Vietnam runs VND22.3tln budget deficit as of May 15: gso

Vietnam’s state budget deficit is estimated to amount to VND22.3 trillion as of May 15 this year, equal to 18.5% of the year estimate (VND120.6 trillion), the state-run online newspaper VnEconomy quoted General Statistics Office (GSO)’s data.

The state budget revenues were estimated at VND248 trillion as of mid May, meeting 41.7% of year target while the expenditures were VND270.3 trillion, or 37.3% of year estimate.

Domestic revenues and crude oil were VND160.4 trillion and VND36.3 trillion, equal to 42% and 52.2%, of the year plans, while revenues from export-import were equivalent to 35.6% of year estimates.

Although state revenue from crude oil benefits from rising oil prices, and its proportion of year target was higher on year, it only contributed 14.6% of total state revenues which’s lower compared to last year’ ratio, the state media reported.

While export and import turnover rose by 33% and 30%, respectively in Jan-May, state revenues from export was only VND49.4 trillion, equal to 35.6% of year estimates which’s unparalleled to export-import turnover, it added.

The Southeast Asian country spent VND61 trillion for investments for development projects, equal to 40.2% of the year’s estimate in which expenditures for base construction were VND58.3 trillion, or 40.1% of year plan, which’s higher than year-on-year figures despite Government’s tightening monetary policies. – Stoxplus.com

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on May 31 2011. Filed under Banking-Finance, 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