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Vietnam to Cut 10% Total Investment Capital in 2011: MoIT

Vietnam planned to cut roughly VND97 trillion social investments and development capital or 10% total estimated investment capital in 2011

Vietnam planned to cut roughly VND97 trillion social investments and development capital or 10% total estimated investment capital in 2011, the local newspaper Vietnam Investment Review reported on April 28, citing the Ministry of Planning and Investment (MoIT).

In details, the country set to cut VND50 trillion by reducing 32% capital from government bonds, 10% credit of the state. The capital cut followed the government Resolution 11 is VND nearly VND47 trillion this year.

The Vietnamese government ordered to reduce current expenditures by 10% of the year’s estimate and raise collecting revenue by between 7%-8% of the year’s estimate in the efforts of taming inflation.

Vietnam’s state budget deficit is estimated to amount to VND11.465 trillion in the first quarter of this year, equal to 2,6% of the country’s gross domestic product(GDP). The figure was classified by Vietnam, the Ministry of Finance (MoF) said.

The Southeast Asian country spent VND36.15 trillion for investments for development projects, equal; VND118.77.5 trillion for current expenditure, and around VND12.075 trillion for foreign loans payments in the period.

Last year, Vietnam state budget deficit fell to 5.8% of the value of the country’s gross domestic production in 2010 from the earlier target of 6.2%, the Ministry of the Planning and Investment reported at the government on October 2.

From VietNamBusiness

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