State budget overspending equivalent to 3.44 percent of GDP in 2020

State budget overspending equivalent to 3.44 percent of GDP in 2020 25/05/2022 08:48:00 36

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State budget overspending equivalent to 3.44 percent of GDP in 2020

25/05/2022 08:48:00

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

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

Minister of Finance Ho Duc Phoc revealed the figures while reporting on the 2020 State budget balance to the 15th National Assembly at the third session that opened on May 23.

It comprised nearly VND 213.09 trillion in the central budget overspending and VND 3.32 trillion in local budget overspending.

Phoc added more than VND 1.51 quadrillion was collected for the State budget in 2020, down 1.9 percent from the target. Meanwhile, over VND 1.7 quadrillion was spent, equivalent to 96.4 percent of the estimate.

During 2015 - 2020, the State budget revenue was almost VND 6.92 quadrillion, 0.8 percent higher than the target.

Nineteen localities recorded the collection at over VND 15 trillion in 2020, 30 localities over VND 10 trillion, and 17 others under 5 trillion VND, compared to the respective locality numbers of 13, 17, and 30 in 2016.

The budget allocation and use have witnessed many reforms while spending has been conducted within the collection capacity, according to the minister.

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