In particular, the central budget collection was equivalent to 114.9% and the local budget collection 117.4% of the respective targets.

A state budget collection site in Yen Bai province

The MoF attributed this to sustained economic recovery and growth as seen in the nine-month GDP expansion of 8.83%, along with retail sales up 17.5%, the index of industrial production up 8.6%, exports up 13.4%, and trade surplus at 10.6 billion USD in 11 months.

Price hikes in oil, some commodities, and input materials have also contributed to an increase in the collection from crude oil and foreign trade. Taxation and customs agencies have also enhanced tax management.

As of November, the state budget spending stood at almost 1.36 quadrillion VND, equivalent to 76.2% of the target and rising 7.1% year on year.

The MoF said budget spending tasks were carried out as planned, meeting the demand for socio-economic development, defense and security safeguarding, state management, repayment of debts, settlement of natural disaster and disease outbreak consequences, and social security ensuring.

Source: VNA