Viet Nam’s budget collection in the first 10 months of this year stood at VND1.46 quadrillion (US$58.7 billion), surpassing the estimate by 3.7 per cent, and up 16.2 per cent year-on-year, the Ministry of Finance reported.

Domestic revenue rose 12.1 per cent from the same period last year to VND1.15 quadrillion. Notably, the collection from crude oil reached some VND65.5 trillion, exceeding the estimate by 32.4 per cent and up 95 per cent year-on-year.

The ministry said the budget collection surpassed the estimate in the period as the country maintained its positive recovery and growth pace, with GDP in the first nine months expanding 8.89 per cent, the highest since 2011.

Moreover, surging oil and gas prices have helped the country earn more from crude oil.

However, the ministry noted that domestic revenue was on a declining trend as the average in the first five months of this year was VND130.8 trillion, which dropped to nearly VND100 trillion from June, even only VND71.2 trillion in September and some VND70 trillion last month.

Meanwhile, the country’s total budget spending was about VND1.2 quadrillion, equivalent to 68.3 per cent of the estimate, and up 6 per cent against the corresponding period last year.

For development spending, disbursement remained sluggish, fulfilling only 51.34 per cent of the plan assigned by the Prime Minister, as compared with 55.8 per cent recorded in the same period last year. The disbursement rate of foreign capital fell to only 20.14 per cent. — VNS