The focus of discussion at the ongoing meeting of the National Assembly Standing Committee on April 14 was State budget collection and spending in 2008 and 2009.
In this report, Minister of Finance Vu Van Ninh said in 2008, total revenue from taxes and other sources was 430 trillion VND (22.6 billion USD) against an earnings forecast of 323 trillion VND (17 billion USD)- an increase of 33.3 percent.
Meanwhile, the year’s spending was nearly 452 trillion VND (23.7 billion USD) or 13.5 percent over the forecast.
Ninh said the 13.5 percent over-spending was mainly in the areas of development and subsidy for imported oil and gas.
According to Ninh, by late 2008, the Government debt stood at 33.4 percent of the GDP, while the country’s foreign debt was 29.3 percent of the GDP.
“These debt figures remain under control,” Ninh said.
Meanwhile, in 2009, Ninh said 442 trillion VND (23.2 billion USD) was collected, 13.4 percent over the plan.
In an appraisal report, Dinh Trinh Hao, vice-chairman of the National Assembly’s Committee on Finance and Budget, said the 13.4 percent collected over the plan was a great achievement.
Most members said over-spending estimates for 2009 should increase to 6.9 percent of the GDP, as stated in last November’s NA meeting.
They argued that the increase in over –spending would help ease inflation.
Lawmakers agreed with the Government’s proposals to transfer the remaining 8.955 trillion VND from 2008 to the 2009 budget-spending plan and that it should be used on capital-construction activities and State credit schemes.
National Assembly Vice Chairman Nguyen Duc Kien was full of praise for the Government’s performance in 2009 considering the global economic downturn.
“The Government was able to achieve GDP growth of 5.32 percent in 2009, while ensuring good social security,” Kien said.
Kien called on the Government to improve its economic forecasts.
He also said the Government should keep on top of its budget collection and spending so that the National Assembly could make a sound forecast for the 2010 State budget./.
In this report, Minister of Finance Vu Van Ninh said in 2008, total revenue from taxes and other sources was 430 trillion VND (22.6 billion USD) against an earnings forecast of 323 trillion VND (17 billion USD)- an increase of 33.3 percent.
Meanwhile, the year’s spending was nearly 452 trillion VND (23.7 billion USD) or 13.5 percent over the forecast.
Ninh said the 13.5 percent over-spending was mainly in the areas of development and subsidy for imported oil and gas.
According to Ninh, by late 2008, the Government debt stood at 33.4 percent of the GDP, while the country’s foreign debt was 29.3 percent of the GDP.
“These debt figures remain under control,” Ninh said.
Meanwhile, in 2009, Ninh said 442 trillion VND (23.2 billion USD) was collected, 13.4 percent over the plan.
In an appraisal report, Dinh Trinh Hao, vice-chairman of the National Assembly’s Committee on Finance and Budget, said the 13.4 percent collected over the plan was a great achievement.
Most members said over-spending estimates for 2009 should increase to 6.9 percent of the GDP, as stated in last November’s NA meeting.
They argued that the increase in over –spending would help ease inflation.
Lawmakers agreed with the Government’s proposals to transfer the remaining 8.955 trillion VND from 2008 to the 2009 budget-spending plan and that it should be used on capital-construction activities and State credit schemes.
National Assembly Vice Chairman Nguyen Duc Kien was full of praise for the Government’s performance in 2009 considering the global economic downturn.
“The Government was able to achieve GDP growth of 5.32 percent in 2009, while ensuring good social security,” Kien said.
Kien called on the Government to improve its economic forecasts.
He also said the Government should keep on top of its budget collection and spending so that the National Assembly could make a sound forecast for the 2010 State budget./.
