This year witnesses higher import-export tax collection than estimates tasked by Prime Minister, contributing to bright performing prospects of the province’s state budget revenues (Photo taken at Hai Hien Bamboo and Wood joint-stock company – Hoa Binh City).

In 2021, the People’s Council resolution set state budget collection target in the province at 5.070 billion VND, an increase by 711,6 billion VND from estimates allocated by the Prime Minister (PM), including domestic revenues of 4.820 billion VND, import-export tax revenues of 250 billion VND. The set target is by all means a hard task given the complex COVID-19 pandemic creating widespread disruptions. The revenue collection was also impacted by the implementation of Decree No. 52/2021/ND-CP on tax payment and land rental deferrals. Moreover, the water levels of Hoa Binh Reservoir plummeted, leading to drastic drops in power generation, meaning massive decreases in budget revenues.

Early grasp of challenges as well as clarity in determining state budget collection as the core political tasks steered the provincial Party and People’s Committees to promulgate Resolution No. 02-NQ/TU on May 31 2021 to set guidelines for the revenues creation and collection during 2021-2025 period. Departments, sectors, localities are directed to collaborate closely with tax authorities in state budget collection.

By the end of November, import-export tax revenue alone reached over 380 billion VND, 190% of assigned estimates by the PM. Domestic revenues reached 3.570,8 billion, or 86% of estimates by the Government. Compared to targets set by the provincial authorities, 11 out of 17 categories of revenues boasted higher than average collection rates, some impressive increases.