Vietnam state budget revenue forecast to increase by 7% in 2019

03:37' PM - Wednesday, 12/09/2018

This would result in a state budget deficit of VND222 trillion (US$9.53 billion), or 3.6% of GDP, VnEconomy reported.

Vietnam's state budget revenue is projected to increase by 7% year-on-year to VND1,411 trillion (US$60.57 billion) in 2019, according to a report by the Ministry of Planning and Investment (MPI).

Meanwhile, Vietnam is expected to spend VND1,633 trillion (US$70.10 billion), up 7.2% year-on-year, resulting in a budget deficit of VND222 trillion (US$9.53 billion), or 3.6% of GDP.

In the first eight months of 2018, Vietnam collected VND871.8 trillion (US$37.43 trillion), while the MPI expected the figure to go up to VND1,358 trillion (US$58.31 billion) in 2018, up VND39.2 trillion (US$1.68 billion) compared to the year's estimate and up 5.5% year-on-year.

Vietnam's state budget expenditures in the January - August period reached VND873.5 trillion (US$37.51 billion) and is expected to hit VND1,562 trillion (US$67.08 billion) for the whole year of 2018, up 6.9% against the same period of last year.

This resulted in a state budget deficit of VND204 trillion (US$8.76 billion) for 2018, equivalent to 3.67% of GDP, meeting the target of 3.7% set by the National Assembly.

The structure of state budget expenditures is set to improved, of which, expenditure for development investment in 2018 would reach 26.8% of the total expenditure, higher than the 25% of 2017. Moreover, regular spending continues to decline, standing at 61% of the total in 2018, lower than the rate of 62% recorded in 2017.

The Ministry of Finance (MoF) previously announced the estimate of the state budget in 2018. Under the estimate, Vietnam's state budget revenue in 2018 is VND1,319 trillion (US$56.62 billion). Of the total, collections from domestic taxes and fees in the period stood at VND1,099 trillion (US$47.18 billion).

Revenue from trade is estimated at VND179 trillion (US$7.68 billion), and that from crude oil exports totals VND35.9 trillion (US$1.54 billion).

Moreover, state budget expenditures amount to VND1,523 trillion (US$65.39 billion), of which, expenditure for development investment reaches VND399.7 trillion (US$17.16 billion), interest payment VND112.51 trillion (US$4.83 billion), regular spending VND940.74 trillion (US$40.38 billion). This would lead to a budget deficit of VND204 trillion (US$8.76 billion) in 2018, or 3.7% of GDP. - Hanoitimes -

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