State budget spending may exceed estimate by 9.7pct in 2011

In the context that Vietnamese government targets to save 10% of regular expenditures, the total state budget expenditures may exceed the estimate by 9.7% in 2011, the National Financial Committee reported on Friday.
As reported, this year, the country’s domestic collection is forecast to exceed the estimate by 11.3%, up 19.9% against the actualized figure in 2010.

Meanwhile, the possibility of trade deficit in 2011 may be higher than the government’s estimate at 10.5% as import demand of raw materials, business and production equipments and consumer often increases strongly in Q4.

Revenues from crude oil should also be monitored and timely grasped the situation. The committee also agreed with the government’s estimate on collection from crude oil this year at some 100 trillion dong, exceeding 44.3% of the year’s estimate.

The committee also said that the total state budget expenditures in 2011 would exceed by 9.7% of the estimate (equalling to about 70.4 trillion dong). This is considered a huge increase in the current context.

As of September 22, 2011, some 123 trillion dong capital from the state budget had been distributed for over 20,000 projects.

The committee also agreed with the government’s estimate on state budget deficit at 4.9% of GDP (gross domestic product) in 2011, equalling to 111.5 trillion dong.

For 2012, the committee agreed with the state budget expenditures at 180 trillion dong, up 18.4% of the estimate and equalling to 19.9% of the total budget spending on investment and development.

Tags: Vietnam State budget spending

Posted by VBN on Oct 23 2011. Filed under Economy News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry