Vietnam has fallen short of over $3 billion in comparison with the initial projection due to the plunge in the price of crude oil, Minister of Industry and Trade Vu Huy Hoang said at a government online conference on December 28.
Vietnam’s exports had been projected to grow 10% this year on the assumption that the price of crude oil would stay above $100 a barrel. However, the price of the liquid has been on the fall since the beginning of the second quarter this year and hovers around $35-$36 a barrel currently.
“It is estimated that a shortfall of over $3 billion due to the oil crash has caused the export sector to miss its growth target of 10% in 2015,” Minister Hoang said.
He noted that the country fetched $1.4 billion in revenue by exploiting oil fields in Algeria, Russia and Peru.
According to preliminary data of the Ministry of Planning and Investment, the nation’s exports are estimated to expand 8.1% year-on-year to $162.44 billion this year while its imports have outpaced, rising 12% to $165.3 billion.
Vietnam raked in $3.48 billion from shipping abroad 8.35 million tons of crude oil in the 11 months through November, falling 49% year-on-year in value and 1.2% in volume, according to data of the General Department of Vietnam Customs.
The oil plunge has also prompted the Vietnamese government to increase budget collections from alternative sources.
The country’s state budget revenue was estimated at 884.8 trillion dong ($39.32 billion) as of December 15, meeting 97.1% of the year’s plan, according to the General Statistics Office.
On breaking down, inland revenues reached 657 trillion dong ($29.2 billion), exceeding the target by 2.9%. Revenues from crude oil totaled 62.4 trillion dong ($2.77 billion) and revenues from import-export activities amounted to 160 trillion dong ($7.11 billion).
Meanwhile, state budget expenditures totaled 1,064.5 trillion dong ($47.31 billion), leading to a budget deficit of 179.7 trillion dong ($8 billion).