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ECONOMY

Vietnam National Assembly targets 2019 budget deficit at 3.6% of GDP

Updated at Saturday, 10 Nov 2018, 07:52
The Hanoitimes - The National Assembly also agreed on increasing the basis wage from VND1.39 million (US$59.45) per month to VND1.49 million (US$63.73), starting July 1, 2019.
Vietnam’s National Assembly, the country’s supreme legislative body, on November 9 approved a resolution to curb state budget deficit in 2019 at VND222 trillion (US$9.49 billion), or equivalent to 3.6% of GDP.
 
Illustrative photo.
Illustrative photo.
Under the estimate, Vietnam's state budget revenue in 2019 is expected to reach VND1,411 trillion (US$60.36 billion) and budget expenditure is projected at VND1,633 trillion (US$69.86 billion). 

Additionally, the state budget would borrow a total estimated loan worth VND425.25 trillion (US$18.26 billion).

The National Assembly also agreed on increasing the basis wage from VND1.39 million (US$59.45) per month to VND1.49 million (US$63.73), starting July 1, 2019. The basis wage is used to determine salary of an employee based on his/her corresponding co-efficient.

Vietnam's public debt by the end of 2018 is expected to reach VND3,130 trillion (US$133.93 billion) or 61.4% of GDP, down 2.3 percentage points from 2017. The reviewed number is based on the assumption that the average economic growth rate of 2018 would be 6.7%. 

Additionally, total social investment is forecast to stand at VND1,890 trillion (US$80.88 billion), up 13.3% year-on-year and equal to 34% of GDP.  The country's actual FDI would reach US$18 billion by the end of 2018, up 2.8% year-on-year. 

In a recent update on Vietnam, HSBC forecast the country's public debt-to-GDP ratio to rise moderately to 61.6% this year before going down to 61.4% in 2019, assuming a fiscal deficit of 4% of GDP for both years, which is above the government's target deficit of 3.7% for this year. 

However, if the government is able to meet its target deficit of 3.7% for the year, the report estimated that the public debt-to-GDP ratio could be as low as 61.2% by the end of the year. 
Ngoc Mai
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