State budget revenue in 2016-2020 period estimated to reach set goal

Tuesday, 2019-10-22 10:42:19
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Total State budget revenue in five years from 2016 to 2020 is estimated to reach VND6,800 trillion (US$292.4 billion). (Illustrative image)
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NDO – Total State budget revenue for the five years from 2016 to 2020 is estimated to achieve the set target ofVND6,800 trillion (US$292.4 billion), the Ministry of Finance said on October 21.

According to the ministry, budget collection is expected to reach 24.4% of GDP, surpassing the target of 23.5%.

The budget collection and spending structure has also shifted in a positive direction with the increasing proportion of domestic collection and decreasing proportion of revenue from crude oil, the ministry said.

The State budget overspending is also estimated to gradually decline to reach 3.6-3.7% of GDP in the 2016-2020 period and is expected to be equivalent to 3.44% of GDP in 2020 alone.

In addition, indicators regarding public debt and Government debt have been improved compared to 2016. Public debt is estimated to reach 54.3% of GDP and Government debt is estimated to equal 48.5% of GDP by 2020.

Although the public debt to GDP ratio has tended to decrease, many risks still remain. If the disbursement of loans stays on schedule, public debt may increase by 1.7-1.8% of GDP, the Finance Ministry said.

The ministry also noted that the financial handling of a number of State-owned enterprises and the implementation of the Government's guarantee commitment to some important projects, such as NghiSon oil refinery and Vinashin, will create a significant impact on budget and public debt.