State budget overspending estimated to account for 4% of GDP
VGP - The State budget overspending in 2023 is expected to be equivalent to 4 percent in 2023, lower than the previous forecast of 4.42 percent, according to the Ministry of Finance (MoF).
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This year's budget revenue was forecast to reach VND1.62 quadrillion, said the ministry.
Meanwhile, public debt and foreign debt fell to around 39-40 percent and 37-38 percent, respectively this year, all below the rates capped by the National Assembly.
The Government's debt dipped remarkablly from 58.3 percent in 2018 to 43.1 percent in 2021 and 36-37 percent in 2023.
Government's direct debt repayment obligation is around 20-21 percent of budget revenue while foreign debt repayment is about 7-8 percent of total export turnover of goods and services.
In 2023, total loan amount is VND621,015 billion to offset central budget deficit and repay principal.
The Government said it expected to borrow nearly VND604.380 billion, equivalent to 94 percent of the above plan. Of which, more than 90 percent of the source to offset overspending comes from domestic borrowing through the issuance of Government bonds, the rest comes from foreign loans (ODA capital, incentives from donors)./.
