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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) |
Budget overspending is estimated to reach 222 trillion VND, or 3.6 percent of
the gross domestic product (GDP), in which central budget overspending will be
209.5 trillion VND and local budget overspending 12.5 trillion VND. The total
state loans will top 425.2 trillion VND.
The legislature agreed to use 10.38 trillion VND left from the central budget in
2017 to offset lower State and local budget collections and assist localities
lacking funds to pay salaries.
As much as 138.5 billion VND funded by the World Bank will be used for banking
management and the modernisation project during the 2016-2020 period, while more
than 79.8 billion VND in non-refundable official development assistance sourced
from the Republic of Ireland’s Government will be allocated to a project on
supporting particularly disadvantaged communes.
Upwards of 8.2 billion VND will be provided for the northern province of Cao
Bang and over 14.8 billion VND for Bac Kan province to support farming
households.
Up to 70 billion VND in non-refundable aid from the Belgian Government will be
used for a project on water resource management and urban development amidst the
impacts of climate change in the central province of Binh Thuan.
The legislative body urged the Government to closely direct fiscal policy and
combine it with monetary policies to develop production, stabilise the
macro-economy, curb inflation, and promote economic growth.
The Cabinet was also required to intensify inspections to ensure the transparent
use of State budget, as well as the prevention of trade frauds, tax loss, and
transfer pricing.–VNA
Source: VNA
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