Budget deficit sees 34-pct surge

Revenues were VND2.28 quadrillion and spending was VND2.53 trillion, resulting in a VND216.4 trillion ($9.3 billion) deficit, or around 3.44 percent of GDP.

The deficit was sharply up from VND161.5 trillion the previous year, but was below the cap of VND368.3 trillion set by lawmakers.

State Auditor General Tran Sy Thanh said revenues fell short of estimates, especially accruals from land use fees, which were only 72 percent of the target, and income from state-owned companies, which was a mere 37 percent of the target, he added.

Public debts rose by 6 percent to VND3.52 quadrillion (55.94 percent of GDP), or around VND35 million per capita.

The National Assembly’s cap for public debt is 65 percent of GDP.