Vietnam Spends $934 Million on Debt Repayments in January

Tuan Minh

10:35 30/01/2016

BizLIVE - Vietnam repaid $934 million worth of debts in January.

Vietnam Spends $934 Million on Debt Repayments in January

Vietnam spent $934 million to liquidate debts in January. (Photo: Bloomberg)

Vietnam spent 20.92 trillion dong ($934 million) to repay debts and aids in the first month of 2016, or 19.4% of total state budget expenditures, the Ministry of Finance has said.
The country’s budget expenditures totaled 107.86 trillion dong ($4.81 billion) in January, meeting 8.5% of the year’s plan. Of the amount, 63.6% was disbursed for regular spending.
Meanwhile, the government collected 102.6 trillion dong ($4.58 billion) for state coffers in the month, down 5% from a year earlier, owing to decreases in collections from import-export activities and crude oil.
Revenue from crude oil plunged 65.7% year-on-year to 3.2 trillion dong ($142.86 million) as oil prices hovered around $30 a barrel. Collections from customs services dropped 41.1% year-on-year to 6.3 trillion dong ($281.25 million).
Collections from taxes and fees increased 5.8% year-on-year to 93 trillion dong ($4.13 billion), fulfilling 11.8% of the year’s target, thanks to increases in collection from non-state and foreign sectors, and personal income tax.
Accordingly, Vietnam had a fiscal deficit of 5.26 trillion dong ($234.8 million) in January.
The State Treasury of Vietnam plans to issue 220 trillion dong ($9.82 billion) worth of government bonds this year, following an issuance volume of 249.7 trillion dong ($11.1 billion) in 2015.