Vietnam Legislators Okay Budget Deficit at 3.7% Next Year

Tuan Minh

14:49 14/11/2017

BizLIVE - The fiscal deficit ratio is larger than 3.5% set for 2017.

Vietnam Legislators Okay Budget Deficit at 3.7% Next Year

Vietnam's state overspending is set at $9 billion next year.

Vietnam’s National Assembly deputies have approved a solution capping the country’s budget overspending at 204 trillion dong (nearly $9 billion) next year, equivalent to 3.7% of GDP.
According to the resolution, state budget collection for 2018 is set at 1,319 trillion dong ($58.1 billion) while state budget expenses are estimated at 1,523 trillion dong ($67.1 billion).
In addition, the government is allowed to borrow 363.28 trillion dong ($16 billion), with an aim to offset the fiscal deficit and roll over debts.
Minister of Finance Dinh Tien Dung said in October that the country could post a fiscal deficit of 3.42% of GDP this year below the parliament’s mandated target of 3.5%.
This is the lowest fiscal deficit ratio seen over the past decade, helping to reining soaring public debt, a senior legislator said.
The parliament also agreed to increase the basis salary by 6.9% to 1.39 million dong starting next July. The basis salary is used to calculate salary for state employees.

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