Vietnam reports $2bln State budget surplus in 1Q despite virus pressure

Despite business slowdown on coronavirus pandemic, Vietnam recorded State budget surplus at nearly VND48 trillion ($2 billion) in the first quarter of 2020, the Ministry of Finance said in a report.

Despite coronavirus, Vietnam's 1Q budget revenue increases 1.8%. Photo: hoinhabaovietnam.vn

State budget revenue in the first quarter reached VND391 trillion ($16.6 billion), up 1.8% from a year ago; budget spending was estimated at VND343.1 trillion ($14.6 billion), up 8.7% from a year earlier.

However, in March, the country suffered a budget deficit of VND16.1 trillion ($685.6 million). March budget revenue was seen at VND106.4 trillion while budget spending reported at VND122.5 trillion, the ministry said.

In the first quarter, domestic revenue was VND324.7 trillion ($13.8 billion), equaling 25.7% of the whole-year target, an increase of 3.6% over the same period of last year. Budget revenue from import and export activities reached VND77 trillion ($3.2 billion), down 8.8% over the same period of last year.

Combating the COVID-19 pandemic, the central and local governments had to spend for medical activities, environmental sanitation, and epidemic prevention activities.