Legislature passes Resolution on 2020 state budget plan
VGP – With 93.37% of votes, the National Assembly passed a resolution on state budget plan for 2020 on November 12 in Ha Noi.
Accordingly, total budget revenue is expected to reach VND 1,512 trillion while total budget spending is estimated at VND 1,747 trillion.
State budget overspending would be VND 234.8 trillion, equivalent to 3.44% of Viet Nam's GDP including VND 217.8 trillion of central budget overspending (3.2% of GDP) and VND 17 trillion of local budget overspending (0.24% of GDP). Total loan of state budget would be over VND 488 trillion. Total budget collection would be VND 1,512 trillion.
The NA also approved of capital structure adjustments of medium-term investment plan in the 2016-2020 period and two national target programs.
Especially, VND 241.021 billion will be added to the national target program on sustainable poverty reduction in the 2016-2020 period.
The NA tasked the Government to regulate the fiscal policies in a close, efficient, and transparent manner; flexibly and synchronously work with monetary policies to stabilize the macro-economy; control inflation; tighten disciplines; and raise responsibilities of leaders in budget management and spending.
The Government was tasked to take drastic steps in managing state budget collection; restructuring revenues; reduce tax debts; expand e-invoices; and strive for financial plans in the 2016-2020 period./.
By Kim Loan