2020 State budget revenue set to be 3 pct higher than estimate
The Ministry of Finance aims for State budget revenue in 2020 to be 3 percent higher than the estimate set by the National Assembly, said Minister Dinh Tien Dung on January 10.
Minister of Finance Dinh Tien Dung speaks at the January 10 conference held in Hanoi to review the State budget and finance last year. (Photo: VNA)
Hanoi (VNA) – The Ministry of Finance aims for State budget revenue in 2020 to be3 percent higher than the estimateset by the National Assembly, said Minister Dinh Tien Dung on January 10.
The ministry will strive to maintain the Statebudget overspending at around 3.44 percent of GDP, public debts no more than54.3 percent of GDP, government debts less than 48.5 percent of GDP and external debts no morethan 45.5 percent of GDP by the end of this year, Dung told a conference heldin Hanoi to review the State budget and finance last year and launchtasks for this year. The event wasattended by Prime Minister Nguyen Xuan Phuc.
The Statebudget revenue approximated 1.55quadrillion VND (over 66.9 billion USD) in 2019, 9.79 percent higher than the yearly plan and 8.7 percent higher than a yearearlier, he said.
Of the amount,domestic revenue grew 8.5 percent to 100.2 trillion VND while revenue from oil production and exportshit 11.7 trillion VND, a surge of 26.1 percent year on year. Collection fromimports and exports exceeded 25.3 trillion VND, up 13.4 percent, he noted.
Central budgetcollection reached over 32 trillion VND, 4 percent higher than the estimate, while local budget collection totalled more than 106.2 trillion VND,17.7 percent higher, he added.
He went on tosay that the State budget revenue’s structure has changed as the domesticcollection accounted for 82 percent of the total in 2019, compared to theaverage of 68 percent from 2011 – 2015, while collection from imports andexports fell to 3.6 percentthis year from the average of 13 percent during the five-year period.
This year’soverspending was about 3.4 percent of GDP, lower than the estimate of 3.7 percent. Public, Government andexternal debts were 55 percent, 48.5 percent and 45.8 percent of GDP, respectively – which were all under the limits set by the NA andGovernment, the minister said./.
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Minister of Finance Dinh Tien Dung speaks at the January 10 conference held in Hanoi to review the State budget and finance last year. (Photo: VNA)
