Vietnam state budget deficit estimated at VND126.6Tln in 2011

Vietnam state budget deficit is estimated to amount to VND126.6 trillion or 5.3% of the country’s gross domestic product (GDP) in 2011

Vietnam state budget deficit is estimated to amount to VND126.6 trillion or 5.3% of the country’s gross domestic product (GDP) in 2011, the online newspaper DVT reported on February 26,citing the Ministry of Finance.

In 2011, the state budget revenues is planned to amount VND595 trillion while the expenditures were VND725.6 trillion.

The biggest sources of the state budget revenue is expected to come from domestic taxes with VND382 trillion; import and export activities with VND138.7 trillion; crude oil with VND69.3 trillion and from grants with VND5 trillion.

In the opposite side, the Southeast Asian country plans to spend VND725.6 trillion this year including VND152 trillion for investments for development projects; VND442.5 trillion for defense and security and socioeconomic activities and the rest for loans payment.

However, on 25 February, the Vietnamese government required to tighten fiscal policy by cutting 10% state budget spending and reducing state budget deficit to below 5% of the country’s gross domestic product (GDP) amid efforts to tame the country’s inflation as its consumer price index surged by 3.87% from beginning of this year.

Vietnam’s state budget deficit is estimated to account for 4% of the plan for the year by mid-Jan, the General Statistics Office of Vietnam(GSO) said.

Last year, Vietnam state budget deficit fell to 5.8% of the value of the country’s gross domestic production in 2010 from the earlier target of 6.2%, the Ministry of the Planning and Investment reported at the government on October 2. – Stoxplus.com

Tags: Vietnam state budget deficit 2011

Posted by VBN on Feb 28 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