Vietnam Lawmakers: Govt to Curb Coffer Deficit to Below 8 per cent of GDP in 2009
Vietnamese lawmakers urged Wednesday the government to curb fiscal overspending to below 8 per cent of the country’s GDP value this year.
Vietnam’s National Assembly’s Finance And State Budget Committee proposed in a statement that the government effectively manage tax incomes and boost effectiveness of investment projects while pursuing to boost fiscal spending.
Vietnam is expected to face big deficits this year because the government has to accept huge spending to help avert the economy from recession.
The domestic economy was growing only 3.1 per cent in the first quarter, after recoding a 6.1 per cent growth in 2008.
Last year, Vietnam’s state budget deficit was approx 5 per cent of its GDP value.
State budget incomes hit VND416 trillion and spending was VND494.6 trillion in 2008, up 23.8 per cent on year, the committee said.
Of the fiscal spending value, the government invested up to VND136 trillion into the economy, it added. (The People)
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