11:16 (GMT +7) - Sunday 11/12/2016

Vietnam Today

Budget deficit down on estimate

Released at: 12:25, 01/12/2015

Budget deficit down on estimate

Expenditure comes in at less than expected.

by Mai Khanhh - Tue Lam

The State budget deficit may be less than the figure reported to the National Assembly, with overspending in November of VND18.6 trillion ($818.4 million), bringing the deficit in the first eleven months to approximately VND155.6 trillion ($6.84 billion), or just 68.8 per cent of the previous estimate.

The figures were contained in a report from the Ministry of Finance on the State budget for November and the first eleven months of the year.

Domestic revenues

State budget revenues in November were estimated at VND78.7 trillion ($3.46 billion), for an eleven-month figure of VND860.1 trillion ($37.8 billion), equal to 94.4 per cent of the estimate and an 8.3 per cent increase compared with the same period of 2014.

Domestic revenues for November were estimated at VND57.8 trillion ($2.54 billion), down VND20.8 trillion ($915.2 million) compared to October, with an eleven-month figure of VND642.7 trillion ($28.2 billion), or 100.6 per cent of the estimate.

Exports have contributed significantly to total State budget revenue since the beginning of the year. Revenue from exports in November stood at VND16.5 trillion ($726 million) and at VND152.3 trillion ($6.7 billion) for the first eleven months of the year, or 87 per cent of the estimate.

MoF said that both exports and imports in the first eleven months maintained their growth momentum, with total turnover increasing 11 per cent year-on-year.

Revenue from crude oil continued to decline in November, reaching only VND4.2 trillion ($184.8 million), for VND60.57 trillion ($2.66 billion) in the first eleven months, or 65.1 per cent of the estimate.

With such figures, budget revenues for the year as a whole are expected to exceed targets reported to the NA previously.

Debt and aid costs increase

State budget expenditure in November was estimated at VND97.3 trillion ($4.28 billion), bringing the total to VND1,015.7 trillion ($44.6 billion) in the first eleven months; 88.5 per cent of the estimate and up 7.4 per cent year-on-year.

Investment expenditure in November was VND14 trillion ($616 million), for an eleven-month total of VND151.9 trillion ($6.68 billion); 77.9 per cent of the estimate and 7.5 per cent higher year-on-year.

Government bonds issued in the first eleven months were estimated at 62.8 per cent of the plan and lower than in the same period of last year. Costs on debts and aid in November was estimated at VND15.1 trillion ($664.4 million), for VND142.4 trillion ($5.47 billion) over the first eleven months; 95 per cent of the estimate and an increase of 10.9 per cent over the same period of 2014.

State expenditures ensured the funding of urgent tasks in national defense and security and disaster mitigation.

  • TAGS
  • state budget
  • MoF
  • revenue. expenditure

User comment (0)

Send comment