State budget deficit in 2024 equals 2.8% of GDP
The National Assembly resolved to supplement the 2024 state budget revenue estimate (in addition to the amount already supplemented under Resolution No. 1767/NQ-UBTVQH15 dated July 16, 2025 of the National Assembly Standing Committee on supplementing the 2024 state budget revenue estimate; allocation and use of increased central budget revenue in 2024) by 13,760 billion VND, including: increased central budget revenue of 3,408 billion VND; increased local budget revenue of 10,352 billion VND.
Regarding the preparation, execution, and settlement of the 2024 state budget, the National Assembly acknowledged and highly appreciated the Government’s efforts in closely directing and resolutely implementing development solutions, effectively implementing fiscal policy in coordination with monetary policy and other macroeconomic policies to remove difficulties for businesses and people, promote socio-economic recovery and development, and adapt quickly and promptly to fluctuations in the global economy and overcome the severe consequences of natural disasters.
As a result, the socio-economic situation achieved fairly comprehensive results, including: meeting and exceeding all 15 socio-economic development targets set for 2024; annual GDP growth reaching 7.09%, exceeding the target of 6.0-6.5% set by the National Assembly; public debt reaching 34.02% of GDP, government debt reaching 31.76% of GDP, decreasing compared to the previous year and lower than the ceiling and warning thresholds permitted by the National Assembly, contributing to strengthening the macroeconomic foundation, financial security, and national credit rating; national defense and security maintained; social security and welfare policies, care for policy beneficiaries, the poor, people in difficult circumstances, those affected by natural disasters and epidemics, and public health protection are well attended to.
Alongside the positive results achieved, the National Assembly’s Resolution also clearly pointed out the shortcomings and limitations in the preparation, execution, and settlement of the state budget. Specifically, the preparation of state budget revenue and expenditure estimates was not close to reality; some ministries, central agencies, and localities allocated and assigned budgets slowly and with delays, prepared, reviewed, and submitted state budget settlement reports late compared to the prescribed time; disbursement of development investment expenditures and national target program expenditures by some ministries, central agencies, and localities was slow; the scale of expenditure transfers continued to increase.
The situation of adjusting information and data on state budget revenues and expenditures after the period of finalizing the state budget settlement has not been rectified. The implementation of conclusions and recommendations of the State Audit at some agencies and units has not been fully and promptly ensured.
In the Resolution, the National Assembly approved the 2024 state budget settlement as follows:
The total state budget balance revenue is 3,402,379 billion VND, including revenue transferred from 2023 to 2024, local budget surplus revenue in 2023, and revenue from financial reserve funds as stipulated by the State Budget Law.
The total state budget balance expenditure is 3,587,655 billion VND, including expenditure transferred from 2024 to 2025.
The state budget deficit is 323,308 billion VND, equal to 2.8% of GDP, excluding local budget surpluses.
The total borrowing of the state budget to cover the deficit and repay principal is 611,200 billion VND.
Rectify and overcome shortcomings and limitations in the preparation, management, and use of the state budget
The Resolution assigns the Government to publicly disclose the 2024 state budget settlement in accordance with legal regulations. At the same time, direct ministries, central agencies, People’s Committees at all levels, and units managing state budget revenues and expenditures to:
Implement decisive and comprehensive measures to strengthen financial discipline and order, management, use, and settlement of the state budget. In 2026, implement solutions to overcome the shortcomings
