Dec. 2 (Bloomberg) -- Vietnam’s budget deficit may reach 142.4 trillion dong ($7.7 billion) this year, after state revenue fell due to the global crisis and the government boosted spending to spur the economy, according to the Finance Ministry.

Government income is estimated to total 390.65 trillion dong while spending may be more than 533 trillion in 2009, the ministry said in its annual report obtained by Bloomberg News today. It didn’t have comparable figures for last year.

Vietnam is “faced with a huge trade deficit and they are also faced with a big budget deficit, so these twin deficits are presenting incredible challenges,” Mark Mobius, who oversees about $25 billion of emerging-market securities as chairman of Templeton Asset Management, said in an interview last week. The $90 billion economy posted a $1.97 billion trade gap in November, the highest since the first half of 2008.

Vietnam early this year put in place stimulus measures that the government values at $8 billion in a bid to boost the economy, which grew 3.1 percent in the first quarter, the slowest pace on record. The package may increase Vietnam’s budget deficit to as much as 10.3 percent of gross domestic product this year from 4.1 percent in 2008, the Asian Development Bank said in September.

The government plans to narrow its budget shortfall to 120.7 trillion dong in 2010 with its revenue increasing to 461.5 trillion dong on higher exports and domestic sales, according to the Finance Ministry’s report.