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The State budget overspending in 2020 stood at over 216.4 trillion VND (9.3 billion USD), equivalent to 3.44 percent of GDP, statistics showed.

Deputy Prime Minister Le Minh Khai has approved the sovereign credit rating improvement project by 2030, part of an effort to make Vietnam a developing and upper-middle-income country with modern industry, heightening the country’s international reputation and reducing credit risks.

The Ministry of Finance forecast a budget overspending at 5-5.1 percent of gross domestic product (GDP) this year, about 1.5-1.6 percentage points higher than the Government’s plan due to the impacts of the COVID-19 pandemic.

The Ministry of Finance aims for State budget revenue in 2020 to be 3 percent higher than the estimate set by the National Assembly, said Minister Dinh Tien Dung on January 10.

Deputy Prime Minister Vuong Dinh Hue chaired a teleconference in Hanoi on December 31 with localities to discuss State budget revenue and expenditures 2019.

Finance Minister Dinh Tien Dung presented a report on the State budget performance in 2019, estimates for 2020 and the five-year financial plan (2016-2020) to the National Assembly on October 31.

The National Assembly (NA) will continue the discussion on socio-economic and State budget performance on October 31 as part of the ongoing 8th session.

Collection of the State budget between 2016 and 2020 is expected to meet the target of 6.8 quadrillion VND (nearly 293 billion USD), the Ministry of Finance (MoF) reported on October 21.

The National Assembly passed the Resolution on State budget balance for 2017 with 91.53 percent of approval at the ongoing seventh session of the 14th legislature in Hanoi on June 11.

The National Assembly has issued a resolution on State budget estimates for 2019, in which total State budget collection will likely reach over 1.411 quadrillion VND (60.67 billion USD), while the total spending will hit more than 1.633 quadrillion VND.

Economic restructuring should be channelled more specifically to realise the socio-economic targets set by the National Assembly, not only for 2018 but also for the following years, said Minister of Planning and Investment Nguyen Chi Dung.

Members of the 14th-tenure National Assembly (NA) Standing Committee commented on the final accounts of the State budget in 2016 on May 14 afternoon, part of the ongoing 24th session of the Standing Committee.

National Assembly Chairwoman Nguyen Thi Kim Ngan urged the Ministry of Finance (MoF) to perform its tasks right from the beginning of the year as 2018 is very important for the fulfillment of targets and plans for 2016-2020.

Minister of Finance Dinh Tien Dung pointed out shortcomings in public debt management and put forth solutions to overcome in the coming time while answering questions raised by lawmakers at the fourth session of the 14th National Assembly in Hanoi on November 16.

The National Assembly adopted the Resolution on State budget estimate for 2018 during its ongoing fourth session in Hanoi on November 13 with 86.56 percent of approval

The 14th National Assembly (NA) passed the resolution on state budget estimates for 2018 on November 13, part of its ongoing fourth session in Hanoi.

The Government will keep State budget overspending not to exceed 3.5 percent of GDP and less than 178 trillion VND (7.8 billion USD) as set by the National Assembly.

The Government should set out a roadmap in order to ensure economic growth is stable, legislators said on the sidelines of the ongoing fourth sitting of the 14th National Assembly in Hanoi on October 31.

The Vietnam Chamber of Commerce and Industry (VCCI) said that the Ministry of Finance (MoF)’s proposed fee cuts was a positive move, but stronger cuts or even abolishment were needed to support businesses.

Vietnam is targeting keeping public debt, comprising central government debt, government-backed loans, and local government debt, below 65 percent of GDP between 2016 and 2018.