Politics

NA sets 2024 State budget collection target at almost 70 billion USD

The National Assembly (NA) on November 10 adopted a resolution on the state budget estimates for 2024, which targets next year’s state budget collection at over 1.7 quadrillion VND (nearly 69.8 billion USD).
NA sets 2024 State budget collection target at almost 70 billion USD ảnh 1The NA adopts the resolution on the state budget estimates for 2024 on November 10. (Photo: VNA)

Hanoi (VNA) – The NationalAssembly (NA) on November 10 adopted a resolution on the state budget estimatesfor 2024, which targets next year’s state budget collection at over 1.7quadrillion VND (nearly 69.8 billion USD).

The resolution won approval from 466 of470 legislators voting at the sitting, part of the ongoing sixth session of the15th NA.

Accordingly, the state budget spendingfor 2024 is set at more than 2.1 quadrillion VND.

The state budget overspending is setat 399.4 trillion VND, equivalent to 3.6% of the gross domestic product (GDP). Itconsists of 372.9 trillion VND in the central budget overspending and 26.5trillion VND in the local budget overspending, respectively equivalent to 3.4%and 0.2% of GDP.

Meanwhile, total borrowings for thestate budget next year are targeted at more than 690.5 trillion VND.

NA sets 2024 State budget collection target at almost 70 billion USD ảnh 2NA deputies of Vinh Phuc province vote on the resolution on November 10. (Photo: VNA)

Theresolution also mentioned the governance of the 2023 state budget and thereform of the salary policy from July 1, 2024.

Itrequested that the Government administer the fiscal policy in a proactive, reasonable,flexible, and effective manner; harmoniously coordinate this policy with themonetary policy and others; ensure timely response to complex developments inthe domestic and international situations to maintain macro-economic stability,control inflation, boost growth, and guarantee major economic balances; andespecially take measures to address the decline in the rates of money mobilisedfrom different sources for the state budget.

TheGovernment also needs to tighten discipline and enhance the sense ofresponsibility among agencies and localities’ leaders towards the finance andbudget management and use, spend the state budget as planned in a thrifty andeffective manner, minimise unnecessary expenditures to reserveresources for disaster and epidemic response, and supplement funding fordevelopment investment and economic recovery, according to the resolution./.

VNA
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