National Assembly deputies on Friday morning approved a resolution outlining the State budget estimate for the year 2024. VNA/VNS Photo Doãn Tấn

HÀ NỘI - The National Assembly (NA) on Friday approved a resolution outlining the State budget estimate for 2024, which specified the total State budget overspending set at VNĐ399.4 trillion (US$15.98 billion), equivalent to 3.6 per cent of the total Gross Domestic Product (GDP).

The NA's sixth session on Friday morning saw overwhelming support for the resolution, with 466 out of 470 votes, representing 94.33 per cent.

According to the adopted resolution, the State budget revenue is anticipated to exceed VNĐ1.7 quadrillion ($69 billion).

The total State budget expenditure is set at VNĐ2.1 quadrillion ($84.7 billion). State budget spending amounts to VNĐ399.4 trillion ($15.9 billion), equivalent to 3.6 per cent of the total GDP. This includes central budget expenditure of VNĐ372.9 trillion ($14.9 billion), representing 3.4 per cent of GDP, and local budget expenditure of VNĐ26.5 trillion ($1.06 billion), constituting 0.2 per cent of GDP.

The total State budget borrowing amount would be VNĐ690.5 trillion ($27.6 billion).

The National Assembly approved the transfer of the State budget estimate to implement the three national target programmes in 2023, covering development and investment capital, regular funds of the central budget, and local budgets, extending until 2024.

Regarding the salary policy, starting from July 1, 2024, the wage reform policy outlined in Resolution No 27-NQ/TW, issued on May 21, 2018, along with adjustments to pensions, social insurance benefits, monthly allowances, and preferential allowances for revolution contributors, would come into effect.

A base salary of VNĐ1.8 million (US$73.7) a month has been applied in Việt Nam since July this year.

The Government's primary focus would be on proactively, reasonably, flexibly, and effectively managing fiscal policies. It aims to coordinate comprehensively, closely, and smoothly with monetary policies and other measures to promptly address the complex fluctuations in domestic and international situations. The overarching goals include maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring the fundamental balance of the economy.

Particularly, it would have solutions to overcome the declining trend in key indicators of mobilising State budget into GDP and the ratio of mobilising from taxes and fees into the State budget.

At the same time, the Government would promptly submit to the NA the projects to amend and supplement the laws on taxes to strengthen tax management, restructure sustainable revenue sources, resolutely and effectively implement measures to prevent tax losses, transfer pricing, trade fraud, especially in digital platform-based trade activities.

It would also urge the recovery of overdue tax debts, reduce the rate of overdue tax debts, continue to implement administrative procedure reforms on taxes, promote tax management digitisation, strictly implement regulations on auctions when implementing transfers, leases of State assets, land allocation, and land leasing according to legal regulations.

The Government would tighten discipline and enhance the responsibility of leaders in financial and budget management, manage State budget expenditures according to the budget, thoroughly save regular expenses, unnecessary expenses to ensure resources for natural disaster and epidemic prevention. It would supplement development investment capital, and only issue policies to increase State budget spending when truly necessary and with a secured source.

The NA also approved a resolution on central budget allocation plan for the year 2024 on Friday afternoon, receiving a majority of 444 votes, accounting for 89.88 per cent.

The NA assigned the Government to allocate tasks related to the collection and expenditure of the State budget and the central budget allocation for each ministry and each city and province in accordance with the provisions of the State Budget Law and NA Resolutions.

The Government directed ministries and localities to allocate State budget investment capital. Full payment of outstanding debts for basic construction must comply with legal regulations. The recovery of all remaining advance capital must be completed in the mid-term public investment plan for the 2021-2025 period.

In addition, sufficient funding should be allocated for projects that have been completed, handed over, and put into operation before 2024, as well as matching funds for ODA projects, preferential foreign loans. State budget funds participating in PPP projects and transitional projects that must be completed in 2024. - VNS