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Vietnamese overspending tops $4.8 bln in 8 months

Vietnamese overspending tops $4.8 bln in 8 months

Wednesday, August 28, 2013, 09:17 GMT+7

Vietnam posted an overspending of around VND102 trillion (US$4.8 billion) in the year to August 15, equal to the figure recorded in the same period a year ago, according to the General Department of Statistics.

Total budget revenue over eight months was estimated at VND461 trillion, meeting 56.5 percent of the full-year target, while total expenditure stood at VND563 trillion, or 57.6 percent of estimates, figures from the department show.

Domestic revenue reached VND299.6 trillion, nearly 30 percent of which was contributed by the public sector, while the private and foreign-invested sectors accounted for 22.5 percent and 21 percent, respectively.

Personal income tax collection contributed VND32.1 trillion to the national treasury.

Meanwhile, most of the spending was earmarked for investment and development -- VND98.2 trillion, accounting for 56.1 percent of full-year estimates.

Remarkably, in the first eight months of the year, Vietnam had to earmark a total of VND64.1 trillion, or $3 billion, to repay foreign debts and grants.

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