Vietnam's state budget income falls short

TN News

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A new statement by the Finance Ministry said Vietnam's state budget income over the first ten months fell a quarter short of the target.

The announcement, cited by the Thoi bao Kinh te Saigon Online, listed the budget income at VND618,290 billion (US$29.32 billion) which, although up 8.6 percent year-on-year, only meets 75.8 percent of the plan and is lower than it has been in many years.

It said income from domestic sources only met 74.4 percent of expectations, while foreign trade met only 69.2 percent.

The Ministry said government bonds were an "effective" fund-raising channel, with the State Treasury issuing VND162,208 billion in bonds, or 84 percent of the target, and 76 percent more bond value was issued in October than September.

The ministry said it is still seeking to life businesses from the production stagnation and collect unpaid taxes in order to increase state income, and at the same time cut spending.

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