State budget revenue hit VND44,741 billion (roughly US$2.8 billion) in the first quarter of this year, a year-on-year increase of 14 percent, according to the General Taxation Department.
Contributions from the State-owned sector increased 16.5 percent, while the commercial and industrial sector's contribution was up 25.9 percent and the non-State service sector, 22.1 percent.
According to financial experts, the low increase in budget revenue was due to high prices of materials for production enterprises, resulting in lower tax collection from these enterprises. In addition, collection of land tax was also limited as the real estate market was at a standstill.
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