Vietnam projects 2021 budget deficit at 4% GDP from 3.8% deficit in 2020

The average state budget deficit is expected to gradually reduce to about 3.4 percent of GDP by 2025 and public debt by the time is projected to reduce to 47.5 percent of GDP, he said.

Pandemic cut the Southeast Asian economy an estimated $190 trillion in State budget revenue this year. The government has increased spending on Covid-19 pandemic and natural disaster.

The government has spent about VND19 trillion ($818 million) on pandemic prevention.

It is estimated that State budget revenue in 2021 is VND1,340 trillion ($57.6 billion), down nearly VND170 trillion ($7.3 billion) compared to the 2020 estimated revenue.

In terms of State budget expenditure, in the next 5 years a total of VND9,700 trillion ($418.5 billion), 1.3 times more than in the period 2016-2020. About 27-28 percent of the total State budget expenditure will be used to support the economy recover from the Covid-19 pandemic.

► Six-month budget revenue falls to seven-year low on COVID-19 pandemic