Big leaps in budget revenue

The total state budget revenue of Hung Yen province continuously expanded from 2017 to 2022 to stand among Top 10 by value in 2022, a positive signal for the province's continued prosperity.

Impressive figures

Nguyen Duc Tai, Director of Hung Yen Department of Finance, said that the state budget revenue totaled VND141,971 billion from 2017 to May 31, 2023 (of which the domestic revenue was VND118,218 billion or 83% of the total). Although the fiscal collection value was a deficit in 2017, 2018 and 2019 (the amount the province was entitled to keep), under the firm direction of the Provincial Party Committee, the Provincial People’s Council and the Provincial People’s Committee, plus the ongoing effort of the whole political system, the people and the business community, the fiscal revenue grew year after year and basically exceeded the target stated in the resolution of the Provincial Party Committee. The structure of the state budget revenue became stronger. Domestic revenue still dominated the fiscal revenue structure. Some major economic sectors accounted for a high proportion and tended to pay more over time such as foreign-invested enterprises, private services and land-use fees.

He emphasized that the total fiscal revenue exceeded the assigned plan in 2017 - 2022, adding that the value increased 43.32% a year on average. Total domestic revenue always accounted for a high share of the total budget revenue (averaging 80%). In 2022, the collection value impressively soared 164% year on year to VND51,408 billion, of which the domestic revenue made up for 91.4% of the total. This result made Hung Yen a Top collector of fiscal revenue in the country in the year. This is also a positive signal for localities that self-balance their budget revenue and expenditure like Hung Yen.

Steady performance

In 2023, according to the target assigned by the National Assembly, the Government, the Ministry of Finance and the Provincial People's Council, the budget revenue of Hung Yen province was estimated to reach VND22,921 billion, including VND18,221 billion from domestic sources and VND4,700 billion from export and import activities. To realize this target and effectively execute the Government's Resolution 01/NQ-CP, Hung Yen province worked out Action Program 12a/CTr-UBND dated January 30, 2023 on main tasks and solutions for implementation of the Socioeconomic Development Plan and the State budget estimate in 2023.

Specifically, the Department of Finance has closely followed the directions of the Government, the Ministry of Finance, the Provincial Party Committee, the Provincial People's Council and the Provincial People’s Committee on implementation of the socioeconomic development plan and the state budget estimation in 2023. At the same time, the department has focused on exploiting revenue sources well, ensuring correct, sufficient and timely budget collection to complete and even surpass the target set for 2023. The department has actively reviewed revenue sources to forecast fiscal collection; stepped up tax inspection and examination; and braced up debt collection management measures.

The department has further reformed tax administration, applied information technology to tax administration, with focus placed on solutions to local fiscal budget collection; firmly carried out debt collection management measures; actively monitored production and business activities of local enterprises to advise the Party and local authorities on solutions to direct and control state budget revenue; actively reviewed potential revenue sources from land, natural resources, incentive-expired projects, newly licensed projects and commercial business activities to estimate budget revenue sources. The agency has also flexibly managed budget expenditures as planned to balance the budget source.

The Department of Finance has regularly monitored the budget balance to capture timely developments of the budget fund, ensured funding for local political tasks, especially social security and disaster and epidemic prevention policies. At the same time, the agency closely and carefully administered recurring expenditures, especially the funding for ceremonies, conferences, workshops, overseas business trips and other events according to Resolution 01/ NQ-CP of the Government; proactively used budget reserves at all levels to handle emerging urgent tasks such as preventing and addressing consequences of natural disasters, epidemics, security and national defense.

By Ha Thanh, Vietnam Business Forum