National Assembly Deputy Chairman Nguyễn Đức Hải speaking at the session. — VNA/VNS Photo Doãn Tấn

HÀ NỘI — The National Assembly (NA) Standing Committee on Friday reviewed the central budget allocation for the 2021-25 period, and the year 2022 in particular, for the implementation of national target programmes (NTPs). 

These three programmes focus on socio-economic development in ethnic minority and mountainous areas, new rural development, and sustainable poverty reduction. 

In the meeting, the NA Committee for Finance and Budget approved the Government’s proposal to allocate VNĐ100 trillion (US$4.3 billion) to the medium-term public investment capital for the 2021-25 period. 

A majority of the committee members also agreed that the proposal, which excluded the non-business capital allocation, went in line with the Law on Public Investment and Law on State Budget. 

This budget approval will be the basis for ministries, departments, and localities to determine annual public investment estimates for the three national target programmes.

In the Government’s document, it is also noted that VNĐ5 trillion ($216.5 million) of the total VNĐ100 trillion has not yet been allocated. This amount is planned for several specific projects, programmes and tasks that have not yet been approved. 

Regarding the central budget allocation in 2022, the total capital for the three NTPs is VNĐ34 trillion ($1.47 billion). The Government suggested that only VNĐ33.4 trillion ($1.42 billion) be allocated to the central budget plan in 2022, while the remaining VNĐ665 billion ($28.8 million) will be up to the Government to decide. 

Feasibility, principles, criteria  

The finance and budget committee agreed with the plan, noting that the Prime Minister has approved the feasibility study, principles and criteria regarding the central budget allocation for the NTPs, which act as the legal basis for implementation. 

The committee also requested the Government to allocate the entire planned capital for the three NTPs in 2022. The plan will be submitted to the NA Standing Committee for review and approval according to the rules.

The Government is also expected to explain and report to the finance and budget committee on allocating the medium-term capital of VNĐ95 trillion to ministries, central departments and localities for the implementation of NTPs, in accordance with the laws. 

For the VNĐ5 trillion that is not yet allocated, legal documents are also expected to be completed in the future for review and approval. 

In concluding the session, NA Deputy Chairman Nguyễn Đức Hải set out the direction for central budget allocation for 2021-2025 and for the year 2022. The NA Committee for Finance and Budget is also assigned with assessing data to plan for budget allocation, emphasising order of priority and focus. — VNS