Vietnam’s economy could achieve its 2021 growth target if spending plans and reviews are carried out thoroughly. Photo: Le Tien For the first time in Vietnam, the National Assembly (NA) has had to increase the country’s budget overspending significantly, at a staggering rate of 56.8 per cent as compared to the initial plan. The legislature last week adopted a resolution on budget estimation for 2021, in which it increased the state budget deficit by an additional VND133.5 trillion ($5.8 billion) for 2020. Late last year the figure was fixed at VND234.8 trillion ($10.2 billion). Thus, total budget deficit for this year will be VND368.3 trillion ($16 billion), accounting for about 5 per cent of GDP and far higher than last year’s VND203 trillion ($8.82 billion). The rise in budget overspend is aimed to “ensure spending for development investment”, which needs the hands of the state in the context of a climb in expenditure for supporting enterprises and fighting against the pandemic. The NA’s bold move is expected to contribute to helping the country ensure positive economic growth, at about 2-3 per cent this year. If the economy grows 2-3 per cent, its GDP is estimated to be about VND6.3 quadrillion… Read full this story
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