State budget collection estimated up over 19 per cent in 2024
State budget collection estimated up over 19 per cent in 2024
The total State budget revenue for 2024 is projected to surpass VNĐ2.02 quadrillion (approximately US$79.24 billion), marking an increase of 19.1 per cent compared to the estimate, according to the Ministry of Finance.
As of December 27, State budget collection had already exceeded VNĐ1.99 quadrillion, reaching 117.4 per cent of the target for the year. Of this, domestic revenue reached 115.2 per cent of the estimate, that from crude oil hit 126.2 per cent, and import-export revenue reached an impressive 134.2 per cent of the planned figure.
Meanwhile, total State budget expenditure for 2024 is expected to be approximately VNĐ1.83 quadrillion, or 86.4 per cent of the estimate. Spending on development investment is forecast to hit 78.1 per cent of the goal approved by the National Assembly and 77.5 per cent of the plan set by the Prime Minister. Regular expenditures, including those for national defence, security, and social welfare, are estimated at around 94.5 per cent of the projected figure.
The finance ministry emphasised that the balance between the central and local budgets has been maintained. Despite these expenditures, the State budget deficit is projected to be about 3.4 per cent of GDP, VNĐ10 trillion lower than originally estimated.
The Ministry of Finance has managed Government bond issuance efficiently to meet funding requirements, ensuring that the State's budget plan is executed and debts are repaid on schedule. In 2024, VNĐ330.4 trillion worth of Government bonds were issued, achieving 82.59 per cent of the initial target. These bonds have an average maturity of 11-12 years and an average annual coupon rate of 2.52 per cent.
By year-end, Việt Nam's public debt stood at around 36-37 per cent of GDP, with Government debt accounting for approximately 33-34 per cent of GDP. The Government's debt repayment obligation made up 20-21 per cent of State budget revenue, well below the ceiling level set by the National Assembly.
Việt Nam's national credit rating remains strong, supported by effective economic management, robust export growth, continued foreign investment, and controlled public debt.
All three major rating agencies – S&P, Fitch, and Moody's – have maintained a positive outlook on Việt Nam's credit rating. S&P and Fitch rated the country at BB+, while Moody's rated it Ba2, both with a stable outlook.
