Budget surplus recorded in first seven months

Budget collection was a bright highlight in the first seven months of 2019 as it expanded three times higher than the average rate of VND 38,300 in the same period of previous years.

Budget surplus recorded in first seven months

The budget surplus was also contrary to the estimated budget overspending of VND 220,000 billion, equivalent to 3.6% of GDP.

Over the past years, State budget continually had overspending rates at 6.1% in 2015; 3.7% in 2016; and 3.46% in 2018.

In the January-July period, domestic collection accounted from 61.8% of total budget collection, higher than the rate of 58.4% in the same period last year.

State budget collection from trade activities met 68.2% of the preset goal, much higher than the rate of 17.9% in the same period last year despite declined export and import tariffs in accordance with CPTPP.

Budget collection from crude oil accounted for 77% of forecast as total quantity of crude oil exported increased 8.7%.

(Source: VGP)