Nghe An: Budget revenue for the first 5 months reached over 8,500 billion VND.

According to a report by the People's Committee of Nghe An province: As of May 10th, the disbursement of public investment capital managed by the province reached 23.26%, higher than the same period in 2021.

In the first five months of the year, socio-economic activities flourished after the Covid-19 pandemic, positively impacting budget revenue. Tourism in the province saw positive developments; the number of visitors and vacationers increased dramatically, especially during the April 30th - May 1st holidays and the Lang Sen Festival on May 19th... It is estimated that in May 2022, the number of tourists reached 1,100,000; tourism revenue reached 985 billion VND. For the first five months, the number of tourists is estimated at 2,970,000, an increase of 78%; tourism revenue is estimated at 2,071 billion VND, an increase of 109% compared to the same period in 2021.

Investment promotion activities also achieved considerable results. The province granted new licenses (investment approval/investment registration certificates) to 4 projects with a total registered investment capital of VND 6,921.61 billion; including 2 social housing projects for workers in the Nam Cam Industrial Park with an investment scale of 6,457 apartments, which, when operational, will provide housing for approximately 19,750 people. Many products are producing stably and selling well, such as milk, beer, gas, and construction materials.

Produced at Tan Ky Garment Company. Photo: Tran Chau

However, the difficulty lies in the fact that the prices of many goods have increased significantly, especially iron and steel, fertilizers, and gasoline, which have greatly affected production and people's consumption.

Result,revenue collectionState budget expenditures in Nghe An province for the first five months are estimated at 8,523 billion VND, reaching 56.8% of the projected budget and 99.4% compared to the same period in 2021. Local budget expenditures for the first five months are estimated at 12,241 billion VND, reaching 39.4% of the projected budget.

According to Mr. Nguyen Xuan Hai, Director of the Department of Finance, in order to complete the 2022 budget revenue plan, the Tax Department needs to urgently review, analyze, evaluate, and forecast factors affecting budget revenue in the area, identify revenue reductions due to objective factors, clarify areas of revenue loss, identify potential revenue sources, and organize budget revenue management to ensure sustainability and a rational revenue structure, especially revenue from the production and business sector, and revenue from the non-state industrial, commercial, and service sectors.

In addition, it is necessary to actively promote digital transformation and combat tax evasion in real estate transfer and e-commerce activities. All resources should be focused on enabling organizations and individuals to complete the transition from paper invoices to electronic invoices.