All provinces and cities must increase state budget collections by 5%-10% in 2010 in order to facilitate the government to supply sufficient capital to speed up the economic recovery, Deputy PM Nguyen Sinh Hung said at an online conference.
The conference on financial sector was held by the Ministry of Finance (MoF) and attended by officials from 63 provinces and cities nationwide in Hanoi Nov 30.
Hung also said the country planned to attain a GDP growth rate of 6.5%-7% next year, creating an impetus for economic growth in coming years.
“We are on track to recover while the world economy is still facing difficulties. Vietnam, thus, has to maintain macro-economic stability as the country remains a destination for foreign investors thanks to the social, economic and politic stability,” Hung added.
The Deputy PM suggested that the country’s total development investment will account for 42%-43% of GDP next year with VND120 trillion to be raised from issuance of government bonds.
He also asked the MoF to create favorable conditions for companies and financial institutions to issue bonds, which will help curb inflation and ensure sufficient investments.
Earlier the ministry forecast that state budget deficit will be VND119.7 trillion in 2010, or 6.2% of the country’s GDP with state budget revenues of 462.5 trillion and spending of VND582.2 trillion.
The government plans to borrow VN98.7 trillion in debts from the domestic market and VND21 trillion overseas.
The government’s total debts will account for 44.3% of GDP by the end of 2010 while the national debts will be at secure levels of 31.4% of GDP, compared to 40% and 30.5% respectively by end of this year.
This year, state budget revenues are estimated at VND390 trillion, representing 100.2% of the target, and state budget deficit will make up for 5% of the country’s GDP. (VNA)
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