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Identify problems, provide appropriate solutions, advise Government on finance - budget field

Minister of Finance Ho Duc Phoc chaired the webinar. Photo: D. Minh

State budget revenue in August declines

State budget revenue in August decreased from last month and reached VND78.600 billion, reported the Ministry of Finance.

Of which, domestic revenue made up more than VND63,000 billion. Revenue from crude oil fell VND224 billion month-on-month to VND3,300 billion. Imports and exports saw a decline of VND11,000 billion month-on-month to VND24,000 billion.

The State budget in the eight months rose 14.3% year-on-year to more than VND1,000 trillion.

Of which, domestic revenue grew 12% year-on-year to VND820,000 trillion.

Revenue from crude oil increased 0.9% year-on-year to more than VND25 trillion. Imports and exports rose over 31% year-on-year to more than VND157 trillion.

Regarding budget spending, the State spent about VND115 trillion in August. Thus, VND918 trillion was spent in the eight months. Of which, more than VND187 trillion was used for investment and development; nearly VND72 trillion for loan interest payment and over VND652 trillion for recurrent spending.

Video conferences at the webinar

Due to the pandemic, trade turnover in 19 Southern provinces plunged US$56 billion, Director General Nguyen Van Can said at the video conference of the General Department of Customs.

The General Department of Customs will strive to gain the budget target of VND335 trillion for the rest of 2021. However, the head of the customs sector forecasts that budget collection in 2022 will be a very difficult task.

The Customs sector has proactively removed difficulties for businesses, quickly solved cargo congestion in the northern region and conducted fast customs clearance or imported equipment and vaccines for pandemic prevention and control, said the Director General.

The Customs agency has also strengthened the fight against smuggling and trade fraud, strictly controlled medical equipment, ventilators, pharmaceuticals of unknown origin at border areas, airports and seaports.

Focus on reviewing and developing tax exemption and reduction packages to support people and businesses

Speaking at the conclusion of the meeting, Minister Ho Duc Phuc said the task of budget collection is facing great difficulties and challenges. Along with that, the Finance sector must both ensure funding for its operation while spending on anti-pandemic work. This requires the whole sector to made efforts and coordination to successfully meet the assigned tasks.

Minister Ho Duc Phoc concludes the meeting

The situation of the Covid-19 pandemic is very complicated and more serious than expected. Up to 23 cities and provinces which are implementing social distancing account for 70% of total state budget revenue.

The Minister suggested that the units must focus on pointing out obstacles and difficulties, forecast possible problems, thereby developing appropriate solutions, advising the Government on the finance and budget field and striving to complete the assigned tasks.

The Minister noted a matter of concern that in the context of high economic growth in many countries around the world, if Vietnam has a low growth rate, it will directly affect state budget revenue.

For the remaining months of the year, Minister Ho Duc Phuoc required units to quickly solve issues related to the prevention and control of the Covid-19 pandemic; focus on building and improving institutions; focus on reviewing and building tax exemption and reduction packages to support people and businesses; develop the information technology plan for the next five years; and propose solutions to speed up the disbursement of public investment capital.

The Minister also requested units pay attention to promoting the application of information technology in the new situation, especially in the fields of Customs, Taxation and Treasury to provide maximum support for taxpayers and budget-using units.