State Budget

The State budget collection this year is projected not to reach the estimate amid rising expenditure and declining fees and charges.

Close attention should be on the capacity of the Vietnamese economy to firm up its recovery from the coronavirus crisis, noted the World Bank.

This is the seventh consecutive year that the finance ministry publishes the report on state budget estimates, which the ministry considers an important practice to promote transparency and publicity of Vietnam’s state budget.

The government is taking a cautious view in setting its development goals for 2021, which is understandable due to lingering risks from the Covid-19 pandemic.

The government has set aside VND12.57 trillion (US$542.2 million) to support 12.65 million people directly hit by the Covid-19 pandemic.

Hanoi targets an economic growth rate of at least 5% in the fourth quarter to ensure the goal of having GRDP growth 1.3 times as high as the national average.

The portal would put more pressure on government agencies in ensuring efficiency of public services, said a senior World Bank official.

As of July 15, budget revenue collection reached VND697.5 trillion (US$30.17 billion), equivalent to 46.1% of the year's estimate.

There is a long road to go for government agencies to fully comply with transparency requirement in the Law on State Budget, said an expert.

Core inflation in the first six months of 2020 rose by 2.81% year-on-year.