Budget revenue forecast 14.3% higher than plan this year
Budget revenue was forecast to be 14.3% higher than the plan this year but the structure lacked stability as the increase was mainly from land-related revenue.
Hanoi (VNS/VNA) - Budget revenue was forecast to be14.3% higher than the plan this year but the structure lacked stability as theincrease was mainly from land-related revenue.
According to the report presented by Minister of Finance Ho DucPhoc to the National Assembly at the meeting on October 20, budget revenue inthe first nine months of this year met 94% of the plan, of which, domesticrevenue was equivalent to 88.9% of the plan while the revenue from crude oiland import-export was 11.3% and 8.8% higher than the plan, respectively.
Regarding budget spending, Phoc said that spending in January – September wasestimated to meet 60.9% of the plan. The spending for investment anddevelopment was equivalent to 48.1%.
For the full year, budget spending was forecast to be 14.1% higher thanplanned.
The disbursement rate of public investment was expected at 96%.
Vietnam was expected to run a trade deficit of 4.5% of GDP this year, which waswithin the National Assembly’s allowed limit, Phoc said.
The Government would strive to increase budget revenue and enhance savings toreduce the level of overspending, he said.
Chairman of the National Assembly Finance and Budget Committee Nguyen Phu Cuongsaid that the structure of budget revenue still lacked stability as theincrease was mainly from land-related revenue.
Local budget revenues were also uneven among provinces and cities, togetherwith problems in the decentralization of revenue sources between the centraland local budgets, Cuong said.
The disbursement of capital for investment and development remained slow, headded.
Regarding budget revenue estimate for 2023, Cuong noted that the worldwas to continue facing increasing risks, uncertainties, difficulties, andchallenges.
The domestic economy was expected to continue the recovery track but inflation,increasing product costs, supply chain risks, weakening global demand,policy adjustments of major economies and major trade partners, as well asnatural disasters would create pressure on the implementation of budget revenueand expenditure targets.
The National Assembly's Finance and Budget Committee urged the Government todevelop the financial and budget plan for 2023-25 period with practicality andfeasibility./.
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Illustrative image (Photo: VNA) 
