Vietnam targets to collect total state budget revenue of around VND1,600 trillion (US$100 billion) in the 2006-2010 period, double the amount in comparison with the last five years, according to the plan launched by the Ministry of Finance (MoF) last week.
The ministry estimates that the state budget revenue will mainly come from crude oil exports, import-export duty, and contributions from foreign investments and domestic enterprises.
Although the estimate is twice the amount recorded in the 2001-2005 period, the scale of the economy still remains too small in comparison with other economies in the world, said Finance Minister Nguyen Sinh Hung.
According to the MoF, the country’s GDP in 2005 is estimated at nearly US$60 billion, accounting for just 0.1 per cent of the world's GDP and equivalent to 6 per cent of the ASEAN bloc countries.
Hung said that to increase the State budget revenue and to reach the per capita income of US$1,100 by 2010, GDP should reach US$100 billion by that time.
Meanwhile, the expenditure of the state budget in the 2006-2010 period will reach around VND1,900 trillion (US$120 billion), a two-fold increase against spending for the previous period. Of the total, 30 per cent will be spent on development investment, 17 per cent on national debt repayment, and the remainder for frequent spending such as education and training, state salaries, and national defense.
The government projected the country's total investment capital for socio-economic development within the next five years to reach US$140 billion, an increase of nearly 80 per cent against the last five years period.
The MoF said that the total investment will account for 38-40 per cent of the GDP by 2010, the securities and financial market should reach the scale equivalent to 10-15 per cent of GDP and the insurance revenue around 6 per cent.
VIR
Vietnamese
