Update news state budget
The State budget may face a shortfall of some VND42.3 trillion (US$1.8 billion) this year due to the ongoing spread of the novel coronavirus, or Covid-19, according to the Ministry of Planning and Investment.
Inefficient State-owned enterprises must be handled this year, Prime Minister Nguyen Xuan Phuc has said.
Fitch Solutions maintain 2019 fiscal deficit forecast at 6.6%, but are revising up our 2020 and 2021 fiscal deficit forecasts for Vietnam to 7.0% and 7.2%, respectively, from 6.6% previously.
The total collection for the state budget may exceed VND46 trillion may not be good news, because the sources of revenue are uncertain and the collection from enterprises has decreased.
VietNamNet Bridge - Regular expenses are too high and many expenditure items are unnecessary: these are comments regularly seen in reports about the state budget.
National Assembly deputies have agreed that Vietnam needs to increase expenses on environmental protection after the Ministry of Natural Resources and the Environment (MONRE) reported that spending in 2017 can satisfy only 55 percent of the demand.
Truong Ba Tuan, deputy director general of the Institute for Strategic and Financial Policies under the Ministry of Finance, speaks to Vietnam News Agency on the MoF’s proposal to restructure the national budget.
While the Ministry of Finance (MOF) is seeking approval for tax hikes to increase the state budget revenue, economists point out that only reasonable government spending will help ease the budget deficit.
One of the controversial points in the draft plan on restructuring the national economy in the 2016-2020 period drafted by the Ministry of Planning and Investment is the use of the state’s money to settle commercial banks’ bad debts.
The Vietnam National Oil and Gas Group (PVN) earned VND253 trillion (US$11.3 billion) in revenue and paid VND50.7 trillion to the State budget in the first seven months of this year.
As the crude oil price keeps falling, state budget revenue has decreased. However, despite the bad news, Vietnam still has to continue exploiting oil and consider opening the Red River coal basin.
VietNamNet Bridge - Government officials say it’s the right time to seriously think about putting aside revenue from oil for descendants.
VietNamNet Bridge – Bui Quang Vinh, Minister of Planning and Investment, spoke to the newspaper Tien Phong (Vanguard) about money disbursement in the central and local budgets.
VietNamNet Bridge - Two years have elapsed since Nguyen Ha Dong roused the world gamer community with his Flappy Bird. But the name Nguyen Ha Dong has always been hot.