Vietnam’s 2025 Budget Deficit Falls 15.1% Below Estimate

Vietnam’s National Assembly passed a resolution on the 2025 state budget final accounts on November 13. The final accounts put the budget deficit at VND 400.163 trillion, or 3.1% of GDP, 15.1% below the budget estimate and under the 3.8% ceiling approved by the National Assembly.

The resolution approved state budget revenue of VND 4,267.354 trillion, including funds carried over from 2024, local budget surpluses and revenue from financial reserve funds. Expenditure was VND 4,560.931 trillion, including spending carried over to 2026. Total borrowing to cover the deficit and repay debt principal was VND 763.909 trillion.

Finance Minister Ngô Văn Tuấn said Vietnam’s GDP grew 8.02% in 2025 and state budget revenue exceeded the estimate by 36.8%. He also acknowledged shortcomings in budget planning and execution, high tax arrears, and persistent delays in allocating and disbursing public investment funds and spending on related programs at some ministries and local authorities.

Vietnamese Finance Minister Ngô Văn Tuấn presents a report on the state budget final accounts.（VietVance）

Ngô Văn Tuấn also noted that both the amount and share of budget funds carried over continued to rise, while issues involving the management of salary reform funds, budget advances and construction arrears remained unresolved. The government added provisions to the resolution to strengthen discipline in budget use and link the management of carryovers to the responsibilities of agency heads. The resolution also allows part of the unused 2025 public investment budget funded by foreign capital to supplement the budgets of relevant ministries and local authorities.

Source: VietVance