Vietnam’s state budget revenues increased by 16 per cent per annum in the last three years, according to a workshop on budget allocations for the 2004-2006 period opened in Hanoi yesterday.
The workshop, held by the National Assembly's Committee for Economy and Budget, Ministries of Finance and of Planning and Investment, revealed that collections from the central administration agencies rose by 18.5 per cent annually in the period and from local agencies by 10.6 per cent.
In 2004-2006, total state budget expenditures were up by 20.4 per cent per year on average, in which spending for local agency budget balance went up by 18 per cent, and for development investment by 31 per cent.
The seminar also discussed draft regulations on budget allocations for the 2007-2010 period.
The Ministry of Finance estimated the budget coffer in the next four years would account for 22 per cent of the national GDP, of which collections from taxes and fees would make up 19-20 per cent.
In 2006 alone, the ministry sets targets to obtain economic growth of 8 per cent and curb the consumer price index under 8 per cent.
Budget spending is expected to be equivalent to 26-27 per cent of GDP and over-spending would be 5 per cent of GDP.
Expenditures for development investment would account for 30-31 per cent of the total spending, for debt payment 20 per cent, for education and training 20 per cent, for science and technology 2 per cent, for environment protection 1 per cent and for other social policies it would also increase.
Addressing the workshop, Deputy Finance Minister Nguyen Van Ta said that the State budget allocation must be made clearly and simply, ensuring fairness, publicity, transparency and inline with international norms.
Vietnam Financial Times, VNA
Vietnamese
