The Ministry of Finance aims for State budget revenue in 2020 to be 3 percent higher than the estimate set by the National Assembly, said Minister Dinh Tien Dung on January 10.

Minister of Finance Dinh Tien Dung speaks at the January 10 conference
held in Hanoi to review the State budget and finance last year. (Photo: VNA)

The ministry will strive to maintain the State budget overspending at around 3.44 percent of GDP, public debts no more than 54.3 percent of GDP, government debts less than 48.5 percent of GDP and external debts no more than 45.5 percent of GDP by the end of this year, Dung told a conference held in Hanoi to review the State budget and finance last year and launch tasks for this year. The event was attended by Prime Minister Nguyen Xuan Phuc.

The State budget revenue approximated 1.55 quadrillion VND (over 66.9 billion USD) in 2019, 9.79 percent higher than the yearly plan and 8.7 percent higher than a year earlier, he said.

Of the amount, domestic revenue grew 8.5 percent to 100.2 trillion VND while revenue from oil production and exports hit 11.7 trillion VND, a surge of 26.1 percent year on year. Collection from imports and exports exceeded 25.3 trillion VND, up 13.4 percent, he noted.

Central budget collection reached over 32 trillion VND, 4 percent higher than the estimate, while local budget collection totalled more than 106.2 trillion VND, 17.7 percent higher, he added.

He went on to say that the State budget revenue’s structure has changed as the domestic collection accounted for 82 percent of the total in 2019, compared to the average of 68 percent from 2011 – 2015, while collection from imports and exports fell to 3.6 percent this year from the average of 13 percent during the five-year period.

This year’s overspending was about 3.4 percent of GDP, lower than the estimate of 3.7 percent. Public, Government and external debts were 55 percent, 48.5 percent and 45.8 percent of GDP, respectively – which were all under the limits set by the NA and Government, the minister said.