State budgetary expenditure equivalent to 3.44% of GDP in 2020 | Business

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Finance Minister Ho Duc Phoc speaks during the 15th session of the NA on May 23 (Photo: VNA)

Hanoi (VNA) – The State budget excess spending in 2020 amounted to more than 216.4 trillion dong ($9.3 million), or 3.44 percent of GDP, according to the statistics.

It was VND 18.39 trillion and VND 151.89 trillion lower than the initial estimate and the authorized level set by the National Assemblyrespectively.

Ministry of Finance Ho Duc Phoc revealed the figures during the report on the 2020 state budget balance to the 15th National Assembly during the third session which opened on May 23.

It included nearly VND 213.09 trillion in central budget overruns and VND 3.32 trillion in local budget overspending.

Phoc added that more than VND 1.51 quadrillion was collected for the state budget in 2020, down 1.9 percent from the target. During this time, more than 1.7 quadrillion VND has been spent, which is 96.4% of the estimate.

From 2015 to 2020, the state budget revenue was almost VND 6.92 quadrillion, 0.8% above the target.

Nineteen localities registered collection at more than VND 15 trillion in 2020, 30 localities at more than VND 10 trillion and another 17 at less than VND 5 trillion, compared to the respective locality numbers of 13, 17 and 30 in 2016.

The allocation and use of the budget have undergone numerous reforms while spending has been conducted within the limits of collection capacities, according to the Minister./.

ANV

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