Vietnam 2015 state budget revenue hit 47.8 billion US dollars, 3.3 billion US dollars more than predicted, according to the Ministry of Finance. Of total revenue, personal income tax, VAT and corporate income tax increased by over 2.7 billion US dollars, accounting for 20% of total revenue.
80% of the increase in the state budget came from tax revenues from the wider economy and the contribution of businesses. Secondly, due to better debt management, we collected about 1.8 billion US dollars. Furthermore, inspection and anti-transfer pricing measures also contributed over 445 million US dollars.
The state budget is predicted to receive about 2.4 billion US dollars from crude oil if prices remain at $60 per barrel. According to the Ministry of Finance, oil revenues in 2016 are set to account for only 5.3% of total revenues. Therefore, even if oil prices fall below USD 30 per barrel, total budget revenues will not be affected. If anything, lower oil revenue will provide an opportunity to restructure revenue streams and inputs for production and business activities.
Assessing that macroeconomic management may experience difficulties in 2016 due to unexpected turbulence in global financial markets, Deputy Prime Minister Vu Van Ninh has instructed the Ministry of Finance to increase domestic revenues by 7 to 8% to make up for lower oil prices. He also stressed the need to increase revenues from export activities, but strictly control tax refunds.
