The National Assembly adopted a resolution on the State budget estimates for 2013 at its working session on November 10.

Accordingly, budget revenues are projected at 816 trillion VND (roughly 38.8 billion USD) while spending would be 978 trillion VND (46.5 billion USD). This would translate into a deficit of 162 trillion VND, equivalent to 4.8 percent of GDP.

The resolution requests that the government pursue a tight fiscal policy in combination with suitable monetary policies to curb inflation and maintain a stable macro economy, while seeking ways to fully tap domestic and foreign resources for restoring production, stimulating business and boosting economic growth.

The NA also requires the government to strictly manage spending activities to prevent wastefulness and corruption, and promote thrifty spending. New construction and projects will be limited next year in order to save money to pay for completed projects or those slated to complete within 2013.

The minimum wage will be adjusted up by 100,000 VND to 1.15 million VND by July 1 next year.-VNA