Gdp of india 2014 15

/ November 6, 2020

Vietnam targets fiscal deficit of 3.7% of GDP in next five years

The Hanoitimes - By 2025, Vietnam’s public debt is projected at 47.5% of the revised GDP (which is 25.4% higher than current method of GDP’s calculation), or 60.4% of the level before being revised. Vietnam targets an average fiscal deficit of 3.7% in the next five years period, being around 4% of the GDP in 2021 before declining to 3.4% by 2025, according to Minister of Finance Dinh Tien Dung. Minister of Finance Dinh Tien Dung at the hearing session. Photo: Nhat Bac. By 2025, Vietnam’s public debt is estimated at 47.5% of the revised GDP (which is 25.4% higher than current method of GDP’s calculation), or 60.4% of the level being revised, stated Mr. Dung at a hearing session at the National Assembly on November 5. For the 2021 – 2025 period and given the average GDP growth target of 6.5 – 7%, the government estimates total state budget revenue of VND7,800 trillion (US$336.93 billion), a 1.1 – 1.2-fold increase compared to the 2016 – 2020 period. Of the total, the contribution of taxes and fees revenues would be around 13 and 14% of GDP, while it made up 24.5% and 20.4% of the GDP in the 2016-2020 due to the enlargement of the Vietnamese economy after the GDP revision. Meanwhile, revenue from land and import-export activities in the next five years would be around the level of the 2016 – 2020 period, while that of crude oil would be half of the previous five years and account for 3.3% of the adjusted GDP in the 2021 – 2025 period. Overview of the hearing session at the National Assembly. Source: quochoi.vn. Priority to ensure fair business environment The finance minister informed that the structure of budget revenue continues to improve, in which domestic revenue accounts for 85 – 86% of total, import – export activities 12.7%, and crude oil 1.4%. Mr. Dung said amid global uncertainty stemming from the Covid-19 pandemic and global trade tensions among major economies, the Ministry of Finance (MoF) still …

/ November 13, 2020

Vietnam gov’t mandated to narrow fiscal deficit to 4% of GDP in 2021

The Hanoitimes - State budget allocation would continue to be prioritized for the Covid-19 fight, recovery efforts in the wake of natural disasters, social welfare, national security and foreign affairs. Vietnam's National Assembly has approved the state budget estimate in 2021 with a fiscal deficit of VND343.67 trillion (US$14.82 billion), equivalent to 4% of GDP, down from an estimated deficit of 4.99. – 5.59% in 2020 (equivalent to VND319.5 – 328 trillion (US$13.78 – 14.15 billion). Vietnam's National Assembly has approved the state budget estimate in 2021 with endorsement of 446 deputies present, or a 92.53% approval rate. Specifically, Vietnam’s state budget revenue next year is estimated at VND1,343 trillion (US$58 billion) and expenditure VND1,687 trillion (US$72.78 billion). The government is set to borrow VND608.56 trillion (US$26.3 billion). The National Assembly agreed with the proposal from the government in keeping the basic wage, pension and other social beneficiaries unchanged in 2021. Fund allocation will be prioritized for the Covid-19 fight, recovery efforts after natural disasters, social welfare, national security and foreign affairs. Regarding the state budget estimate for 2021, some National Assembly deputies said a growth target of 5.6% in domestic revenue in 2021 would be quite modest, given the average growth rate of 10% in the past three years. Overview of the National Assembly's session. Source: quochoi.vn. According to Chairman of the National Assembly’s Committee for Financial and Budgetary Affairs Nguyen Duc Hai, with the estimated domestic revenue of VND882 trillion (US$38.11 billion) for 2021, representing an increase of 5.6% year-on-year, the government anticipates the business community would face difficulties next year amid lingering Covid-19 impacts. Moreover, some major sources for domestic revenue, such as tax revenue from coal mining, automobiles, alcohol beverages, …

/ March 6, 2021

Binh Dinh attracts 15 projects with total investment of nearly VND24 trillion

Compared to the same period last year, the number of investment projects was 2.14 times higher, and the value of investment projects was 25 times higher. Currently, Binh Dinh is striving to complete the procedures and guidelines to create the best conditions for enterprises to implement projects soon. According to Binh Dinh Investment Promotion Center, the prospect of investment attraction in this province this year is extremely optimistic. Many domestic investment enterprises have been maintaining good production and business activities and gradually recovering to expand projects. Especially, foreign investors are still largely interested and have confidence in the province. By Ngoc Oai – Translated by Thanh Nha …