HCMC (Photo: SGGP)
The plan has also suggested a reduction of Hanoi’s retention from 35 percent to 32 percent, equivalent to more than VND53, 100 billion (US$2.3 billion); and approval given to Binh Duong Province to continuously maintain 36 percent. Dong Nai will be cut from 47 to 45 percent, Ba Ria-Vung Tau from 64 to 56 percent, Quang Ninh from 65 to 56 percent, Hai Phong from 78 to 70 percent; and Vinh Phuc will raise the retention ratio from 53 to 62 percent, Da Nang from 68 to 91 percent and Can Tho from 91 to 98 percent.
According to the draft plan, the total state budget balancing revenues in 2022 is estimated at VND1,411,700 billion, presenting an increase of 3.4 percent compared to 2021.
The State budget revenue mobilization as a percentage of GDP has been around 15.1 percent, including 12.7 percent from taxes and fees.
The domestic revenue is estimated at VND1,176,700 billion, accounting for 83.4 percent of the total state budget and showing a year-on-year increase of 3.8 percent, including VND28,200 billion from crude oil, VND199,000 billion from import and export activities, and VND7,800 billion from foreign aids.
The State budget expenditure in 2022 is estimated to be VND1, 784,600 billion, up 4.5 percent compared to the same period last year. The fund will be used for main missions, such as development investment, social welfare activities, supporting frontline forces in the Covid-19 fight and more. The overspending will be VND372, 900 billion. Vietnam's public debt is estimated about 43-44 percent of GDP by the end of 2022.
