Budget revenue forecast 14.3% higher than plan this year

According to the report presented by Minister of Finance Ho Duc Phoc to the National Assembly at the meeting on October 20, budget revenue in the first nine months of this year met 94% of the plan, of which, domestic revenue was equivalent to 88.9% of the plan while the revenue from crude oil and import-export was 11.3% and 8.8% higher than the plan, respectively.

Regarding budget spending , Phoc said that spending in January – September was estimated to meet 60.9% of the plan. The spending for investment and development was equivalent to 48.1%. For the full year, budget spending was forecast to be 14.1% higher than planned.

The disbursement rate of public investment was expected at 96%. Vietnam was expected to run a trade deficit of 4.5% of GDP this year, which was within the National Assembly’s allowed limit, Phoc said. The Government would strive to increase budget revenue and enhance savings to reduce the level of overspending, he said.

Chairman of the National Assembly Finance and Budget Committee Nguyen Phu Cuong said that the structure of budget revenue still lacked stability as the increase was mainly from land-related revenue. Local budget revenues were also uneven among provinces and cities, together with problems in the decentralization of revenue sources between the central and local budgets, Cuong said.

The disbursement of capital for investment and development remained slow, he added. Regarding budget revenue estimate for 2023, Cuong noted that the world was to continue facing increasing risks, uncertainties, difficulties, and challenges.

The domestic economy was expected to continue the recovery track but inflation, increasing product costs, supply chain risks, weakening global demand, policy adjustments of major economies and major trade partners, as well as natural disasters would create pressure on the implementation of budget revenue and expenditure targets.

The National Assembly's Finance and Budget Committee urged the Government to develop the financial and budget plan for 2023-25 period with practicality and feasibility.