HCMC – Vietnam’s 2024 budget revenue is expected to exceed the Government’s target by over 10%, according to the Ministry of Finance.
In a report to the National Assembly, the ministry estimated total budget revenue for the year would amount to VND1.87 quadrillion, 10.1% higher than the initial target and 6.8% above the 2023 level. Budget revenue in the first nine months of 2024 totaled VND1.45 quadrillion, meeting 85.1% of the annual goal and marking a 17.9% year-on-year increase.
The central Government’s budget revenue is anticipated to surpass projections by VND100-110 trillion, while revenues in provinces is expected to exceed targets by VND60-70 trillion.
The ministry put 2024 expenditures at VND2.28 quadrillion, a 7.7% increase from the initial projection, with a budget deficit estimated at VND389.4 trillion, or about 3.4% of GDP. This deficit is projected to be VND10 trillion lower than originally estimated.
Public debt is expected to stay within the limits set by the National Assembly, with Government debt projected at 33-34% of GDP and external debt at 32-33%. The Government’s direct debt repayment obligations are forecast to account for 21-22% of total revenue.
In the coming months, the Ministry of Finance will continue implementing fiscal and monetary policies to support businesses and individuals, control inflation, and maintain economic stability.
The ministry also plans to prioritize resources for wage reform, social welfare policies, poverty reduction, and accelerating public investment, particularly for key national projects.
