HCMC - The National Assembly has approved a resolution on 2024 State budget revenue, in which Government borrowings will be capped at VND690.5 trillion, up 6% over this year.

The resolution was approved on November 10 by 94% of the deputies present at the ongoing sixth session of the National Assembly. For 2024, the State budget revenue is targeted at VND1.7 quadrillion, equivalent to nearly US$70 billion. Meanwhile, State budget spending is set at VND2.1 quadrillion, hence a budget deficit of around VND399.4 trillion, equivalent to 3.6% of GDP. The total borrowings for 2024 limited at VND690.5 trilllion represent an increase of over VND42.4 trillion over the approved amount in 2023. These funds will be used to cover the budget deficit, repay principal and refinance existing debt. The National Assembly asked the Government to deploy monetary and fiscal policies to maintain macroeconomic stability, control inflation, and fuel economic growth.