The plenary sitting on the morning of November 11, 2015 (Source : Ministry of Finance)
Hanoi (VNA) – Lawmakers approved a draft resolution on State budget estimates for 2016 with a majority of votes on November 11. 

Accordingly, the budget revenue is projected at 1,019.2 trillion VND (45.86 billion USD), while total spending will be 1,273.2 trillion VND (57.3 billion USD), resulting in a deficit of 254 trillion VND, equivalent to 4.95 percent of GDP. 

The resolution calls on the Government to implement a tight fiscal policy together with monetary policy in order to support production and business, continue stabilising the macro economy, control inflation, and ensure a higher economic growth than 2015. 

Attention must be paid to intensifying supervision over and transparency of budget use, especially in the fields prone to corruption and wastefulness, cutting down unnecessary and ineffective expenses, and strengthening inspections to limit tax losses and prevent smuggling and trade frauds. 

According to the resolution, from January 1, 2016, the monthly pay for people with under-2-million VND retirement pensions and pre-school teachers who worked before 1995 will be stipulated as the National Assembly’s Resolution No. 78/2014/QH13 issued on November 10, 2014. 

Meanwhile, the minimum wage for public servants and those working in armed forces will be raised to 1,210,000 VND per month from the currently 1,150,000 VND from May 1, 2016. Retirement pensions and allowances for policy beneficiaries will maintain an 8 percent increase as in 2015. 

Next year, 60 trillion VND (2.7 billion USD) worth of Government bonds will be issued to invest in projects using Government bond capital decided by the legislature. 

During their plenary sitting on the morning of November 11, NA deputies also discussed the revised Maritime Code. 

They proposed for the adjustment of regulations on fishing vessels, mobile drilling rigs, floating docks, military ships and ports, and domestic waterway ports if they are directly involved in maritime activities. 

Deputy Dang Thi My Huong from Ninh Thuan province asked for clarifying the legal status between captains and ship owners. 

Many deputies called for thorough consideration of importing old ships to avoid bad impact on the environment. 

Some suggested the establishment of a port authority to take advantage of sea ports in order to contribute to maritime economic development in the time ahead. 

In the afternoon, lawmakers are expected to look into the draft Law on Fees and Charges.-VNA