Despite a steep decline in earnings from crude oil exports, the government’s revenues increased 7 percent year-on-year to VND618.14 trillion (US$27.19 billion) in January-August, the finance ministry has reported.
Government revenues remain buoyant despite the oil price slump thanks to increased tax income. Photo: Ngoc Thang
It attributed this to recent adjustments in tax policies that increased tax payments by 16.5 percent to VND459.45 trillion ($20.21 billion).
Crude oil, traditionally a major revenue source, has fetched just VND47.1 trillion ($2.07 billion) this year, a 34.1 percent fall, though the government recently reported an 8.7 percent year-on-year rise in output.
Vietnam produced 12.3 million tons as of August.
In its latest report, the finance ministry also said the government’s spending increased by 8.2 percent this year to VND733.3 trillion ($32.25 billion).