Central budget to spend over 1 quadrillion VND next year

 

Hanoi (VNA) – The National Assembly approved a resolution on November 14 towards the allocation of the central budget for 2019 with a 90.31 percent approval rate amongst lawmakers.

The resolution has set the goal of nearly 810.1 trillion VND (34.8 billion USD) to be collected for the central budget, and about 601.2 trillion VND (25.8 billion USD) be collected for local budgets in 2019.

Meanwhile, the central budget is set to spend almost 1.02 quadrillion VND (43.8 billion USD) next year, including over 321.3 trillion VND (13.8 billion USD) to be used for local budgets and ensuring budget balance.

The resolution specifies how much of the central budget is allocated to each field, ministry, central agency, and national target programme. It also regulates the permitted overspending level of local budgets, the level of borrowing to make up for overspending, and the level of borrowing to pay off original debts of each locality.

The NA has tasked the Government with the collection and spending of the central budget, as well as the allocation of the budget to each ministry, central agency, and provincial-level locality.

The Cabinet is assigned to further allocate capital to effective programmes and projects, while reducing the capital provided for sluggish projects to ensure capital efficiency. It is also asked to accelerate programmes and projects of national importance, according to the resolution.

The parliament has assigned the NA Standing Committee, other NA deputies and committees, and the Vietnam Fatherland Front to monitor the allocation of the central budget. The State Audit Office is also requested to audit the allocation. –VNA