Updated  
April, 18 2014 08:27:23

Lawmakers discuss budget

A motorbike components manufacturing chain at a machinery spare parts company in northern Thai Nguyen Province. A draft law on investment and management of State stake in enterprises is expected to improve the efficiency of State capital invested in production and business. — VNA/VNS Photo Hoang Hung

HA NOI (VNS) — Members of the National Assembly Standing Committee yesterday agreed with a Government report that said ministries, agencies and localities performed well in their budget collections, planning and spending.

According to the Government report, budget revenue for the year 2012 exceeded the estimates set by the NA by 1.9 per cent, ensuring resources for State management, the implementation of socio-economic development goals and maintenance of defence and security.

Budget expenditure totalled VND1,171 trillion (US$55.76 billion), 8.3 per cent higher than the estimates.

Deputies said management of budget collections and spending had made certain progress in 2012. The report made clear reasons for each increasing or decreasing amount compared to the assigned estimate amounts.

However, another report by the NA Committee on Finance and State Budget said that collections had not met the NA's own approved estimates.

Some major collections did not reach the assigned figure and the management of tax collection had not been done properly to cope with tax dodgers and pending tax loans.

Meanwhile, the second report said management of State budget spending had certain shortcomings, including spending on wrong purposes, wasteful spending on basic construction, violations in construction investment management.

Nguyen Van Giau, chairman of the NA's Economic Committee said such shortcomings had become more serious each year.

Regarding casino development, committee members agreed with reports by the Government and the NA's Finance-Budget Committee on the issuance of a decree on casino business activities.

However, they noted that casino business is a big issue that has great impact on the country's socio-economic development and investment attraction, so it needs close management.

New casino business projects are only licensed if the casino business development planning is approved, they said.

In the afternoon, NA deputies discussed the draft amendments to the Law on Investment and management of State investment capital in enterprises.

They said that the law must address shortcomings in the management of State stake invested in businesses as well as management of State enterprises.

Some deputies said it was necessary to have clear regulations on the specific responsibilities of representatives for State owners and agencies representing enterprise owners in investment activities and the management of State capital already invested in enterprises.

The draft law should also lay out the consequences for enterprises that use State capital for the wrong purpose, they said.

NA Chairman Nguyen Sinh Hung said the compiling board should study future development trends to decide whether State capital should account for 100 per cent of the capital invested in State enterprises.

It was also essential to clearly define areas that the State should invest in, he said.

Chairman of the NA Committee for Finance and Budget Phung Quoc Hien said the draft law must lay out the goals for State investment in enterprises.

The bill will be submitted to the upcoming seventh session of the 13th NA, scheduled for next month. — VNS



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