Latest News about state budget
The Ministry of Finance (MoF) is concerned the COVID-19 pandemic would continue to affect State budget revenue in the coming months.
The registration fees collected for the state budget increased from VND11,816 billion in 2012 to VND40,194 billion in 2019, up by 240% or VND28,378 billion.
The Prime Minister has decided to allocate over 1.55 trillion VND (nearly 67.5 million USD) from the State budget this year to the Ministry of National Defence to combat COVID-19.
According to the public investment plan in the period 2021-2025, the total state budget capital allocated for this period is VND2.87 quadrillion, not VND2,750 trillion as being reported to the 10th session of the 14th National Assembly.
Vietnam posted a State budget surplus in the first half of 2021 as revenue outpaced spending despite Covid-19 raging in many parts of the nation, according to the Ministry of Finance.
The Government plans to borrow over VND1.7 quadrillion ($73.2 billion) in 2021-2023 to meet the capital demand for socio-economic development, according to the public debt management plan for the next three years approved last week.
As many as 117 State agencies, including 34 ministries, 63 provinces and cities, and 20 state-owned corporations saved more than VND84,635 billion, including VND50,628 billion for the state budget last year.
Vietnam has been making efforts in recent years to consolidate its fiscal situation to help create a wealthy financial system and a healthy macro economy.
Macroeconomic stability and low inflation are the results of persistent management efforts in recent years that aim to make people and businesses feel secure when making investments.
According to Minister of Finance Dinh Tien Dung’s latest report delivered recently at the National Assembly (NA), Vietnam achieved most of its financial goals in the last four years, including for 2020.
More than VND1.48 quadrillion (US$64.2 billion) was collected for the State budget in 2020, equivalent to 98 per cent of the target, according to the Ministry of Finance.
State budget revenue has reached over VND1.3 quadrillion ($59.5 billion) so far this year, representing 91.14 percent of the annual estimate, according to the Deputy General Director of the State Treasury, Nguyen Quang Vinh.
The Ministry of Finance has announced the State budget estimates for 2021, which target over VND1.34 quadrillion ($58.2 billion) in State budget revenue.
With an expected economic growth rate of 2-3 per cent this year, the National Assembly has decided on a rise in budget deficit in order to ensure state budget spending, amid enterprise revenues being hit by the health crisis.
As the holder of the keys of the national treasury, Finance Minister Dinh Tien Dung is facing great pressure.
The Ministry of Planning and Investment (MPI) is planning to name a list of eight border economic zones on priority for investment in 2021-2025, or one zone lower than the 2016-2020 period.
The COVID-19 pandemic will continue to weigh on socio-economic development and State budget in 2021 and the years that follow, Minister of Finance Dinh Tien Dung said.
The public debt to GDP ratio has been controlled well and has decreased in recent years. But the public debt repayment to budget revenue ratio has steadily increased because of many due debts.