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Budget overspending projected to account for 3.8% of GDP in 2025
Budget overspending is estimated to reach VND471 trillion, equivalent to 3.8 percent of GDP in 2025, Deputy Prime Minister and Minister of Finance Ho Duc Phoc told legislators on Tuesday.
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| Deputy Prime Minister and Minister of Finance Ho Duc Phoc presents Government's report on budget revenues in 2024 and budget plan for 2025 at the 8th working session of the 15th National Assembly, Ha Noi, October 22, 2024. Photo: VGP |
By the end of next year, the ratio of public debt would be around 36-37 percent of GDP while Government debt around 34-35 percent, well below the limits capped by the National Assembly, said Ho.
Total budget revenues are projected to reach nearly VND1.97 quadrillion, an increase of 16.5 percent against 2024, he added.
The Government plans to borrow VND VND 815,238 billion in 2025, an increase of 20.6 percent compared to 2024, according to its report.
Of the figure, VND804,242 shall be used to offset overspending and repaying debts payments, up 21.9 percent against 2024. The rest shall be used for refinancing.
The Government also said it plans to repay debts worth nearly VND470 trillion next year, accounting for around 24 percent of the total budget revenue estimates.
Viet Nam's ratio of public debt to GDP decreased from 63.7 percent in 2016 to 37 percent in 2023, which means the pressure from public debts eased significantly over the past nine years, according to the Ministry of Finance./.
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