State budgetary expenditure equivalent to 3.44% of GDP in 2020

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

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

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

It included nearly VND 213.090 billion in central budget overrun and VND 3.320 billion in local budget overrun.

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 nearly 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 has undergone many reforms while expenditure has been conducted within the limits of collection capacity, according to the minister.

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