Total State budget collections in 2022 were estimated at over VND1,803 trillion ($76.6 billion), the Ministry of Finance (MoF) reported on January 3.

The figure is equal to 127.8 per cent of the estimate and represents a year-on-year increase of 15 per cent.

Domestic revenues surpassed the estimate by 21.8 per cent, for an annual increase of 9.9 per cent. Revenues from crude oil and exports and imports rose 74.3 per cent and 32.7 per cent year-on-year, respectively.

The increase in budget collections was attributed to the GDP growth of 8.02 per cent and increases in total retail (19.8 per cent), the industrial production index (7.8 per cent), exports (10.6 per cent), and imports (8.4 per cent), and the trade surplus of $11.2 billion. Rising prices for gasoline and input materials also pushed up revenues from crude oil and exports and imports.

Some revenues were higher than the estimates, including individual income taxes, by 38.5 per cent, housing and land use fees and taxes by 54.5 per cent, and the State-owned enterprise (SOE) sector by 14.3 per cent.

Total expenditure, meanwhile, was VND1,562 trillion ($65.6 billion), or 87.5 per cent of the estimate and up 8.1 per cent against 2021.