State budget deficit in 2021 will decrease by nearly 130,000 billion compared to the estimate, only equal to 2.52% of GDP

[9/6/2023]
The above information is given in the report presenting the state budget finalization report for 2021 presented by the Minister of Finance Ho Duc Phuoc, authorized by the Prime Minister, at the National Assembly meeting on the morning of May 24. ..

Minister Ho Duc Phuc said that based on Resolution No. 128/2020/QH14 on estimates of state budget revenues and expenditures in 2021, Resolution No. 34/2021/QH15 on state budget estimates in 2022, Decree No. Decision No. 82/2023/QH15 on adjusting the on-lending capital plans in 2022 of localities, supplementing estimates of recurrent expenditures in 2021 from non-refundable aid sources from abroad, and adjusting budget estimates for insurance. ensure the unused operation of 2021 of the General Department of Taxation and the General Department of Customs, transfer funds for the prevention and control of Covid-19 epidemic in 2021 of localities to the 2022 budget year. 

 

Accordingly, the state budget revenue in 2021 is estimated at VND 1,358,084 billion; the final settlement is 1,591,411 billion VND, an increase of 233,327 billion VND (17.2%) compared to the estimate. The rate of mobilization of state budget revenue reached 18.7% of GDP, of which tax and fee collection reached 15.1% of GDP.

 

INCREASE INCOME FROM HOME AND LAND, MANY EXPORTING MATERIALS INCREASE SURPRISE

 

The results of the implementation of a number of areas, the main revenues are as follows.

 

Estimated domestic revenue is 1,133,500 billion VND; final settlement was VND 1,313,281 billion, an increase of VND 179,781 billion (15.9%) compared to the estimate.

 


“Mainly increase from revenues from housing and land, from lottery activities and other budget revenues; the proportion of domestic revenue to total state budget revenue reached 82.5%", Minister Ho Duc Phuc informed.


 

Estimated revenue of crude oil is 23,200 billion VND; final settlement was 44,638 billion VND, up to 21,438 billion VND (92.4%) compared to the estimate, mainly due to the increase in oil price and production and export output compared to the plan.

 

Accordingly, the average oil price in 2021 will reach about 68.8 USD/barrel, an increase of 23.8 USD/barrel compared to the estimate, the crude oil output in 2021 will reach 8.86 million tons, up 10.3% Compared with the plan.

Minister of Tài chính Ho Duc Phuc, authorized by Prime Minister Chình bày báo cáo decide toán ngân sách nhà  country in 2021. Photo: Quochoi.vn.

Minister of Finance Ho Duc Phuc, authorized by the Prime Minister, presented the state budget settlement report in 2021. Photo: Quochoi.vn.

 

The estimated balance of revenue from import and export activities is VND 178,500 billion; settlement is 216,307 billion VND, an increase of 37,807 billion VND (21.2%) compared to the estimate because the growth rate of import and export turnover exceeded the plan and increased sharply compared to 2020.

 

Specifically, the total turnover in 2021 increased by 8.3% compared to the estimate. Taxed import-export turnover in 2021 exceeded 21.2% of the estimate, in which, import turnover with tax exceeded 21.6% compared to the estimate, export turnover with tax exceeded 14.2% compared to the estimate. with estimates.

 

The report also stated that the import turnover of a number of items with large revenues increased suddenly due to an increase in volume such as automobiles, ores and minerals, etc., due to rising prices such as gasoline, imported crude oil, exported crude oil, etc. especially steel…

 

According to the assessment, in 2021, the financial industry won and left many highlights because the state budget revenue exceeded the estimate by 17.2% and kept increasing compared to the previous year, despite the economic growth. economy is only 2.58%.

 

USE OF BUDGET IS WRONG, LOW DISCHARGE OF PUBLIC INVESTMENT

 

The Government's report also shows that the state budget expenditure estimate is 1,701,713 billion VND; final settlement was VND 1,708,088 billion, an increase of VND 6,375 billion (0.4%) compared to the estimate.

 

In which, the final settlement of central budget expenditure is 640,914 billion VND, equal to 91% of the estimate; settlement of local budget expenditure is 1,067,174 billion VND, equal to 107% of the estimate.

 

The Minister of Finance also emphasized that, implementing the Resolutions of the National Assembly, the Government has directed the synchronous and drastic implementation of many solutions to manage and control state budget expenditure in 2021, proactively and closely. . In which, thoroughly grasping the viewpoint of focusing on prioritization and making the highest efforts for the prevention and control of the Covid-19 epidemic and ensuring social security and stabilizing people's lives.

 

Ministries, central and local agencies also seriously implemented budget expenditures closely following the assigned estimates; review and cut at least 50% of the cost of conferences, domestic and foreign trips, and save another 10% of recurrent expenses in 2021; recovery of recurrent expenditures is not really necessary, slow implementation to focus resources for Covid-19 epidemic prevention and control.

 

However, according to the Minister of Finance's assessment, the management and use of state budget funds in a number of ministries, branches and localities still make mistakes; the observance of the deadline for finalization reports has not been ensured in accordance with regulations.

 

"In implementation, the disbursement rate of public investment capital is still low; the implementation of a number of policies to ensure social security is still slow; the amount of funding to be transferred to next year is still large", the Minister said. Ho Duc Phuc noted.

 

The Minister of Finance also reported on the state budget deficit, state budget loans and public debt. 

 


On the basis of receiving opinions and conclusions of the Standing Committee of the National Assembly, and the verification opinions of the Committee for Finance, Budget and State Audit, the Government shall submit to the National Assembly the final settlement of the state budget in 2021 as follows:

Total state budget balance collection is 2,387,906 billion VND. In which, state budget revenue is estimated at 1,591,411 billion VND; revenue from source transfer from 2020 to 2021 is VND 643,406 billion; revenue from the balance in 2020 is 140,410 billion dong; and revenue from the financial reserve fund according to the provisions of the State Budget Law is 12,679 billion VND.

Total expenditure to balance the state budget is 2,484,439 billion VND. In which, state budget expenditure is estimated at 1,708,088 billion VND; expenditure on source transfer to 2022 is 776,351 billion VND. The state budget deficit is 214,053 billion VND, including: the central budget deficit is 211,650 billion VND, the local budget deficit is 2,403 billion VND.


 

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