Minister of Finance Vu Van Ninh revealed that in 2008, total revenue from taxes and other sources was VND430 trillion (US$22.6 billion) against an earnings forecast of VND323 trillion (US$17 billion) - an increase of 33.3 percent.

Meanwhile, the year’s spending was nearly VND452 trillion (US$23.7 billion) or 13.5 percent over the forecast.

Mr Ninh said the 13.5 percent over-spending was mainly in the areas of development and subsidy for imported oil and gas.

According to Minister Ninh, by late 2008, the Government debt stood at 33.4 percent of the GDP, while the country’s foreign debt was 29.3 percent of the GDP. “These debt figures remain under control,” he said.

Meanwhile, in 2009, Mr Ninh said VND442 trillion (US$23.2 billion) was collected, 13.4 percent over the plan.

In an appraisal report, Dinh Trinh Hao, vice-chairman of the National Assembly’s Committee on Finance and Budget, said the 13.4 percent collected over the plan was a great achievement.

Most members said over-spending estimates for 2009 should increase to 6.9 percent of the GDP, as stated in last November’s NA meeting. They argued that the increase in over – spending would help ease inflation.

Lawmakers agreed with the Government’s proposals to transfer the remaining VND8.955 trillion from 2008 to the 2009 budget-spending plan and that it should be used on capital-construction activities and State credit schemes.

NA Vice Chairman Nguyen Duc Kien praised the Government’s performance in 2009 despite the global economic downturn. “The Government was able to achieve GDP growth of 5.32 percent in 2009, while ensuring good social security,” he noted.