Such increases have created a burden on the citizens, while multinationals are taking advantage of Vietnam’s incentive policies to avoid taxes.

The State budget revenue in January – April was estimated to total VND491.38 trillion (US$21.18 billion), representing a drop of 5.9 per cent against...

The Ministry of Finance forecast a budget overspending at 5-5.1 percent of gross domestic product (GDP) this year, about 1.5-1.6 percentage points higher than the Government’s plan due to the impacts of the COVID-19 pandemic.

The plummeting world crude oil prices will not have too great impact on Vietnam’s State budget revenue, said Vo Thanh Hung, head of the State Budget Department under the Ministry of Finance.

Vietnam’s export growth rate was modest at 5.7 percent in the first half of 2016, the lowest in the last five years. This has raised concerns that the 6.7 percent GDP growth rate may be unattainable, while state budget revenue will shrink.

The dong/dollar exchange rate and the loss of state budget revenue from tax collections are the two most serious challenges for the national economy, according to a report issued in July by the National Finance Supervision Council.