Vietnam government Revenues and Expenditures Show Positive Signals

Total government revenues reached VND467.1 trillion as of September 15, 2011 while the estimated figure for total government expenditures was VND511 trillion, the general Statistical Office (GSO) data showed.

Total government revenues as of mid-September achieved 78.5 percent of the full year target, up from 78.2 percent YoY and are expected to exceed this year’s target by 11 percent.

The country’s domestic and import-export revenues reached 74.5 percent and 77.4 percent respectively in the period; down from 77.2 percent and 89.8 percent in 2010. Those figures are also expected to surpass the targets.

Revenues from crude oil totalled VND71.5 trillion, rising 50 percent YoY and accounted for 13.5 percent of the total revenues of the government. The contribution of crude oil into the total revenues declined fast this year as Vietnam aimed at saving its natural resources.

Total government expenditures are estimated at VND511 trillion, or 70.5 percent of the year target, up from 69.7 percent a year earlier. However, the budget deficit as of mid-September stayed modest at 2.6 percent of GDP and thus is unlikely to go beyond the 5.3 percent annualised target of the government.

Spending for civil construction was 69.9 percent of the target only as the country was trying to reduce public investments.

The local government also spent VND68.7 trillion (or 79.9 percent of the year target) on debts and aids, which reflects the country’s effort in fulfilling its debts obligations.

 

Category: Economy