Vietnam’s State budget revenue is estimated at VND1.62 quadrillion ($68.5 billion) in 2023, up 0.4 per cent from 2022, according to a newly-released report from the Ministry of Finance.

Central budget collections are projected at VND863.5 trillion ($36.5 billion) and local budget collections VND757.2 trillion ($32 billion), the report stated.

Expenditures will be VND2.07 quadrillion ($87.6 billion), up 16.3 per cent against the 2022 estimate.

State budget overspending is projected at VND455.5 trillion ($19.2 billion), equal to 4.42 per cent of national GDP.

Spending for development in 2023 is estimated at VND727.7 trillion ($30.8 billion), accounting for 35 per cent of total State budget expenditure and 38.1 per cent higher than the 2022 estimate.

The report projects national GDP growth at 6.5 per cent and annual per capita income at $4,400, with the manufacturing and processing sector to contribute 25.4-25.8 per cent to national GDP while the CPI will increase some 4.5 per cent.