Vietnam budget income meets target

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Despite forecasts that Vietnam's budget income will fall short this year, the Ministry of Finance announced on Monday that state revenues have met 99 percent of the 2013 target.

The ministry previously estimated revenues this year at VND752 trillion (US$35.6 billion), or 7.8 percent less than originally estimated.

In a report posted on its website, the ministry said it was able to meet the target thanks to strong measures on collecting unpaid taxes and tight control over value-added tax refunding.

Moreover, state dividends and profits from companies in which the government is a shareholder brought in over VND20 trillion ($927.3 million) to the exchequer, while land use fees amounted to some VND42.5 trillion ($1.97 billion), higher than the figure reported to the National Assembly earlier, it said.

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For many years, the Vietnamese government has left dividends and profits with the enterprises so they could increase capital and make investments.

The National Assembly has set budget revenues at VND782.7 trillion ($37 billion) and spending at VND1,000 trillion ($47.4 billion) for next year.

The budget deficit ceiling was increased from 4.8 percent of gross domestic product (GDP) this year to 5.3 percent, or VND224 trillion ($10.6 billion), for next year.

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