State budget spending in 2012 exceeds estimates by 8.3 percent

The State Audit of Vietnam (SAV) on July 25 announced the result of its 2013 report, which shows that state budget spending in 2012 exceeded estimates by 8.3 percent, or VND2.07 trillion (US$97.3 million).

Meanwhile, budget revenues were 1.9 percent higher than the set target. 

The report also showed a decrease of over VND1.6 trillion in public debts, compared with the figure in a Finance Ministry report. 

The audit of financial reports of the State Bank of Vietnam, the Vietnam Development Bank, and three commercial banks of Vietcombank, Vietinbank and Agribank showed they all registered profits in business activities. 

However, bad debts in the banking sector remained high. According to reports of 125 credit institutions, as of December 31, 2012, the average rate stood at 4.08 percent. 

While auditing, the SAV also discovered wrongdoings in collecting student fees at many universities.