Minister of Finance Ho Duc Phoc speaks at the 15th NA's thỉd session on May 23 (Photo: VNA)
Hanoi (VNA) – The State budget overspending in 2020 stood at over 216.4 trillion VND (9.3 billion USD), equivalent to 3.44 percent of GDP, statistics showed.
It was 18.39 trillion VND and 151.89 trillion VND lower than the initial estimate and the permissible level set by the National Assembly, respectively.
Minister of Finance Ho Duc Phoc revealed the figures while reporting on the 2020 State budget balance to the 15th National Assembly at the third session that opened on May 23.
It comprised nearly 213.09 trillion VND in the central budget overspending and 3.32 trillion VND in local budget overspending.
Phoc added more than 1.51 quadrillion VND was collected for the State budget in 2020, down 1.9 percent from the target. Meanwhile, over 1.7 quadrillion VND was spent, equivalent to 96.4 percent of the estimate.
During 2015 - 2020, the State budget revenue was almost 6.92 quadrillion VND, 0.8 percent higher than the target.
Nineteen localities recorded the collection at over 15 trillion VND in 2020, 30 localities over 10 trillion VND, and 17 others under 5 trillion VND, compared to the respective locality numbers of 13, 17, and 30 in 2016.
The budget allocation and use have witnessed many reforms while spending has been conducted within the collection capacity, according to the minister./.
The State budget revenue from export and import reached 107.3 trillion VND (nearly 4.7 billion USD) in the first quarter of 2022, up 22.44 percent year on year.
Deputy Prime Minister Le Minh Khai has signed a decision approving the public debt strategy until 2030, which sets a target of keeping it at under 60 percent of the GDP and Government debts not exceeding 50 percent of the GDP in 2030.
In order to ensure the highest efficiency of the 15th National Assembly (NA)'s third session, NA agencies and deputies had made careful preparations on discussion contents, aiming for the highest outcomes with shortest sitting time, said NA Chairman Vuong Dinh Hue while opening the session on May 23.
The targets set for 2022, including the growth target of 6-6.5 percent, remain a huge challenge given the domestic and international situation, Deputy Prime Minister Le Van Thanh said at the third session of the 15th National Assembly in Hanoi on May 23.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
Minister of Finance Ho Duc Phoc speaks at the 15th NA's thỉd session on May 23 (Photo: VNA) 
