State budget revenue falls 7.8% in January-July

HCMC – State budget revenue in the first seven months of this year fell 7.8% versus the year-ago period to VND1 quadrillion, which represents 62.7% of the full-year estimate. Only eight centrally-governed cities and provinces reported growth in budget revenue, while 55 others recorded revenue decreases, the Ministry of Finance said on August 9. Minister of Finance Ho Duc Phoc said that while the State budget remains aligned with its targets, difficulties are anticipated in the latter half of the year. Revenue generated from environmental protection taxes on gasoline and oil dropped over 38% against the same period last year. Accumulated budget expenditure from January to July surged by 13.7% year-on-year, amounting to VND957 trillion, equivalent to 46.1% of the estimate.