Hanoi (VNA) – State budget collection isexpected to rise 1.5 percent over 2020, according to a Government report onState budget estimate for 2021, which is being put on discussion before beingsubmitted to the National Assembly.

The report further said State budget collection in the yearis estimated at over 1.343 quadrillion VND (about 58 billion USD). The amountmobilised for State budget is about 15.5 percent of the GDP.

It also projects State budget expenditure in 2021 at 1.68quadrillion VND, 3.4 percent lower than the estimate in 2020.

Meanwhile, public debt in 2021 is predicted to stay at 46.1percent of the GDP.

The report predicted that the world economic situation in2021 will continue to be difficult due to impact of the COVID-19 pandemic whichis causing a fall in investment, trade, human resources, supply connections andaffecting consumer’sconfidence.

The growth recovery will greatly depend on the controllingof the pandemic, according to the report.

Alongside, climate change, extreme weather conditions andother epidemics are also threatening the recovery of many economies.

Meanwhile, the domestic economy will continue to face risksand challenges to complet the duo targets of controlling the pandemic andpromoting economic growth.

The report defines that the State budget purpose in 2021 isto mobilise, allocate and effectively use State resources for themacro-economic stability, speeding up economic recovery and ensuring socialwelfare.

The restructuring of State budget in line with the streamliningof the public apparatuses and the saving of the budget are another objective ofthe year.

The report projects that economic growth in the year willexpand 6 percent compared to 2020, while the rise of consumer price index willbe about 4 percent. The crude oil price is predicted to stand at 45 USD perbarrel, and export revenue to grow about 5 percent./.