NA approves resolution on 2019 State budget balance

Hanoi (VNA) – The 15th National Assembly passed a resolution on adjustments to the State budget expenditure estimate and approval of the 2019 State budget balance on July 28 as part of the first session in the 15th tenure.

Under the resolution, the regular spending estimate for 2019 was reduced by over 2.24 trillion VND (97.65 million USD) and the same amount was added to the Finance Ministry’s development spending estimate in 2019.

Total State budget collection in 2019 was 2.139 quadrillion VND (92.85 billion USD), while spending was 2.119 quadrillion VND (91.98 billion USD), including expenditure left from 2019.

As a result, State budget overspending in 2019 was 161.49 trillion VND (7.03 billion USD).

The NA requested the Government to make public the State budget balance in 2019, while directing ministries, central agencies and People’s Committees at all levels to strengthen financial discipline, improve the efficiency of State budget management and use, and fight corruption and wastefulness.

Earlier at a discussion on relevant reports on State budget estimate, collection, spending and balance in 2019, some deputies held that the structure of State budget expenditure in 2019 remained unreasonable with high ratio of regular spending. Many important expenditures were not disbursed as scheduled, including spending on science-technology and environment issues.

According to NA Standing Committee, in 2019, spending on development investment accounted for 27.6 percent of the total State budget expenditure, which basically complete the goal in the 2016-2020 period.

However, regular spending remained high at 65.2 percent of the total State budget expenditure, which was higher than the target of 64 percent.

The committee asked the Government to roll out comprehensive measures to tighten the control over spending, cut regular spending and increase resources for development investment, thus completing the target for the whole 2016-2020 period./.