National Audit Report for the 2014 fiscal year announced

The National Audit Report for the 2014 fiscal year was announced in Hanoi on July 11 by the State Audit of Vietnam (SAV).

The national audit report examined records from 14 ministries and central agencies, 35 major cities and provinces, and 40 State-owned enterprises and credit institutions.

The SAV reported that the State Budget collection in 2013 was over VND1,084 trillion (US$49.7 billion), with State budget spending of more than VND1,277 trillion (US$58.5 billion).

The overspending made up 6.6 percent of gross domestic production, about 1.3 percent higher than the rate approved by the National Assembly.

The public debt in 2013 was over VND1,954 trillion (US$89.5 billion), accounting for 54.5 percent of GDP, while the public debt in 2012 made up 55.7 percent of GDP.

Dao Van Dung, head of the SAV's General Affairs Department, said that State-owned enterprises submitted incorrect reports regarding revenues and taxable costs, which meant they paid less VAT and corporate income tax than they should have.

They had been asked to pay an extra VND3.28 trillion (US$150.5 million) to the State Budget, he said.

The reported said the SAV also audited the State Bank of Vietnam. The bank was said to have operated flexibly and efficiently used monetary policy to contribute to macro-economic objectives under the socio-economic development plan in 2013.

However, banking activities still faced challenges such as credit quality and the ratio of bad debt.