Tuesday, December 19 2017

VietNamNews

Gov’t looks to control public debt

Update: April, 26/2017 - 09:00
The PM asks all organisations to strictly pursue budget collection targets set for 2017.—Photo baohaiquan.vn
Viet Nam News

HÀ NỘI -- Controlling public debt and ensuring stable Budget revenues will be priority tasks for the Government this year, the Prime Minister has directed.

In Directive No.14/CT-TTg issued recently, he has asked all ministries and Government agencies at both central and local levels, to focus efforts on fully implementing the 2015 State Budget Law and the National Assembly’s Resolutions on the National Five-year (2016-2020) Socio-economic plan.

The PM has also called for continued restructuring of the national economy and implementation of the national financial plan, the mid-term public investment plan, and the Government’s action plan to carry out the Party Central Committee’s Resolution 07 (dated Nov.18, 2016) to ensure sustainability of the State’s coffers.

Collection targets

The PM asks all organisations to strictly pursue budget collection targets set for 2017.

To meet these targets, all enterprises should exert all efforts to expand production and other business activities, find new markets and improve their competitiveness. These are the pre-requisites for developing sustainable and stable revenues for the State budget, the directive says.

It also says the taxation and customs offices have to be focal points in increasing State Budget collection by 14-16 percent over 2016.

The Government’s Resolution has also set a clear goal for both the offices to limit outstanding tax overdue to less than 5 per cent of the year’s actual collection.

Belt tightening

The Instruction asks all Government offices nation-wide to strictly abide by the Budget Law, the Public Investment Law, the National Assembly Resolution, and all relevant Party and Government resolutions.

The Ministry of Planning and Investment and the Ministry of Finance have been asked to speed up the delivery of budget as well as public investment disbursement plans for the year to all localities.

The PM emphasises the importance of good management, inspection and investment supervision in the Instruction.

He encourages all localities to continue to generate their own income in 2017, and to save 10 percent of regular spending outside the salary, bonuses and allowances.

All localities have also been asked to be pro-active in balancing their budgets.

In case of shortfalls in local budget collection, authorities can use their reserves to bridge the gap, or adjust spending plans accordingly, the directive says.

The directive says that another key task for the year is to speed up the restructuring and equitisation of State-owned Enterprises as well as their equity divestment in accordance with  approved plans.

The PM exhorts all agencies and localities to strive hard to meet all the targets set in the nation’s 2016-2020 five-year plans, implementing, in the process, the Law on Management and Use of State Capital, the National Assembly Resolution on the National Financial Plan, the mid-term Public Investment Plan as well as the State Budget collection plan for 2017. -- VNS

 

 

 

 

 

 

 

 

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