Restructuring expenses

26/06/2016

Kết quả hình ảnh cho Restructuring expenses

Many declining revenues while expenditure needs of growing with the latest forecast is the budget deficit in 2016 has far exceeded the risk of being targeted by the National Assembly that makes the Ministry of Finance indeed worried .
Reporting before the National Assembly Standing Committee a few days ago, Finance Minister Dinh Tien Dung said that the 2016 budget deficit strive at 4.95% of GDP. However, forecasts from a number of international organizations to find possibilities budget deficit will be much higher. It can happen if looking at the numbers nearly 70,000 billion deficit of the budget in the first 5 months.
 Unbalanced condition of spending budget is weighing when many locals achieve revenue targets at low level. Total domestic revenue after 5 months is at only 40.9% of the estimate. In particular, revenues from state-owned enterprise sector is very low, only 28.8% of the estimate.
World oil prices plunged in earlier months of the year 2016 has made oil revenues also declined, only 29.2% of the estimate and 48.1% decrease in comparison of the same period last year. Net revenue from export and import operations by 37.8% estimate only.
It is not without reason when President Asian Development Bank (ADB) Takehiko Nakao once again highlighted the need to "improve" the recurrent expenditures of the government if we do not want the economy will face difficulty in the context of Vietnam's public debt is about 65% of GDP.
In order to curb the budget deficit constant, according to leaders of the ADB, the Government should enhance domestic revenues and spending review in the context of domestic debt is constantly increasing. Besides the need to diversify revenue sources, the strengthening of debt management is also important. In fact, to achieve safe, sustainability for the budget, it's time the financial sector needs to be restructured revenues.
The restructuring revenues, according to economist Vu Dinh Anh, have deemed urgent task. As long as the revenues for the state budget relies on revenue from import and export activities, the exploitation of resources, as long as that revenue structure is not really sustainable.
If the Government does not want to continue operating the state budget as at present, we need to quickly restructure and avoid revenue from depending a few large revenues or the revenues that basis taxes have increased volatility.
To achieve this objective, there should be radical solutions to promote production and business operations development, creating opportunities for small and medium business sector to play a more important role in the economy. These changes will help Vietnam reduce debt pressure in the context of only two years to go until the time when Vietnam will not get loans with preferential interest rates as today.


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