The General Statistics Office (GSO) has reported a $10 billion surplus in the state budget for the first seven months of this year. Total state budget expenditures reached $39.5 billion, representing a 0.6% increase compared to the previous year. Despite rising expenditures, state budget revenues saw a significant increase, totaling $49.5 billion, up 14.6% year-on-year. Domestic revenues alone amounted to $5.26 billion in July, pushing the seven-month total to $41.46 billion, up 15.8% year-on-year, and accounting for 83.7% of total state budget revenue.
The increase in domestic revenues reflects positive performance in various sectors, including taxes, fees, state capital withdrawals, and land leasing. Revenues from export and import activities in July were estimated at $783.3 million, contributing to a seven-month total of $6.6 billion, an 11.7% increase from the same period last year. These activities represent 13.3% of total state budget revenue.
The Ministry of Industry and Trade noted that Vietnam’s import and export sectors are rebounding, supported by growing global demand. In July, total goods export and import turnover reached $69.72 billion, an 8.7% increase from the previous month and a 21.8% increase year-on-year. For the first seven months, the turnover is estimated to be nearly $440 billion, up 17.1% from the previous year. Export turnover is projected at nearly $227 billion, up 15.7%, with Vietnamese exporters earning approximately $63.08 billion, a 21% increase. Foreign exporters received $163.9 billion, a 13.8% increase.
Imports for the first seven months are estimated at nearly $213 billion, up 18.5% year-on-year. Vietnamese importers spent about $78 billion, up 21.5%, while foreign exporters accounted for nearly $135 billion, a 17% increase. This period saw a trade surplus of $14.08 billion.
However, the GSO noted that the surplus could have been higher if revenue from crude oil exports had not decreased. Revenue from such exports, predominantly from state-owned PetroVietnam, was approximately $200 million in July, bringing the seven-month total to about $1.43 billion, down 2.7% year-on-year. PetroVietnam reported a total revenue of over $20 billion in the first six months, with a nearly $3 billion contribution to the state budget.
Looking ahead, ongoing economic challenges may impact the state budget, with potential revenue shortfalls and increased fiscal support needed for the public and businesses. The government’s budget estimates for 2024 are set at $71.78 billion, with a projected economic growth of 6-6.5% and inflation of 4-4.5%. Tax reduction and exemption policies are expected to continue as in 2023, with a revised economic growth forecast of around 7% for the year.
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