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Vietnam spends US$14 million per day paying interest on loans
Ngoc Thuy 17:42, 2018/07/18
Vietnam saw a budget surplus of VND2.5 trillion (US$107.58 million) in the first six months this year, indicating a sharp improvement from the budget deficit of VND20 trillion (US$860.5 million) from the same period of last year, according to the Ministry of Finance.
During the January - June period, Vietnam set aside around VND59.3 trillion (US$2.55 billion) for interest payments, up 6% year-on-year, equivalent to an expenditure of VND330 billion (US$14.18 million) per day, according to the MoF.
 
Illustration photo.
Illustration photo.
Moreover, the government issued government bonds worth VND89.5 trillion (US$3.85 billion) to cover state budget deficits and principal repayments, stated Huynh Quang Hai, vice finance minister at a conference on state budget on July 18. 

Overall, state budget revenues in the first half of 2018 reached VND651.7 trillion (US$28 billion), equivalent to 49.4% of the year's estimates, and up 14.3% year-on-year, he added.

Among the figures, domestic collection for the period grew 15.5% year-on-year in revenues and crude oil exports 25.3%.

Meanwhile, Vietnam's state budget expenditures in the first six months totaled VND649.2 trillion (US$27.93 billion), equivalent to 42.6% of the year's plan. Of the total, regular spending reached VND455.8 trillion (US$19.62 billion) or 70% of total spending and up 5% year-on-year. Expenditure for development investment soared to VND130 trillion (US$5.59 billion), representing an increase of 42% year-on-year. 

This resulted in a budget surplus of VND2.5 trillion (US$107.58 million), indicating a sharp improvement from a budget deficit of nearly VND20 trillion (US$860.5 million) in the same period of 2017. 

However, revenue collection from the three economic groups was lower compared to yearly estimates. Speciafically, the state sector met 43.7% of the estimate, the FDI sector 38.7% and the private sector 47.8%, Thang informed.
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