State budget revenue to meet five-year target: MoF
Collection of the State budget between 2016 and 2020 is expected to meet the target of 6.8 quadrillion VND (nearly 293 billion USD), the Ministry of Finance (MoF) reported on October 21.
Staff at the customs sub-department of the Huu Nghi International Border Gate in Lang Son province handle export-import procedures (Photo: VNA)
Hanoi (VNA) – Collection of the State budgetbetween 2016 and 2020 is expected to meet the target of 6.8 quadrillion VND(nearly 293 billion USD), the Ministry of Finance (MoF) reported on October 21.
Noting a positive shift in the structure ofbudget revenue and expenditure, the ministry said the percentage of revenuefrom domestic sources has increased from 68 percent in the 2011 – 2015 periodto 80.5 percent in 2016 – 2018, and 82 percent in 2019. The rate is forecast toreach 83.6 percent in 2020.
Meanwhile, collection from crude oil and import-exportactivities has fallen from 30 percent in 2011 – 2015 to 19 percent in 2016 –2018, and 17.7 percent this year. It is forecast to decline further to 16.1percent in 2020.
Regarding expenditure, the percentage ofestimated budget spending on investment for development has been growing, andis expected to reach 27 – 28 percent between 2016 and 2020, higher than thetargeted 25 – 26 percent. State budget spending on development investment isestimated at 2.15 quadrillion VND during the period, 2 quadrillion VND higherthan planned.
The proportion of regular spending has decreasedgradually, from 61.8 percent in 2018 to 61.2 percent in 2019, and hopefully60.5 percent in 2020, while the target is under 64 percent.
Budget overspending estimates have also beenfalling, expected to account for 3.44 percent of GDP in 2020. The rate islikely to stay around 3.6 – 3.7 percent in the 2016 – 2020 period, according tothe MoF.
The ministry also highlighted some improvementsin public and government debt-related statistics, forecasting that by the endof 2020, public debt will account for around 54.3 percent of GDP, withGovernment debt at 48.5 percent.
Besides, the country’s foreign debt is predictedto rise from 44.8 percent in 2016 to 45.5 percent of the GDP in 2020, comparedto the cap of 50 percent, mostly due to growth in outstanding foreign loansborrowed and repaid by businesses, data showed./.
About 745.4 trillion VND (32 billion USD) was collected for the State budget in the first half of 2019, equivalent to 52.8 percent of the year’s target and up 13.2 percent year on year, according to the Ministry of Finance (MoF).
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Staff at the customs sub-department of the Huu Nghi International Border Gate in Lang Son province handle export-import procedures (Photo: VNA) 
