The Ministry of Finance (MoF) expects to keep this year’s State budget deficit at 3.7 percent of the GDP, below the 3.9 percent mandated by the National Assembly.
Tellers at the Bank for Foreign Trade of Vietnam’s Hanoi Office. (Photo: vietstock.vn)
Hanoi (VNA) - The Ministry of Finance (MoF) expects to keep thisyear’s State budget deficit at 3.7 percent of the GDP, below the 3.9 percentmandated by the National Assembly.
The deficit is expected to reach 204 trillion VND (9.08 billion USD).
A decision released recently estimates State budget revenues for the year at 1.31quadrillion VND (58.3 billion USD), including 1.09 quadrillion VND fromdomestic sources, 179 trillion VND in trade surplus, 35.9 trillion VND fromcrude oil sales, as well as 5 trillion VND in international aid.
Total State budget expenditure for the year is estimated at 1.52 quadrillionVND, including 940 trillion VND in regular spending, 399.7 trillion VND indevelopment investment, 112.5 trillion VND in interest payments, 35.76 trillionVND on civil servants’ payroll, 1.3trillion VND in aid disbursement, and 100billion VND in additional financial reserve funds.
From July 1, 2018, base salaries will go up from 1.3 million VND (58 USD) permonth to 1.39 million VND per month, and pensions, social insurance allowancesand monthly allowances will be adjusted accordingly.
Provinces and centrally-run cities will continue using lottery receipts forinvestment in development projects. They will allocate at least 10 percent oftheir revenue to supplement the building of “new rural areas,” orientingtowards climate change adaptation.
The decision says in the 2018-2020 period, the MoF will continue managing collectedvalue added tax, special consumption tax, and environmental protection tax ondomestic and imported petrol and oil products. It will also regulate revenuesrelated to the granting of water resource exploitation rights, and act to keeppublic debt, Government debt and foreign debt within prescribed limits.
The Prime Minister has assigned the 2018 State budget estimates to ministriesand ministerial-level agencies at central and local levels to ensure that theyare met while balancing charges and fee collections, as well as meetingexpenses for national target programmes.-VNA
State budget revenues falling short of the half-way mark in the first six months of the year is a normal feature of the domestic economy and does not preclude meeting the annual target.
State budget collection in January-September increased 13.9 percent year on year to reach 843 trillion VND (37.1 billion USD), equal to 69.5 percent of the estimate, according to the Ministry of Finance (MoF).
The function of finance has developed remarkably in recent times to meet the constant changes brought about by technological evolution, heard a seminar in Ho Chi Minh on November 22.
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Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Tellers at the Bank for Foreign Trade of Vietnam’s Hanoi Office. (Photo: vietstock.vn) 
