As for domestic revenue, it is estimated to reach 14.3% of the projection, a decrease of 4.2% compared to the same period in 2023; revenue from crude oil is estimated to reach 10.9% of the projection, a decrease of 9% compared to the same period in 2023 (The average selling price for crude oil is expected to reach $83 per barrel, which is $13 per barrel higher than the projected price); the balanced budget revenue from import and export activities is estimated at VND 19.9 trillion, equal to 9.8% of the projection, an increase of 16.9% compared to the same period.
According to the Ministry of Finance, the January revenue progress is quite close to the projection mainly due to the concentrated collection of corporate income tax, personal income tax, and value-added tax (for businesses that declare and pay taxes per quarter) arising in the fourth quarter of 2023.
The Ministry of Finance has instructed the Tax and Customs agencies to well implement tax laws and the task of collecting state revenue in 2024 right from the beginning of the year, strengthening revenue management; fully and promptly implementing support tax policies to remove difficulties for businesses and people; at the same time, continuing to promote administrative procedure reform, digital transformation, application of information technology, modernization, and electronization of tax collection work; strengthening inspection and examination activities to prevent revenue losses, fraud, tax evasion,… striving to exceed the projected state revenue collection assigned for 2024.
As for state budget expenditures, the Ministry of Finance also said that the total balanced state budget expenditures in January are estimated to reach 6.1% of the projection, close to the implementation level compared to the same period in 2023. In which, priority is given to the implementation of social security policies, salaries, pensions, and social assistance for beneficiaries; ensuring full and timely payment of interest debts; operational budget of state machinery, ensuring national defense, security, social order and safety in the early months and the lunar new year of the Snake in 2024.
As for investment development expenditures, based on the resolution of the National Assembly, the Prime Minister has assigned the entire state budget capital investment plan to ministries, central agencies, and localities, amounting to VND 657,349 billion.
“The balance between the central and local budgets is ensured. As of January 25, 2024, VND 16.5 trillion worth of Government bonds have been issued, with an average term of 13.35 years and an average interest rate of 2.19% per year,” said the Ministry of Finance.
