The Government will keep State budget overspending not to exceed 3.5 percent of GDP and less than 178 trillion VND (7.8 billion USD) as set by the National Assembly (NA), said Finance Minister Dinh Tien Dung.

Finance Minister Dinh Tien Dung

At the fourth sitting of the 14th NA on November 1, he said budget overspending has been curbed for the first time over the past decade, adding that the Government plans to adjust its proposal of budget overspending of 3.7 percent of GDP in 2018 to 3.6 percent and at 3.4 percent in 2020. 

The move is hoped to maintain public debt ratio at 63.9 percent of GDP, which is within the legislature’s limit, he said.

Dung said domestic budget collection has expanded by 83.3 percent and the number is projected to climb to 85 percent in 2020. 

The Government is calling on ministries, agencies and localities to practice thrift, the minister stressed. 

Dung reported that as of September 30, 2017, tax debts totaled 73.9 trillion VND (3.25 billion USD), of which more than 27.6 trillion VND (1.2 billion USD) or 37.4 percent of the amount was recoverable.

VNN