The amount is equivalent to 64.4 per cent of the quota that the National Assembly had allocated for overspending in 2016. Budget revenues totalled VND665.2 trillion VND ($29.6 billion) in 9 months, representing more than 65 per cent of the annual target. The GSO has explained that state revenue remains low due to the impact of lower crude oil prices and a shift in trade commodities as a result of free trade agreements.
Moreover, the amount of funds used to repay debts and aid reached 109.8 trillion VND. Accordingly, every 6 billion VND collected has accrued 1 billion VND in debt repayment. Experts believe that public debt and budget deficit may increase if Vietnam cannot reach its target growth rate of 6.7%.
