News

In Q1, State revenue estimated to rise by 1.3%

Summary

Total state budget expenditure in the first quarter of 2023 is estimated at VND363.4 trillion, equaling 17.5% of the yearly estimate and rising by 7.2% year-on-year.

Updated on : 18-04-2023

 

In the first quarter, domestic revenue reached VND 411.8 trillion. Photo: Thuy Linh

According to data from the General Statistics Office, the public investment in the first quarter of 2023 is estimated at VND583.1 trillion, up 3.7% over the same period last year, including the investment capital for the state sector was estimated at VND153 trillion, accounting for 26.2% of total investment capital, rising by 11.5% over the same period last year; the investment capital for the non-state sector reached VND328.6 trillion, accounting for 56.4%, up 1.8% year-on-year; and the foreign direct investment sector reached VND101.5 trillion, accounting for 17.4% and down 1.1%.

Regarding state budget revenue, in the first quarter, the State revenue reached VND 491.5 trillion or 30.3% of the year estimate, rising by 1.3% over the same period last year. On the other hand, domestic revenue reached VND411.8 trillion or 30.9% and rose by 5.4%; meanwhile, revenue from crude oil decreased by 11.4% to VND15.5 trillion or 36.9% of the year estimate and revenue from import and export activities fell 16.4% to VND 64.2 trillion, or 26.9% of the year estimate.

Total state budget expenditure in the first quarter of 2023 is estimated at VND363.4 trillion, equaling 17.5% of the yearly estimate and rising by 7.2% year-on-year. The expenditures for socio-economic development, defence and security, state management, payment of due debts, and other payments as prescribed were ensured. Of which, recurrent expenditure reached VND262.1 trillion, increasing by 5.4%; development investment expenditure reached VND73.2 trillion, rising by 18.9%; and interest payment reached VND27.9 trillion, down 3.4%.

The public investment capital in the first quarter at current prices increased by 3.7% over the same period last year, reflecting the slowing down of domestic business and production due to the negative impact of many factors, such as global inflation and tightening monetary policies of countries.

However, the investment capital for the state sector rose by 11.5%, showing the determination and efforts of the Government, ministries, and central and local agencies in drastically promoting the disbursement of public investment capital from the first months of the year to create a driving force to boost economic growth in both the short and long term although the economy still faces many difficulties and challenges.