State budget revenue exceeds VND2 quadrillion for the first time

The figure was equivalent to 119% of the target and 15.5% compared to 2023, the ministry said in its report presented at a year-end review meeting of the financial sector in Hanoi on December 31.

Elsewhere, the state budget deficit stood at approximately 3.4% of GDP, a reduction of VND10 trillion compared to the planned target primarily due to reduced local budget deficits.

In 2024, the ministry managed the issuance of government bonds to effectively utilize state treasury funds, ensure the payment of expenditures, and promptly settle principal debts due.

A total of VND330.4 trillion in government bonds was issued in 2024, meting 82.59% of the year’s initial target.

In addition, the financial sector effectively controlled public debt and restructured the debt portfolio towards safety and sustainability.

By the end of 2024, public debt was estimated at approximately 36-37% of GDP, while government debt was kept at around 33-34% of GDP. The government’s direct debt repayment obligations were about 20-21% of state budget revenue, below the ceiling set by the National Assembly.

All three major credit rating agencies – S&P, Fitch and Moody’s maintained Vietnam’s sovereign credit rating at stable and positive levels, driven by the country’s successful economic management, strong export growth, increased foreign investment, and low public debt levels.

Throughout the year, the Ministry of Finance implemented proactive, reasonably expansive, and efficient fiscal policies with a focus on revenue collection, stringent management, and cost-saving measures in recurrent expenditures, allowing resources to be redirected toward development investments.

The financial sector effectively managed prices and markets in line with real-world developments, and resolved difficulties for production and business activities, helping to control inflation and stabilize citizens’ livelihoods.