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State budget revenue meets 98% of target

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HCMC – The total State budget revenue was more than VND1,500 trillion this year, meeting 98% of the target, said Minister of Finance Dinh Tien Dung at a teleconference on January 8 to review the State budget revenue collection and spending in 2020 and plans for next year.

The minister said the revenue was nearly VND184 trillion higher than the figure reported at the 10th sitting of the National Assembly, the local media reported.

Of the total, the revenue from domestic production and business activities nearly met the target, while the revenue from crude oil and import and export activities reached 98.3% and 93.8% of the targets, respectively.

In addition, State spending was nearly VND1.8 quadrillion last year, also meeting the target. The amount met the demand for socioeconomic development, national defense, security, State management and payment of mature loans.

The State also allocated more than VND18 trillion for the fight against Covid-19 and to support pandemic-affected residents.

Moreover, VND12.4 trillion was spent on supporting localities to address the consequences of storms and floods and nearly 37,000 tons of rice was provided to residents in these localities.

The Ministry of Finance also reported that localities had sourced VND8.2 trillion from their budgets to combat Covid-19 and ease the damages of natural resources to recover production, repair infrastructure projects, support local residents and ensure social welfare for them.

A bright spot in the State spending this year was the faster investment disbursement progress. As of December 2020, the spending on investment reached 82.8% of the target.

With the State budget revenue and spending, the State budget overspending was some VND248.5 trillion, up VND14 trillion over the expected figure.

In the 2016-2020 period, the State budget revenue was VND6.89 quadrillion, exceeding the target. Meanwhile, the State spending was some VND7.66 quadrillion, with 29% of the total being spent on investment and 63.1% on regular expenditures.

In the five-year period, the State budget overspending was some 3.6% of the country’s gross domestic product, lower than the maximum 3.9% rate set by the National Assembly.

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