Vietnam Gov’t Slows Fiscal Deficit Expansion

Tuan Minh

06:33 29/11/2016

BizLIVE - Vietnam recorded a fiscal deficit of $7.6 billion in the year to November 15, compared to $8.33 billion a month earlier.

Vietnam Gov’t Slows Fiscal Deficit Expansion

Vietnam posted a fiscal deficit of $7.6 billion in the year to Nov. 15. Photo: Internet

Vietnam’s budget overspending reached 171.9 trillion dong ($7.6 billion) in the year to November 15, down 8.76% from a month earlier, as the government strives to increase budget collections and prevent public debt from hitting the ceiling.
The country’s budget revenue was estimated at 852.8 trillion dong ($37.73 billion) in the ten-month-and-a-half period, fulfilling 84.1% of the whole-year plan, the General Statistics Office said in a report released Monday.
Of the amount, the taxman collected $1.52 billion from crude oil, $6.07 billion from foreign-invested companies, and $7.8 billion from state-owned enterprises.
Budget expenditures totaled $45.34 billion in the period, or 80.5% of the yearly target. Of the total, $7.4 billion was allocated to socio-economic development projects, $6 billion to debt repayments and $31.6 billion to the administrative apparatus.
According to a parliament-approved plan, the country will narrow the budget deficit to $8 billion, or 3.5% of gross domestic product (GDP) next year, compared to the respective $11.4 billion and 5% planned for 2016.
Vietnam’s public debt is forecast to touch the permitted limit of 65% of GDP this year after reaching 62.2% of GDP at end-2015.

TUAN MINH