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World Bank expresses concern on state budget

by VTV404 June 2016 Last updated at 08:50 AM

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World Bank expresses concern on state budget
VTV.vn - During a meeting between World Bank and Vietnam’s officials on Friday, June 3rd, the WB warned that if Vietnam doesn’t curb budget overspending to below 5%, the country would be under great pressure from public debts.

According to bank, state budget collection has decreased due to lowerer crude oil sales and less tax from trade. Meanwhile, average budget overspending during the last 5 years has been 5% of GDP. The country needs to restructure state budget collection and revise tax policies, especially those regarding property, as tax will be sharply cut after free trade agreements take effect.

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