Politics

Budget overspending capped at 3.7 percent of GDP next year

The 14th National Assembly (NA) passed the resolution on state budget estimates for 2018 on November 13, part of its ongoing fourth session in Hanoi.
Budget overspending capped at 3.7 percent of GDP next year ảnh 1A view of a meeting of the National Assembly (Photo: VNA)

Hanoi (VNA) – The 14th National Assembly (NA)passed the resolution on state budget estimates for 2018 on November 13, partof its ongoing fourth session in Hanoi.

Under the resolution, state budget collection in2018 is estimated at nearly 1.319 quadrillion (58.1 billion USD) while statebudget spending is estimated at 1.523 quadrillion VND (67.1 billion USD). 

The budget overspending of 204 trillion VND(8.98 billion USD) is equivalent to 3.7 percent of GDP.

After voting on the budget estimate resolution,NA deputies discussed the feasibility study report on a land seizure,compensation, support, and resettlement project for the construction of LongThanh International Airport in southern Dong Nai province.

They gave opinions on compensation andresettlement support mechanisms, resettlement areas, total investment in andthe necessity of special mechanisms for the project, vocational training andsocial welfare for people who have land revoked for the project, environmentalimpacts, and socio-economic and financial effects of the project.

Minister of Transport Nguyen Van The laterprovided more information about some relevant issues mentioned by lawmakers.

Also on November 13, the parliament worked ingroups to scrutinise the draft law on protection of state secrets and the draftlaw on cyber security.

On November 14, a draft resolution on pilotingspecial mechanisms and policies for Ho Chi Minh City is expected to besubmitted to the NA. Deputies will look into this draft resolution and thedraft revised law on national defence. They will also vote on a resolution onthe central budget allocation for 2018 and discuss the investment in somesections of the eastern North-South Expressway for 2017-2020.-VNA
VNA
#fourth session of the 14th National Assembly #state budget estimates for 2018 #state budget overspending #Long Thanh International Airport #eastern North-South Expressway #updated Vietnam news #Vietnamplus #Vietnam News Agency
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