on-year
According to the Ministry of Finance report, November’s revenue saw a year-on-year increase of 17.4% to VND1,68.9 trillion, meeting 116.1% of the estimate.
As of December 1, the revenue reached VND1,653.8 trillion, meeting 117,16% of the estimate. Of which, the central and local revenue hit 115.9 % and 118.44% of the estimate, respectively.
Total state expenditure in November is estimated at VND154.5 trillion. The expenditure in the first 11 months of the year recorded VND1,359 trillion or 76.2% of the estimate, up 3.4% year-on-year. The development investment expenditures are estimated at VND338.3 trillion, meeting 64.3% of the estimate; expenditure on interest payment is estimated at VND82.8 trillion, meeting 79.8% of the estimate; recurrent expenditure is estimated at VND935.7 trillion, reaching 84.2% of the estimate.
As of November 25, VND176.07 trillion of government bonds were issued with an average term of 12.91 years and an average interest rate of 3.19% per year.
At the end of November, 10 revenues exceeded the estimate. Revenues from land and housing reached 136.1%; revenue from lottery activities reached 110.7%, and revenues from production and business activities in three economic sectors, including revenue from state-owned enterprises, reached 104.3% of the estimate, up 7.1%; revenue from the foreign-invested enterprise sector reached 106.4% of the estimate, up 10.2%; revenue from the non-state economic sector reached 111.6% of the estimate, up 9.2%.
Deputy Director General of Taxation Phi Van Tuan said that by the end of November, local departments extended VND105 trillion, exempted or reduced about VND62,000 billion for taxpayers. The whole sector has exempted, reduced and extended VND168 trillion. The country’s top tax regulator directed to extend of the tax amount of about VND23 trillion in December.
Director General of the General Department of Vietnam Customs Nguyen Van Can say that at the end of November, the revenue of the entire Customs sector hit VND 401 trillion, an increase compared with the previous year and nearly reaching the target. In 2022, the revenue is expected to grow by about VND 15,000 billion compared to the target.
The Director General also said that the Customs would perform well in the fight against smuggling and trade fraud, successfully tackle many cases, and arrest drug traffickers.
Focusing on implementing solutions
Vice Chairman of the State Securities Commission, Vu Thi Chan Phuong, said that in November, the stock market showed signs of recovery. As a result, investors believed and invested in the market. As a result, some sessions saw a surge.
In November, foreign investors’ cash flow in the stock market plunged. But, on the other hand, foreign investors recorded a net buying of VND17 trillion.
Deputy Minister Vo Thanh Hung said the key reason for the positive achievement in revenue results from the effective management of revenue collection in the last months of the year and tax deferrals over the past.
Regarding implementing the 2023 estimate, the Deputy Minister suggested that agencies and units review the internal allocation to assign the estimate soon. He also directs the State Budget Department to complete the guidance circular.
Minister of Finance Ho Duc Phoc said that by the end of 2022, state budget revenue is expected to exceed 18% of the estimate. This is a great achievement of the entire sector.
The Minister also said that 2023 will be a challenging year when many businesses still suffer from difficulties, reduce orders and narrow production. Naturally, this will affect the state revenue. Therefore, the General Department of Taxation and the General Department of Customs need to pay attention to.
In the last months of the year, the whole sector needs to focus on providing solutions and striving to accomplish tasks, creating momentum for 2023.
According to the Minister, the Covid-19 pandemic broke out in 2021 and 2022. Therefore, the Ministry has played an important role, contributing greatly to the economy.
The Minister suggested that units in the entire sector continue to make efforts and be more creative in implementing financial budget solutions and accomplishing the tasks.