Vietnam Fiscal Deficit Swells to $2 Billion Year to March 15

Tuan Minh

11:52 26/03/2016

BizLIVE - Vietnam’s state budget deficit widened to 45.3 trillion dong ($2.02 billion) in the year to March 15.

Vietnam Fiscal Deficit Swells to $2 Billion Year to March 15

Vietnam's fiscal deficit reached $2 billion in the year to March 15. (Photo: www.bq-magazine.com)

Vietnam’s state budget overspending increased to 45.3 trillion dong ($2.02 billion) in the year to March 15, compared to a fiscal deficit of $1.14 million between January and February, according to data of the General Statistics Office (GSO) released on March 25.
In the two-month-and-a-half period, Vietnam’s budget spending reached 227.7 trillion dong ($10.16 billion), accounting for 17.9% of the year’s plan.
Of the amount, regular expenditures, which are used to keep the administrative apparatus running, totaled $6.95 billion. The government spent $1.79 billion on development projects and another $1.42 billion on debt repayments.
State budget revenues, meanwhile, were estimated at 182.4 trillion dong ($8.14 billion), or 18% of the year’s target. Collections from taxes and fees amounted to $6.79 billion and crude oil revenue was $321.4 million.
Vietnam targets to curb the fiscal deficit at 254 trillion dong ($11.34 billion) this year, or 4.95% of GDP.

TUAN MINH

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