Vietnam budget deficit stood at around 5% of GDP from 2006 to 2015. The highest budget deficit was in 2013 at 6.6% GDP.
"To facilitate the development of the country, investment on construction has been huge in recent years while state budget income is predicted to decline. This is why budget overspending has increased in the past few years", Phung Quoc Hien - National Assembly Vice Chairman - spoke.
Vietnam as well as other developing countries face state budget overspending. However, overspending is hardly uncommon. Effective investment in the development of the country is always needed.
The National Assembly has to make budget estimates to ensure sustainable development. However high spending may lead to economic, political, social, and defence problems.
The National Assembly passed a resolution on budget estimates that must be complied with by law enforcement bodies.
At the end of the first session, the National Assembly discussed the government’s report on the implementation of socio-economic development and state budget plan for the first half of 2016, and the plan for the remainder of the year.
