Vietnam plans to collect VND323 trillion (US$20.18 billion) for the state budget in the fiscal year of 2008, up 12.2 per cent on year, Minister of Finance Vu Van Ninh was cited by Vietnam Financial Times as saying January 2.
The budget, which accounts for 24.1 per cent of the country’s GDP, will help maintain stable macro-economy and go mainly to infrastructure development and human resource training and the strengthened national security, Ninh emphasized at a review conference.
To fulfill the tasks, Ninh noted that ministries, sectors will focus on reducing tax arrears, reduce subsidy and restructure state-owned enterprises and boost privatization of SOEs.
Prime Minister Nguyen Tan Dung emphasized the tasks for the fiscal year are rather tough, asking ministries, sectors to build plans to call for investments, particularly from private sectors to invest in infrastructure and human training.
Vietnam's GDP growth is estimated to have soared 8.48 per cent to VND1,143.442 (US$70.96 billion) in 2007, the highest rate in the decade and higher than last year, General Statistics Office showed Monday.
Nguyen Duc Hoa, who is Deputy Minister of Planning and Investment cum General Director of the General Statistics Office attributed the high economic growth to increased investment in the country.
Total investment in the country was estimated to have soared 15.8 per cent on year to VND461.9 trillion, of which VND200 trillion was from state funds, up 8.1 per cent on year, VND187.8 trillion was from domestic private sources, up 24.8 per cent, and VND74.1 trillion from foreign investment capital, up 17.1 per cent.
Foreign investors pledged to invest US$20.33 billion in Vietnam this year, including US$17.856 billion 1,445 new projects and US$2.47 billion from 379 existing projects, Hoa noted. (Vietnam Financial Times, GSO)
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