Hanoi (VNA) - More than 1.48 quadrillion VND (64.2 billionUSD) was collected for the State budget in 2020, equivalent to 98 percent ofthe target, according to the Ministry of Finance.

At a December 31 teleconference reviewing 2020 State budget collectionand spending, Minister of Finance Dinh Tien Dung said the implementation offinancial and budgetary tasks resulted in “positive and comprehensive”outcomes.

He noted that, during the year, taxation authorities extended paymentdeadlines and exempted or reduced land rentals, charges, and fees worth about128 trillion VND to support businesses and people in overcoming COVID-19.

The taxation and customs agencies and State Treasury have pressed onwith reforming administrative procedures, re-organising their apparatus, andmodernising management activities to create the best possible conditions andminimise time and cost for businesses.

The financial sector has also increased inspection and examinationefforts, through which financial settlements of 76 trillion VND have beenproposed, over 22 trillion VND of which may be sent to the State budget.

Dung described these figures as “positive” amid annual economic growthof 2.91 percent - much lower than the targeted 6.8 percent - and a number offiscal solutions carried out to tackle obstacles to production and businessactivities.

In terms of budget spending, he went on, despite a decline in budgetrevenue and difficulties in balancing the budget at all levels, thanks to itsproactiveness and optimisation of budget spending management, the financialsector still managed to ensure resources for combating COVID-19, assistingpeople to weather the pandemic’s impacts, addressing the consequences ofnatural disasters, and fulfilling important political tasks.

As of December 30, the State budget had spent some 18.1 trillion VND onfighting the pandemic and supporting nearly 13 million people. The sector hadalso proposed 36,600 tonnes of rice from the national reserves be supplied to poorand disaster-hit people.

Another bright spot is the much-improved progress in disbursingdevelopment investment, at nearly 83 percent of the year’s target.

Meanwhile, budget overspending and public debt were strictly controlledwithin the permissible levels set by the National Assembly, standing at equivalentto about 4.2 percent and 55.9 percent of GDP, respectively.

The minister attributed these outcomes to the political system’ssolidarity and efforts and considered them important prerequisites for thesector’s performance in 2021./.