Vietnam Forecasts Exceeding 2024 Revenue Target by Over 10%
Vietnam's Ministry of Finance forecasts that 2024 budget revenue will exceed the government's target by over ten percent, reaching a total of VND one point eight seven quadrillion, which is significantly higher than the previous year. Expenditures are projected at VND two point two eight quadrillion, with a budget deficit lower than initially estimated, while public debt is expected to remain within set limits. The ministry plans to continue fiscal support policies and prioritize resources for social and economic reforms.
The Ministry of Finance of Vietnam anticipates that the 2024 budget revenue will surpass the government's target by over ten percent.
The ministry presented a report to the National Assembly estimating total budget revenue at VND one point eight seven quadrillion, which is ten point one percent higher than the initial target and six point eight percent above the 2023 level.
In the first nine months of 2024, budget revenue reached VND one point four five quadrillion, achieving eighty-five point one percent of the annual goal and marking a seventeen point nine percent year-on-year increase.
The central government's revenue is expected to exceed projections by VND one hundred to one hundred ten trillion, while provincial revenues are anticipated to surpass targets by VND sixty to seventy trillion.
Expenditures for 2024 are projected at VND two point two eight quadrillion, with a budget deficit estimated at VND three hundred eighty-nine point four trillion, or about three point four percent of the Gross Domestic Product.
This deficit is projected to be ten trillion Vietnamese dong lower than initially estimated.
Public debt is expected to remain within the limits set by the National Assembly, with government debt projected at thirty-three to thirty-four percent of the Gross Domestic Product and external debt at thirty-two to thirty-three percent.
Additionally, the government's direct debt repayment obligations are forecasted to account for twenty-one to twenty-two percent of total revenue.
Looking ahead, the Ministry of Finance will continue implementing fiscal and monetary policies to support businesses and individuals, control inflation, and maintain economic stability.
The ministry also aims to prioritize resources for wage reform, social welfare policies, poverty reduction, and accelerating public investment, particularly for key national projects.
The ministry presented a report to the National Assembly estimating total budget revenue at VND one point eight seven quadrillion, which is ten point one percent higher than the initial target and six point eight percent above the 2023 level.
In the first nine months of 2024, budget revenue reached VND one point four five quadrillion, achieving eighty-five point one percent of the annual goal and marking a seventeen point nine percent year-on-year increase.
The central government's revenue is expected to exceed projections by VND one hundred to one hundred ten trillion, while provincial revenues are anticipated to surpass targets by VND sixty to seventy trillion.
Expenditures for 2024 are projected at VND two point two eight quadrillion, with a budget deficit estimated at VND three hundred eighty-nine point four trillion, or about three point four percent of the Gross Domestic Product.
This deficit is projected to be ten trillion Vietnamese dong lower than initially estimated.
Public debt is expected to remain within the limits set by the National Assembly, with government debt projected at thirty-three to thirty-four percent of the Gross Domestic Product and external debt at thirty-two to thirty-three percent.
Additionally, the government's direct debt repayment obligations are forecasted to account for twenty-one to twenty-two percent of total revenue.
Looking ahead, the Ministry of Finance will continue implementing fiscal and monetary policies to support businesses and individuals, control inflation, and maintain economic stability.
The ministry also aims to prioritize resources for wage reform, social welfare policies, poverty reduction, and accelerating public investment, particularly for key national projects.
