|National Assembly adopts resolution on 2020 State budget allocation|
|Additional state budget given to Ministry of Agriculture and Rural Development|
|State budget revenue hits over VND340 trillion|
|Illustrative image (Photo: VNA)|
Nhandan reported that the domestic revenue reached VND351.6 trillion, fulfilling 27.8% of the year’s target. Revenue from crude oil hit VND17.3 trillion, equivalent to 49.1% of the year’s plan, while State budget collection from exports reached VND58 trillion, accounting for 27.9% of the year’s target.
Domestic revenues collected from State-owned enterprises reached VND29.3 trillion, 16.5% of the estimate, while budget collection from foreign-invested enterprises (excluding crude oil) reached VND48.9 trillion, fulfilling 21.4% of the 2020 target.
Revenue from non-state trade and services taxes reached VND63.2 trillion, equal to 27.6% of the yearly estimate, in addition to VND41.4 trillion collected from personal income tax, accounting for 32.2% of the year’s plan.
|Illustrative image (Photo: hanoimoi.com.vn)|
Total State budget expenditure in the first quarter of the year was estimated at VND408.5 trillion, 23.4% of the estimate. Of which, recurrent expenditure reached VND291.6 trillion, fulfilling 27.6% of the estimate.
In 2020, the MoF expected to fulfill the financial – state budget objectives for the 2016 – 2020 period based on fiscal discipline, in turn stabilizing macro-economic conditions and promoting production and business activities.
The MoF would continue to restructure state budget, in which a major part is used for salary reform and social welfare policies.
The ministry targets 2020 state budget revenue at VND1,500 trillion (US$64.75 billion), up 3.8% compared to the 2019 estimate, while the capital mobilization rate for state budget is estimated at 22.2% of GDP, with taxes and fees projected at 19.4% of GDP.
|The Ministry of Finance (MoF) published the 2020 state budget estimates for public comment (Photo:hanoitimes)|
Meanwhile, budget spending is projected to reach over US$1,700 trillion (US$73.38 billion), up 7% compared to the 2019 estimate. The MoF expected to focus on increasing the spending ratio for development investment and lowering regular spending; allocating sufficient funds for timely debt payment and ensuring national financial security.
The MoF expected the fiscal deficit in 2020 at VND234.8 trillion (US$10.13 billion), equivalent to 3.44% of GDP. By the end of 2020, Vietnam’s public debt is estimated to reach 54.3% of GDP, government debt at 48.5% and foreign debt at 45.5%.
Development and investment expenditure was at VND76.6 trillion,16.3% of the estimate, while those for interest payment reaching VND38.6 trillion, equal to 32.7% of the year’s plan.
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|State budget revenue hits over VND340 trillion |
(VNF) - Total state budget collection hit over VND340 trillion as of mid-May 2015, 37.4% of the year’s estimate