Vietnam's fiscal deficit passes half a million dollars

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Vietnam's fiscal deficit as of April 15 is estimated to be VND12 trillion (US$585 million), the General Statistics Office said Wednesday.

The office said more than VND202 trillion was spent from the state budget, compared to a total budget revenue of VND190 trillion.

Vietnam's government is targeting a budget deficit of below 5 percent of its gross domestic product for 2011. The target was revised down from an original 5.3 percent of GDP, equivalent to VND120.6 trillion.

The government in February ordered ministries and agencies to withhold 10 percent of non-essential expenditure for the rest of this year.

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