State budget revenues increase 2.4 per cent year-on-year in the first two months of 2016. — Photo thoibaotaichinhvietnam.vn

HA NOI (Biz Hub) — National budget overspending reached VND25.5 trillion (US$1.1 billion) in the first two months of this year, representing 10.6 per cent of the annual quota.

The Ministry of Finance reported on Thursday that State budget revenues grew by 2.4 per cent year-on-year in the first two months at more than VND160 trillion.

Budget revenues from domestic sources alone reached nearly VND140 trillion, equivalent to 17.8 per cent of this year's target, while revenues from import – export activities declined 17.6 per cent year-on-year at VND31.2 trillion.

The budget revenues from crude oil tended to decline, falling from more than VND3 trillion in January to roughly VND2.7 trillion in February. The cumulative two-month revenue of VND5.7 trillion was less than half of that in the same period last year.

The ministry attributed the fall in the crude oil revenues to global oil prices continuing to go down in the face of redundant supplies. The oil prices averaged $29.8 per barrel in February, 6 per cent lower than January's average.

Meanwhile, State budget spending hit VND185.6 trillion in the first two months, reaching 14.6 per cent of the quota for 2016.

The ministry said it would manage government bond issuance following a proper schedule, and guide the state treasury to control budget spending in the coming months.

It will also closely collaborate with other ministries in managing the prices of goods and services, and speed up equitisation of State-run enterprises and divestments in non-core lines of business to assure the national budget balance. — VNS