The MoF noted though after the Lunar New Year holiday in mid-February, some localities suffered from the COVID-19 resurgence and had to impose social distancing measures, production, and business activities have basically returned to normal, creating a positive effect on State budget collection and spending in Q1.

Production and business activities have basically returned to normal after the COVID-19 resurgence was curbed. (Photo for illustration)

The collections from domestic sources met 30 percent of the year’s estimates, up 1.2 percent year on year, while that from crude oil achieved 34.6 percent of the year’s plan but down almost 50 percent year on year. Collections from export – import activities were equal to 30.8 percent of the annual target and up 9.7 percent from the same period last year.

Notably, the revenues from State-owned enterprises picked up by 5 percent, foreign-invested businesses 8 percent, and the non-State economic sector 22.4 percent on a yearly basis, respectively representing 28.2 percent, 33.5 percent, and 35.2 percent of the targets, according to the MoF.

Up to 57 of the 63 provincial localities carried out budget collection from domestic sources on schedule, achieving more than 25 percent of the yearly targets for them. Forty of them recorded higher revenue compared to the same period last year.

These results indicate positive and relatively uniform recovery in the economy, as well as the effectiveness of the policies on fighting against COVID-19 and supporting businesses and people to cope with the outbreak, the ministry said.

Meanwhile, State budget spending reached 341.9 trillion VND in the first three months, equivalent to 20.3 percent of this year’s target and up 0.2 percent year on year, data show.

Source: VNA