The finance minister presents a report at the National Assembly's meeting on the 2021 State budget on Wednesday. — VNA/VNS Photo Minh Đức

HÀ NỘI — The National Assembly (NA) on Wednesday heard that State expenditure exceeded budget revenue in 2021 while discussing the 2021 State budget finalisation.

Based on the review of the NA Standing Committee, the NA Finance-Budget Committee and the State Audit Office (SAV), the Government reported that after reconciliation, the 2021 State budget revenue is VNĐ2.39 quadrillion (US$101 billion), while expenditures total VNĐ2.48 quadrillion ($106 billion).

Finance Minister Hồ Đức Phớc added that following the NA’s resolutions, the Government has taken comprehensive measures to control and manage the State budget in 2021, of which the priority is COVID-19 prevention and ensuring social welfare.

State departments and agencies follow the allocated estimates, cutting at least 50 per cent of conference and business trip expenses, and reducing 10 per cent of the recurrent expenditure in 2021.

However, the disbursement rate of public investment remained low, while the implementation of social welfare policies was not up to schedule. There is also a significant amount of budget transferred to the next year.

Reviewing reports from 2021 and 2022, the SAV recommends increasing revenue and reducing expenditure in the State budget, as well as adjusting or removing 270 legal documents incompatible with the laws and practical implementation.

The SAV also proposed the Government and Prime Minister to direct the finance ministry and relevant departments to fully and promptly follow audit conclusions and recommendations.

Chairman of the NA’s Finance-Budget Committee Lê Quang Mạnh also asked the Government to review budget estimation and finalisation; clarify the responsibilities for the delay in report submission, and incomplete accounting records, which affect the auditing process; and address the long-existing shortcomings.

The committee also agreed with the request of the Government and the SAV to submit the 2021 budget settlement to the NA for approval.

The Government and the SAV are responsible for the accuracy and law compliance of the 2021 State budget finalisation.

To strengthen the State budget management and realise audit conclusions, the finance-budget committee requested that from the 2022 settlement, the NA will not approve records that fail to meet the requirements. — VNS