Nghe An: Budget revenue for the first 10 months is estimated to reach over 13,000 billion VND.

According to calculations by the authorities, the numberrevenue collectionThe province's revenue collection in the first 10 months of 2020 is estimated at VND 13,077.71 billion, reaching 85.9% of the provincial People's Council's projected annual target of VND 15,216 billion. This represents a 3.2% increase compared to the same period in 2019.

Of this, domestic revenue is estimated at VND 12,162.21 billion, reaching 90.7% of the projected target and increasing by 7.2% compared to the same period last year. Excluding land use fees and lottery revenue, domestic revenue is estimated at VND 8,693.15 billion, reaching 79.8% of the projected target and equaling 98.4% compared to the same period last year.

Overview of the regular meeting of the Nghe An Provincial People's Committee in October 2020. Photo: Thanh Duy

Revenue from land use fees reached VND 3,446.94 billion, achieving 137.9% of the projected target, an increase of 38.1% compared to the same period in 2019. Revenue from import and export activities is estimated at over VND 915 billion, reaching 50.9% of the projected target, equivalent to 69.4% of the same period in 2019.

Budget expenditureIn the first 10 months, estimated expenditure reached over 21,583 billion VND, achieving 79.6% of the provincial People's Council's budget target for this year, which is 27,118.85 billion VND.

In particular, despite difficult conditions, Nghe An province still allocated over 5,932 billion VND for development investment, reaching 90% of the budget. The remaining amount was allocated to recurrent expenditures of over 15,204 billion VND, reaching 75.7% of the budget, and contingency funds of 446.955 billion VND, reaching 100% of the budget;…

In the final months of the year, Nghe An province is determined to continue focusing on effectively managing budget revenue and expenditure, including directing the acceleration of the implementation of solutions to manage financial and budgetary tasks in the remaining months of 2020.

A series of solutions were proposed, including strengthening revenue management; combating revenue losses and transfer pricing; strictly managing tax refunds, handling and recovering outstanding tax debts; forecasting and assessing the impact of the Covid-19 pandemic on the implementation of state budget revenue collection tasks in the area to develop appropriate solutions for directing and managing revenue collection; and striving to achieve the highest possible completion of the assigned state budget revenue collection tasks for 2020.

On the other hand, Nghe An is strengthening the practice of saving and combating waste, rearranging, cutting, reducing, and postponing expenditure tasks allocated in the 2020 budget but not truly necessary to 2021 and subsequent years in order to focus on spending to ensure social welfare, support overcoming difficulties for production and business after the Covid-19 pandemic, and investment for development, etc.

A view of Vinh City, Nghe An province. Photo: Thanh Duy

In general, over the past four years, Nghe An province's annual budget revenue has consistently met and exceeded the assigned targets. In particular, 2019 saw the highest provincial budget revenue, reaching 16,609.5 billion VND. In 2020, the province aimed to achieve a national budget revenue target of approximately 17,500 billion VND; however, due to the impact of the Covid-19 pandemic, this goal faced difficulties.

Therefore, the budget revenue achieved in the first 10 months of the year reflects a tremendous effort in the province's budget management amidst the global pandemic's profound impact on the global, regional, and national economies, as well as on Nghe An province.