Ministry of Finance publishes report on State budget estimate in 2022

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Report on the State budget estimate in 2022 to submit to the National Assembly.

To provide basic information on the implementation of state budget tasks in 2021 and state budget estimates in 2022, the Ministry of Finance compiled and announced the "Report on the State budget estimates in 2022”.

This is the 8th consecutive year that the Ministry of Finance has published the Report on the State budget. The annual State Budget Report is an important way to help improve publicity and transparency of the budget in Vietnam through the assessment of international transparency organizations.

The report helps people, even those without direct knowledge of finance, to access basic information about the state budget, management and use of the budget and helps them contribute to allocation, management and use of the state budget to the National Assembly through their deputies.

The report on the State budget estimate in 2022 will provide people with the most basic information on the assessment of the implementation of the state budget in 2021, including: the context of the implementation of the state budget in 2021; fiscal policy to cope with the Covid-19 pandemic; removal of difficulties for businesses and support for people; results of implementation of support policies by October 15, 2021; and the budget allocated in 2021.

The report will provide the most basic information and data on the macro bases for developing the state budget estimates, goals and tasks in 2022, as well as budget revenue and expenditure estimates, budget balance and public debt structure.

According to the report, the state budget estimate in 2022 is developed based on economic growth of 6-6.5%; the average growth rate of consumer price index of about 4%; export turnover growth rate of about 5.2% and crude oil price of US$60/barrel.

Accordingly, it is expected that the total state budget balance in 2022 will be VND1,411.7 trillion, up by 3.4% year-on-year. The rate of mobilization to the state budget will be about 15.1% of GDP, of which from taxes and fees will be about 12.7% of GDP. It is expected that the total state budget expenditure in 2022 will be VND1,784.6 trillion, up 4.5% year-on-year.

The state budget deficit is expected at VND372.9 trillion, about 4% of GDP; public debt by the end of 2022 will be about 43-44% of GDP and the Government's direct debt repayment obligation will be about 21-22% of total state budget revenue.

The 2022 state budget estimate aims to maintain macroeconomic stability, control inflation, and ensure social security; effectively mobilize, allocate and use the State's fund for anti-COVID-19 pandemic and take advantage of opportunities to promote socio-economic recovery and development.

In addition, the 2022 state budget estimate is to restructure the state budget, manage public debt, ensure the leading role of the central budget, promote the initiative of ministries, government agencies and local agencies; step up administrative reform, in association with the reorganization of the apparatus, streamlining of staff; renovate the public service delivery sector and tighten discipline and save state budget.

Allocation of the State Budget estimates in 2017 VCN – The Prime Minister has signed Decision 2309/QD-TTg assigning State budget estimates in 2017.

The report also provides additional information on the financial plan - state budget plan for the 2022 - 2024 period and solutions, as a basis for considering and deciding on the state budget estimate in 2022.