Vietnam's H1 fiscal deficit represents 23 pct of 2011 estimate

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Vietnam's fiscal deficit in the first six months hit around VND27.78 trillion, equal to just 23 percent of the annual projection, VnExpress reported Monday, citing the Ministry of Finance.

The ministry said the deficit was "quite low." In the remaining months, ministries and government agencies will continue to keep the deficit at a low level and increase revenues for the state budget, it said.

In June, alone, the fiscal deficit was recorded at VND6.83 trillion.

The government is aiming to achieve a budget deficit of less than 5 percent of its gross domestic product for 2011 compared to the 5.3 percent target (roughly VND120.6 trillion) set by the National Assembly.

According to the Ministry of Finance, revenues from the first six months of 2011 amounted to VND327.82 trillion, or 55.1 percent of the annual target.

The revenue represented a 22.8 year-on-year increase.

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