Domestic revenue touched VND117.5 trillion during the first two months, a rise of 24.7 per cent against the same period last year. — Photo baoquangninh

HA NOI (Biz Hub ) — Viet Nam reported an upsurge in the State's budget revenue, but saw a strong reduction in budget collections from crude oil products during January and February, the Ministry of Finance said.

The total budget revenue during the first two months of this year reflected a year-on-year increase of 17.3 per cent to VND151.87 trillion (US$7.1 billion), the ministry reported on its website on Thursday.

Domestic revenue touched VND117.5 trillion during the first two months, a rise of 24.7 per cent against the same period last year.

The growth in the total state budget revenue during these months was due to recovery in the local economy and growth in the purchasing power of society, the ministry pointed out.

Budget collections from production and business activities still saw strong growth, with 29.3 per cent collected from the state-owned enterprises, 16.1 per cent from foreign-invested enterprises and 20.1 per cent from private enterprises.

However, the budget collection from crude oil indicated a year-on-year drop of 20.2 per cent to VND11.6 trillion ($542.1 million).

The ministry also reported that total state budget spending rose 11.3 per cent year-on-year to VND77.6 trillion ($3.69 billion) during the first two months of this year. — VNS