Hanoi (VNA) – The State budget revenuein the first quarter totalled 403.7 trillion VND (about 17.5 billion USD),equivalent to 30.1 percent of this year’s target and up 0.3 percent from a yearearlier, the Ministry of Finance (MoF) said on March 29.

The MoF noted though after the Lunar New Yearholiday in mid-February, some localities suffered from the COVID-19 resurgenceand had to impose social distancing measures, production and business activitieshave basically returned to normal, creating a positive effect on State budgetcollection and spending in Q1.

The collections from domestic sources met 30percent of the year’s estimates, up 1.2 percent year on year, while that from crudeoil achieved 34.6 percent of the year’s plan but down almost 50 percent year onyear. Collections from export – import activities were equal to 30.8 percent ofthe annual target and up 9.7 percent from the same period last year.

Notably, the revenues from State-ownedenterprises picked up by 5 percent, foreign-invested businesses 8 percent, andthe non-State economic sector 22.4 percent on a yearly basis, respectivelyrepresenting 28.2 percent, 33.5 percent, and 35.2 percent of the targets,according to the MoF.

Up to 57 of the 63 provincial localities carriedout budget collection from domestic sources on schedule, achieving more than 25percent of the yearly targets for them. Forty of them recorded higher revenuecompared to the same period last year.

These results indicate positive and relativelyuniform recovery in the economy, as well as the effectiveness of the policieson fighting against COVID-19 and supporting businesses and people to cope withthe outbreak, the ministry said.

Meanwhile, State budget spending reached 341.9trillion VND in the first three months, equivalent to 20.3 percent of thisyear’s target and up 0.2 percent year on year, data show./.