State budget collection forecast to surpass 60 billion USD in 2019
The National Assembly has issued a resolution on State budget estimates for 2019, in which total State budget collection will likely reach over 1.411 quadrillion VND (60.67 billion USD), while the total spending will hit more than 1.633 quadrillion VND.
National Assembly deputies press button to approve resolution on State budget estimates for 2019 at the 14th NA's sixth session (Source: VNA)
Hanoi (VNA) – The National Assembly has issued a resolution onState budget estimates for 2019, in which total State budget collection willlikely reach over 1.411 quadrillion VND (60.67 billion USD), while the totalspending will hit more than 1.633 quadrillion VND.
Budget overspending is estimated to reach 222 trillion VND, or 3.6percent of the gross domestic product (GDP), in which central budget overspendingwill be 209.5 trillion VND and local budget overspending 12.5 trillion VND. Thetotal state loans will top 425.2 trillion VND.
The legislature agreed to use 10.38 trillion VND left from the centralbudget in 2017 to offset lower State and local budget collections and assistlocalities lacking funds to pay salaries.
As much as 138.5 billion VND funded by the World Bank will be used forbanking management and the modernisation project during the 2016-2020 period,while more than 79.8 billion VND in non-refundable official developmentassistance sourced from the Republic of Ireland’s Government will be allocatedto a project on supporting particularly disadvantaged communes.
Upwards of 8.2 billion VND will be provided for the northern province ofCao Bang and over 14.8 billion VND for Bac Kan province to support farminghouseholds.
Up to 70 billion VND in non-refundable aid from the Belgian Governmentwill be used for a project on water resource management and urban developmentamidst the impacts of climate change in the central province of Binh Thuan.
The legislative body urged the Government to closely direct fiscal policyand combine it with monetary policies to develop production, stabilise themacro-economy, curb inflation, and promote economic growth.
The Cabinet was also required to intensify inspections to ensure thetransparent use of State budget, as well as the prevention of trade frauds, taxloss, and transfer pricing.–VNA
Lawmakers discussed the State budget estimate for 2018 and the allocation for 2019, as well as the State budget financial plan for 2019-2021 during the ongoing sixth session of the 14th National Assembly (NA) in Hanoi on October 29, which was broadcast live nationwide.
Lawmakers passed a draft resolution on the socio-economic development plan for 2019 with a 92.16 percent approval rate during the ongoing sixth session of the 14th National Assembly (NA) in Hanoi on November 8.
The 12th National Assembly approved the State budget projection for 2019, with an approval rate of 86.19, during its ongoing sixth session in Hanoi on November 9.
Prime Minister Nguyen Xuan Phuc chaired a cabinet meeting on November 27 on the drafting of Resolution No.01 on major tasks and solutions to implement the socio-economic development and State budget estimate for 2019.
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National Assembly deputies press button to approve resolution on State budget estimates for 2019 at the 14th NA's sixth session (Source: VNA) 
