Vietnam’s budget collection in the first 10 months of this year stood at 1.46 quadrillion VND (58.7 billion USD).

Domestic revenue rose 12.1% from the same period last year to 1.15 quadrillion VND. Notably, the collection from crude oil reached some 65.5 trillion VND, exceeding the estimate by 32.4% and up 95% year-on-year.

The ministry said the budget collection surpassed the estimate in the period as the country maintained its positive recovery and growth pace, with GDP in the first nine months expanding 8.89%, the highest since 2011.

Moreover, surging oil and gas prices have helped the country earn more from crude oil.

However, the ministry noted that domestic revenue is on a declining trend as the average in the first five months of this year was 130.8 trillion VND, which dropped to nearly 100 trillion VND from June, even only 71.2 trillion VND in September and some 70 trillion VND last month.

Meanwhile, the country’s total budget spending was about 1.2 quadrillion VND, equivalent to 68.3% of the estimate, and up 6% against the corresponding time last year.

For development spending, disbursement remained sluggish, fulfilling only 51.34% of the plan assigned by the Prime Minister, as compared with 55.8% recorded in the same period last year. The disbursement rate of foreign capital fell to only 20.14%./.