Government borrowings to increase by 6% in 2024

By Anh Minh   November 9, 2023 | 08:53 pm PT
Government borrowings to increase by 6% in 2024
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The National Assembly has green-lighted the government’s proposal to borrow VND690.55 trillion ($28.35 billion) in 2024, 6% higher than its borrowings this year.

The government’s revenues are estimated to be VND1,700 trillion next year, and the budget deficit will be VND399 trillion, or 3.6% of GDP, according to the financial plan approved by 94% of lawmakers Friday morning.

The VND690 trillion loan will be used to offset the deficit, service existing debts and lending.

The National Assembly asked the government for solutions to increase revenues such as making changes to the laws to prevent tax evasion, especially in e-commerce.

The government has been working on a salary reform program in recent years to address complaints by public sector employees that their wages are too low.

Prime Minister Pham Minh Chinh said Wednesday it has been able to set aside VND560 trillion for the program for until 2026.

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