Vietnam Debt Payments Swell 4.7% to $1.3 Billion in Jan-Feb despite Oil Revenue Slump

Tuan Minh

14:02 04/03/2016

BizLIVE - Vietnam paid nearly $1.3 billion worth of debts and aids in the first two months of this year while revenue from crude oil plunged 57% year-on-year in the period.

Vietnam Debt Payments Swell 4.7% to $1.3 Billion in Jan-Feb despite Oil Revenue Slump

Vietnam had a fiscal deficit of $1.14 billion in the first two months of 2016. (Photo: www.awsp.org)

The Vietnamese government spent 28.85 trillion dong ($1.29 billion) on repaying debts and aids between January and February, increasing 4.7% from a year earlier, the Ministry of Finance said on its website.
The country’s budget expenditures totaled 185.59 trillion dong ($8.28 billion) in the two-month period. Of the amount, 31.6 trillion dong ($1.41 billion was spent on investment projects, up 5.8%, and 125.1 trillion dong ($5.58 billion) to keep the administrative apparatus running.
The ministry added that state budget revenue amounted to 160.1 trillion dong ($7.15 billion) in the period, rising 2.4% year-on-year. The increase was attributable to a rise of 12.8% in collections of taxes and fees to 139.98 trillion dong ($6.25 billion).
Revenue from crude oil sank 56.9% year-on-year to 5.77 trillion dong ($257.6 million). In February, WTI oil prices averaged $29.79 a barrel, down 6% from a month earlier.
The ministry estimated the national fiscal deficit at 25.47 trillion dong ($1.14 billion) in the period, equivalent to 10% of the year’s plan.
In a recent report, Fitch Ratings said that Vietnam and Malaysia were among Asian countries that bear the major brunt of the ongoing oil plunge.
Vietnam is the only country to experience deterioration in its net oil bill, which rose by about 1% of gross domestic product on account of significant export declines, according to the report.

TUAN MINH

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