Budget a hot topic at National Assembly
The State budget was a hot topic at Oct. 24's group meetings during the second session of the 13th National Assembly.
The State budget was a hot topic at Oct. 24's group meetings during the second session of the 13th National Assembly.
Most National Assembly (NA) deputies said some criteria in the State budget estimates were not practical.
Deputy Dinh Xuan Thao said that if the State Budget Law is not amended, it will be very difficult to build a suitable budget based on the country's real needs.
Deputy Nguyen Ngoc Hoa said that this year's total budget spending exceeded the target which proved that fiscal policy tightening had not been well implemented. Next year, revenue could fall from the impact of crude oil prices and land use fees.
Deputy Tran Du Lich said that the method used to allocate the budget should be amended soon as it is currently equal between localities which makes it difficult to minimise budget spending.
A dramatic change to the budget allocation method will require insight into Government revenues at both the central and local levels, he said. In poor provinces, public services could be subsidised by the State while wealthy provinces could use their own revenue to pay for public services. Any funds from the State budget used to finance public services must be monitored.
However, experts believe the situation of advertisements negatively impacting consumers could be dealt with the law on protecting consumer rights that took effect on the first of July this year.
Due to a limited budget, the Government should identify specific areas for reasonable budget allocation, said deputy Pham Quang Nghi, adding that it should determine the most urgent issues and conduct in-depth analyses on specific areas in order to determine which provinces or sectors needed an increase or decrease in their budget allocation.
Trinh The Khiet said State budget allocation should be focused on the development of key transport systems, infrastructure facilities and sciences which were vital to developing the economy.
According to the 2011 State budget report, the year's total spending was estimated to exceed the target by 9.7 percent, or 70.4 trillion VND (3.3 billion USD)./.
Most National Assembly (NA) deputies said some criteria in the State budget estimates were not practical.
Deputy Dinh Xuan Thao said that if the State Budget Law is not amended, it will be very difficult to build a suitable budget based on the country's real needs.
Deputy Nguyen Ngoc Hoa said that this year's total budget spending exceeded the target which proved that fiscal policy tightening had not been well implemented. Next year, revenue could fall from the impact of crude oil prices and land use fees.
Deputy Tran Du Lich said that the method used to allocate the budget should be amended soon as it is currently equal between localities which makes it difficult to minimise budget spending.
A dramatic change to the budget allocation method will require insight into Government revenues at both the central and local levels, he said. In poor provinces, public services could be subsidised by the State while wealthy provinces could use their own revenue to pay for public services. Any funds from the State budget used to finance public services must be monitored.
However, experts believe the situation of advertisements negatively impacting consumers could be dealt with the law on protecting consumer rights that took effect on the first of July this year.
Due to a limited budget, the Government should identify specific areas for reasonable budget allocation, said deputy Pham Quang Nghi, adding that it should determine the most urgent issues and conduct in-depth analyses on specific areas in order to determine which provinces or sectors needed an increase or decrease in their budget allocation.
Trinh The Khiet said State budget allocation should be focused on the development of key transport systems, infrastructure facilities and sciences which were vital to developing the economy.
According to the 2011 State budget report, the year's total spending was estimated to exceed the target by 9.7 percent, or 70.4 trillion VND (3.3 billion USD)./.
You should also see
Localities get ready for fourth FDI boom
As the year 2024 is expected to witness the start of the fourth wave of foreign direct investment (FDI) to Vietnam, localities nationwide are getting ready to absorb foreign capital flows.
See more
Business
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
Business
Vietjet adds more flights to Dien Bien
To meet the rising demands to visit Dien Bien of people and tourists during the celebration of the 70th anniversary of the Dien Bien Phu victory, Vietjet increased the frequencies of flights between Hanoi, Ho Chi Minh City and the northwestern province to 28 per week.
Videos
Agro-forestry-fisheries products nearly double in Q1
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at over 13.5 billion USD, up nearly 22% over the same period last year, according to the Ministry of Agriculture and Rural Development.
