Vietnam’s Ministry of Finance said on November 2 that it is expected that Vietnam’s public debt in 2022 will be at 43-44% of its Gross Domestic Product (GDP).
The state-controlled media quoted the Ministry of Finance’s estimate with figures including public debt balance of more than 43%, government debt balance of nearly 40%, national foreign loan balance of nearly 39% compared to GDP, obligations Government’s direct debt is nearly 25% of total State budget revenue.
According to the Ministry of Finance, the 2022 budget estimate will grow from 6 to 6.5% compared to this year, consumer prices will increase by 4% on average, exports will increase by 5.2%, crude oil prices will be about $60/barrel. It is expected that the total state budget revenue next year will be about VND1.41 million billion, or a 3.4% increase, the revenue from taxes and fees are about 12% of GDP.
Expected state budget expenditure next year is about VND1.78 million billion, up 45%, investment expenditure accounts for nearly 30% of total state budget expenditure, debt payment accounts for nearly 6% of total budget expenditure. The Ministry of Finance proposed regular spending of about VND1.11 million billion, accounting for nearly 63% of the total budget expenditure, the increase in spending will mainly support the COVID-19 epidemic prevention and control forces, social security, increase pensions and allowances for meritorious people, etc.