Vietnam gov't forecast to hardly meet target revenue this year

TN News

Email Print

The Ministry of Finance has asked related agencies to tighten budget management and control losses as the government may fail to meet its revenue target this year.

At a press conference on Thursday, the ministry reported that the government earned some VND543.8 trillion (US$25.74 billion) over the first nine months, or 66.6 percent of the target.

The progress was slower than previous years when it was 80 percent at this time of the year, Deputy Finance Minister Vu Thi Mai said.

The government revenue will unlikely meet the target set for this year, Mai said.

According to the ministry, the progress in tax revenues was slower than before.

Cao Anh Tuan, deputy head of the ministry's General Department of Taxation, said tax revenues so far have met 65 percent of the target.

Meanwhile, revenues from export activities met 61.9 percent of the target, which was low compared to previous years, although export turnover was up 15 percent year on year, the ministry told the conference.

It was because exports that have high values and tax rates decreased sharply, according to the ministry.

Mai said the ministry has ordered tax agencies to enhance measures for managing tax revenues, and the General Department of Vietnam Customs to crackdown on smuggling, and tighten control over border trade activities.

According to the ministry, government spending was estimated to be VND684.5 trillion ($32.4 billion) as of September, or 70 percent of the target and up 7.4 percent year on year.

The government has recently recommended that the National Assembly increase the budget deficit ceiling from 4.8 percent of gross domestic product this year to 5.3 percent next year, saying it needs money for public spending.

Like us on Facebook and scroll down to share your comment

More Business News