3:26:25 PM | 7/8/2005
National Conference of Finance Sector: Mobilising National Resources Effectively for Investment and Integration
The national conference of the finance sector took place in
According to Deputy Minister of Finance Tran Van Ta, total State budget revenues are expected to reach VND 166,900 billion (or about US$10.577 billion), up by 17 per cent against that of 2003. Total budget expenditure is expected to reach VND 206,050 billion (about US$13.057 billion), up by 16.7 per cent over last year.
Notably, expenditure for development investment increased by 16 per cent; and education, vocational training, cultural and social programmes, national security and defence were six per cent over estimated figures. The balance between revenues and expenditures has seen a significant increase with budget deficit equal to 4.9 per cent of gross domestic product. It is expected that in 2005, total budget revenues may reach VND 183,000 billion (about US$11.597 billion), with revenues from domestic production and business activities accounting for 60 per cent of this figure. Total budget expenditure for 2005 is expected to reach VND 220,750 billion (about US$13.989 billion). Investment in education and vocational training will be promoted with an increase of 18 per cent of total budget expenditure in the relevant fields.
Addressing the conference, Deputy Prime Minister Vu Khoan said that the completion of State budget tasks for 2004 would be a premise for budget estimates for 2005. He asked the Ministry of Finance to study to work out concrete measures to address corporate and housing tax losses and to avoid spread investment. Also, the finance sector should get prepared to build a complete and diversified finance system.
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