Budget revenue up 7.7% in first quarter of 2022

Vietnam’s government revenue in the first three months of 2022 was estimated at 460.6 trillion VND (20.1 billion USD), equivalent to 32.6% of the full-year target and up 7.7% over the same period last year.

According to the Ministry of Finance, domestic revenue rose 4% while revenue from crude oil soared 67.6%. Revenue from export-import activities climbed 23.3%.

Such positive figures show that the government’s business support policies are producing their effect, helping business and production activities to recover.

Decent growth was seen in several sectors with major contributions to the government budget such as clothes, computers and electronic products.

Total government spending in the first quarter reached 351.3 trillion VND (15.3 billion USD), equivalent to 19.7% of the full-year estimate, in which spending on investment for development reached 11.88% of the target.

Recurrent spending reached 23.4% of the target while spending on debt servicing hit 28.8%.

In the first quarter, 913 billion VND (39.8 million USD) was provided from the central budget to localities to spend on preventing the spread of COVID-19 and supporting people affected by the pandemic.