Finance Ministry announces State budget estimates for 2022

Illustrative image (Source: VNA)

State budget collection in 2022 is expected to reach over 1.41 quadrillion VND (61.7 billion USD), while expenditure is estimated at about 1.78 quadrillion VND (78.05 billion USD), up 4.5 percent compared to that in 2021, according to a report on State budget estimates for 2022 that has been made public by the Ministry of Finance.

The “Budget Report for Citizens-State Budget Estimates for 2022” provides the public with essential information on macro-economic indices in 2022. Accordingly, revenues of the central budget is estimated to account for 52.36 percent of total budget collection, equivalent to 739.13 trillion VND (32.33 billion USD), while 47.64 percent, or 627.57 trillion VND (27.45 billion USD) will be collected for local budget.

State budget deficit for the year is estimated at 372.9 trillion VND (16.31 billion USD), equivalent to 4 percent of the GDP.

Notably, according to the report, in 2022, two more localities are expected to contribute to the central budget, raising the number of such localities to 18.

Other macro-economic indices for 2022 include a gross domestic product (GDP) growth of 6-6.5 percent, average consumer price index (CPI) rise of about 4 percent, total export revenue expansion of about 5.4 percent, and total social development investment accounting for about 32-34 percent of the GDP./.