National Assembly approves state budget balance in 2018

ABO/VNA - The National Assembly (NA) has issued a Resolution on the allocation of non-refundable aid capital, adjustments to state budget expenditure estimate and approval of state budget balance in 2018.

Accordingly, the NA decided to allocate over 5.37 trillion VND (over 237.7 million USD) of non-refundable aid from the state budget in 2018 to ministries and central agencies.

The NA adjusted the estimate of regular spending, and decided to increase the Ministry of Finance's 2018 estimate for development investment expenditure by over 1.99 trillion VND.

It also decided to approve the final balance of the state budget in 2018.

The total state budget revenue in 2018 was nearly 1.88 quadrillion VND and the total state budget spending was almost 1.87 quadrillion VND.

The state budget overspending was over 153.1 trillion VND, equal to 2.8 percent of the national GDP, excluding the local budget balance.

The total loans from the State budget to offset the overspending and pay the original debt was over 284.8 trillion VND.

The NA assigned the Government to publicise the state budget balance in 2018 in accordance with legal regulations; and direct ministries, central agencies and People's Committees at all levels to promptly overcome shortcomings and limitations stated in the Verification Report No. 1995/BC-UBTCNS14 dated May 26, 2020 of the NA’s Finance-Budget, and conclusions, recommendations of the State Audit and opinions of NA deputies at the 14th NA’s 9th session on the balance of the state budget in 2018.

The Government is responsible for directing ministries, central agencies and People's Committees at all levels to take drastic and synchronous measures to strengthen financial discipline and improve the efficiency of management and use of State budget, minimize the situation of tax evasion, and tax arrears; strictly implement regulations on management of public investment, thoroughly overcome the situation of arising debts of basic construction, accelerate the disbursement of basic construction investment; reduce the regular expenditures; effectively use expenses for education - training, and science and technology.

It will also promote thrift practice, corruption and wastefulness prevention; and strictly and promptly handle organisations and individuals violating regulations on management and use of the state budget.

(Source: VNA)