Vietnam targets lower budget deficit in 2019

HANOI, Nov 11 (Xinhua): Vietnam aims to lower its 2019 budget deficit to 3.6 percent of gross domestic product (GDP) from the 3.7-percent target set for this year.

The budget plan was approved on Friday by the National Assembly of Vietnam, the country's top legislature, during its ongoing sixth session of the 14th tenure.

Accordingly, the total state budget collection is set to reach over 1.4 quadrillion Vietnamese dong (61.4 billion US dollars), while the total spending will hit more than 1.633 quadrillion Vietnamese dong (over 71 billion US dollars), resulting in a deficit of 222 trillion Vietnamese dong (nearly 9.6 billion US dollars), or 3.6 percent of the projected GDP.

As part of the plan, basic monthly salary will be revised up from 1.39 million Vietnamese dong (60.4 US dollars) to 1.49 million Vietnamese dong (64.8 US dollars) from July 1, 2019.

Vietnam will strive to post a higher GDP growth of 6.6-6.8 percent next year, compared to the target of 6.5-6.7 percent set for this year, according to the socio-economic development plan approved by the National Assembly on Thursday.