Nov 29, 2012

Vietnam - Budget deficit estimated at nearly VND154 billion

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VietNamNet Bridge – By November 15, the State budget deficit was estimated at VND153.8 trillion, exceeding the yearly plan of about VND13.6 trillion, more than 9.7% over the overspending plan for 2012 that was approved by the National Assembly (VND140.2 trillion).

Figures from the General Statistics Office said that total budget revenues from the beginning of the year to November 15 is estimated at VND593.4 trillion, equivalent to 80.1% of the yearly estimate.

In particular, domestic revenue and revenue from export and import activities reached around 70% of the yearly estimate, while revenue from crude oil reached 14.3% estimate.

Currently, the main ingredient in domestic revenues, excluding revenues from personal income tax and environmental tax, most of them do not reach 80% of the yearly estimate. Revenue from the State economic sector accounted for the largest proportion, with VND123.9 trillion, equivalent to 79.8% of the yearly estimate; revenue from foreign-invested enterprises (excluding crude oil) VND71, 8 trillion, equal to 73.4%.

Meanwhile, the total state budget expenditures from the beginning of the year to November 15 is estimated at VND747.2 trillion, equivalent to 82.7% of the yearly estimate.

According to the Resolution on the State budget estimate 2013 of the National Assembly, the total budget revenue is VND816 trillion and the total budget spending is VND978 trillion. State budget deficit for 2013 is VND162 trillion.

Mr. Phung Quoc Hien, chair of the National Assembly’s Finance Committee, said that the budget revenue estimate 2013 was built on the basis of the forecast that inflation would be controlled, economic growth is expected at a higher level than 2012, and the revenue is estimated at a positive level.

$1 = VND21,000

Compiled by S. Tung

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