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Budget overspending hits US$6.9 billion

by VTV403 October 2016 Last updated at 11:08 AM

VTV.vn - State budget overspending hits 154.2 trillion VND (US$6.9 billion) in the first 9 months of this year, according to the General Statistics Office.

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%.

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