A report released by the Ministry of Finance on March 7 revealed that State budget collections in February stood at an estimated VND132.7 trillion ($5.3 billion), bringing the figure in the first two months of the year to VND399.4 trillion ($16.2 billion), representing 23.5 per cent of the projected annual amount and rising 10.4 per cent compared to the same period of 2023.

The central budget is estimated to reach 25.2 per cent of the projected annual amount, while local budgets are estimated to reach 21.7 per cent.

Domestic revenue in February totaled VND113.5 trillion ($4.6 billion), with an estimated VND355.8 trillion ($14.4 billion) in the first two months, equal to 24.6 per cent of the projected annual amount and a 14.6 per cent increase year-on-year.

Revenue from crude oil was estimated at VND4.8 trillion ($194.7 million), for a two-month total of VND9.7 trillion ($393.5 million), equal to 21.2 per cent of the projected annual amount and a 2.6 per cent decline year-on-year.

Revenue from import-export activities in February was estimated at VND14.3 trillion ($580.1 million), bringing the January - February figure to VND33.8 trillion ($1.37 billion), including tax revenue of VND56.6 trillion ($2.3 billion) and value-added tax refunds of VND22.8 trillion ($925 million), and equivalent to 16.6 per cent of the projected annual amount.

Cumulative expenditure in the first two months reached VND270.7 trillion ($11 billion), equivalent to 12.3 per cent of the budget estimate and representing a 7.7 per cent increase compared to the same period of 2023. Among these, investment spending was estimated at nearly VND60 trillion ($2.4 billion), equivalent to 8.9 per cent of the National Assembly’s approved budget.

Disbursement has reached 9.13 per cent of the Prime Minister’s assigned development investment capital plan. Debt interest payments are estimated at 23 per cent of the budget, while regular expenditures are estimated at 13.9 per cent.

According to the Ministry of Finance, budget expenditures have been implemented according to the plan, meeting requirements for socio-economic development, national defense and security, State management, and timely debt repayments, while also ensuring funds for pandemic prevention and control, social security tasks, and care for policy beneficiaries.

The total planned capital for 2024 assigned by the Prime Minister is VND657.3 trillion ($26.6 billion). Localities reported increasing their local investment capital plans by approximately VND32.4 trillion ($1.3 billion) in January and February compared to the allocation from the Prime Minister through increased revenue sources and local budget surpluses.

Central ministries, agencies, and localities have allocated detailed investment capital plans totaling VND664.5 trillion ($26.9 billion), achieving 101 per cent of the Prime Minister’s assigned plan. Excluding additional capital plans allocated by localities, the rate is 96 per cent. As of February 24, there remains VND25.3 trillion ($1 billion) unallocated for detailed plans across 20 central ministries, agencies, and 38 localities, accounting for 3.8 per cent of the Prime Minister’s assigned plan.