NA deputies discussed measures to ensure the stability of the State budget collection during the afternoon sitting of the ongoing eighth session of the 14th National Assembly (NA), which opened on Monday.— VNA/VNS Photo

HÀ NỘI — NA deputies discussed measures to ensure the stability of the State budget collection during the afternoon sitting of the ongoing eighth session of the 14th National Assembly (NA), which opened on Monday.

Participants listened to a Government report on the implementation of the State budget in 2019, and debated the State budget estimate and allocation for 2020, as well as a verification report on the work.

Presenting the verification report, head of the NA’s Finance and Budget Committee Nguyễn Đức Hải praised the efforts and co-ordination of the Government, ministries, sectors and localities, businesses and the financial sector to overcome difficulties to accomplish tasks.

However, he also suggested the Government take stronger measures to promote domestic production and business, towards ensuring stability of State budget collection.

It is necessary to have solutions to collect unpaid tax debts, and strictly manage export-import activities to increase collection and arrears in the field, Hải stressed.

He mentioned outstanding issues concerning State budget spending, and pointed out that in some localities, regular budget spending has decreased slowly, while many localities are unable to balance the budget.

Notably, the disbursement of development investment resources remains sluggish, reaching only 49.1 per cent of the plan assigned by the Prime Minister, he said.

Hải said the committee agrees with the Government report on overspending evaluation and State budget balance in 2019, and the Government’s proposal of the State budget collection estimate for 2020, which is hoped to increase by 3.8 per cent.

NA deputies also commented on the State budget spending plan for 2020, and salary reform issues.

Hải said most agree to raise the basic salary to VNĐ1.6 million starting July next year, or a 7 per cent increase compared to the existing level, but others cautioned that raising too much could mean there’s little left for development.

NA’s Finance and Budget Committee also agreed with the Government’s proposal that the State budget deficit be kept at 3.44 per cent of the country’s GDP next year, in line with a NA resolution targeting a deficit of below 4 per cent of GDP for 2016-20.

Regarding public debt, the committee agreed with the Government report, which says that by the end of 2020, public debt is expected to stand at 54.3 per cent of GDP, while Government debt and the country’s foreign debts will be 48.5 per cent and 45.5 per cent of GDP, respectively.

The committee asked the Government make clear reports to the NA at this session on all debts related to the State budget. It also asked the Government to be cautious of risks related to liquidity, bond terms, deposit interest rates and debt rescheduling to ensure national financial security. — VNS