Page 60 - ISC PROCEEDINGS 21.4

Table 1. Consolidated State Budget Data, 2021–2025
Indicator / Year 2021 2022 2023 2024 2025
Total SB Revenue 1,591,411 1,820,300 1,754,000 2,037,500 2,650,000
(VND billion)
Total SB
Expenditure (VND 1,747,100 1,750,800 2,076,244 1,830,800 2,401,500
billion)
Expenditure-to-
Revenue Ratio (%) 109.8 96.2 128.1 89.9 90.6
Planned PIE (VND 477,300 526,100 711,700 657,300 756,114
billion)
Actual PIE
Disbursement 456,776 480,960 662,735 578,424 694,112
(VND billion)
Disbursement
Rate (%) 95.7 91.4 93.1 88.0 94.8
PIE / Total SB
Expenditure (%) 26.1 27.5 31.9 31.6 28.9
Source: Ministry of Finance compiled by author
On average during the 2021-2025 period, the ST allocated over VND 600 trillion
annually for PIE, reaffirming the pivotal role of public investment in stimulating aggregate
demand, developing infrastructure, and laying the foundation for long-term growth.
In terms of structure, PIE concentrated on three major priority groups. First, socio-
economic infrastructure accounted for the largest share (approximately 55-60% of total
capital), of which the transport sector alone typically represented 30-35% of total annual
public investment. Major projects such as the North-South Expressway, Long Thanh
International Airport, seaport systems, power transmission grids, irrigation works, and
disaster prevention and control were prioritized for substantial capital allocation. Second,
digital transformation and innovation accounted for about 5-8% of total capital, focusing
on the development of information technology infrastructure, national databases, Level-4
online public services, and digital government platforms. Third, regional development and
social welfare programs made up approximately 25-30%, including national target
programs on sustainable poverty reduction, socio-economic development in ethnic
minority and mountainous areas, as well as upgrades to healthcare, education, and urban
infrastructure.
From a governance perspective, the 2021-2025 period recorded significant progress
in the digitalization of Public financial governance. The TABMIS was implemented
comprehensively across 100% of central, provincial, and district-level State Treasuries
(now reorganized into the State Treasury and regional State Treasuries), processing tens
of millions of transactions annually and enabling near real-time monitoring of ST
allocation, expenditure commitments, and capital payments. The National E-Procurement
System digitalized nearly the entire procurement process, with hundreds of thousands of
bidding packages published and processed electronically. The application of Level-4 online
public services in expenditure control shortened the average payment processing time
from 3-5 days to 1-2 days for many types of transactions.
In addition, ST transparency has been strengthened. The MOF and the State Treasury
publicly disclose medium-term and annual capital plans on their official portals; ST data is

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