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Disclosure of state budget revenue and expenditure in first half 2011
According to the Ministry of Finance, the state budget revenue and expenditure in the first half 2011 obtain a good progress rate. Financial and state budget solutions to control inflation, stabilize macro economy, ensure social security as under the Resolution No.11/NQ-CP of the Government have been effectuated drastically, synchronously, creating positive changes.
In the first half 2011, GDP growth estimates to rise 5,6% compared to the same period last year, industrial production up about 14,2%, export turnover increase 27,8%; total retail sale of goods and services up 22,8%..., foreign currency and gold market maintains stable, foreign exchange rate is under control, foreign currencies reserve increase, CPI though still high (Up13%), but tends to slow down (Up 1,74% in January, 2,09% in February, 2,17% in March; 3,32% in April, 2,21% in May and about 1% in June).
The state budget revenue and expenditure figures in the first half 2011 are as follows:
- Revenue reaches 327,820 billion dong, achieving 55,1% of the plan, up 22,8% compared to the same period last year, of which:
+ Domestic revenue estimates to reach 202,540 billion dong, or 53,0% of the plan, of which revenue of state owned enterprise sector achieving 50,8% of plan, non-state industrial, trading and service sector 51,8%; foreign investment 48%; personal income tax 63,7%.
+ Revenue from crude oil: estimates to reach 47,030 billion dong or 67,9% of the plan.
+ Revenue from import, export activities estimates to reach 100,150 billion dong, or 55,4% of the plan; after settlement of VAT refund of 24,700 billion dong (or 58,8% of the plan), the balanced revenue from import and export activities estimates to reach 75,450 billion dong, or 54,4% of the plan.
- Expenditure estimates at 355,600 billion dong, achieving 49,0% of the plan, of which:
+ Development investment expenditure: estimates at 77,467 billion dong, or 51,0% of the plan;
+ Debt and grant payment: estimates at 45,900 billion dong or 53,4% of the plan.
+ Expenditure for socio-economic development, national defense, security, administrative management (Including wages and salary adjustment) estimates at 232,233 billion dong or 49,5% of the plan.
State budget over-expenditure in the first half 2011 is at a low level, with amount estimating at 27,780 billion or 23% of the annual level decided by the National Assembly, and will be covered by local and foreign funds.
In the second half 2011, ministries, branches and localities are requested to continue efforts to exceed by 7-8% of the state budget revenue plan; to manage the state budget revenue and expenditures in a flexible manner towards thrift and effectiveness; to closely combine fiscal and monetary policies; to reduce state budget overspending from 5.3% GDP as decided by the National Assembly to below 5%GDP; to control inflation, stabilize macroeconomic and implement social security effectively.
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