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Saturday,  Nov 25,2017,12:42 (GMT+7)

NA sets 2018 budget deficit at VND204 trillion

The Saigon Times Daily
Tuesday,  Nov 14,2017,20:45 (GMT+7)
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NA sets 2018 budget deficit at VND204 trillion

The Saigon Times Daily

HCMC – The National Assembly (NA) has approved next year’s budget deficit of VND204 trillion, equivalent to 3.7% of gross domestic product (GDP), Dan Tri reports.

According to a Resolution on 2017 State budget estimates passed by 86.56% of NA deputies on November 13, total budget collections next year are estimated at VND1,319 trillion, whereas spending will be VND1,523 trillion.

Of such a deficit estimate, VND195 trillion will be allowed for central agencies and VND9 trillion for localities. Total borrowings, including loans used to fund the budget deficit and pay debts, will be VND363.28 trillion.

Regarding adjustments of 2017 budget estimates, the NA agreed to cut budgets mobilized from government bonds by over VND14.03 trillion and increasing collections from foreign sources by the same amount to allocate capital for State projects approved in 2016 and before that but have not been given capital. 

Besides, an additional VND245.8 billion will be allocated to Vietnam Electricity Group and eight localities, and VND77.66 billion from the Asian Development Bank (ADB) to environmental protection in Thua Thien-Hue Province. 

As stated in the resolution, the Government is mandated to implement many financial and budgetary measures, including adjusting the monthly base salary from VND1.3 million to VND1.39 million. Pensions, social insurance allowances and allowances for policy people will be increased and equivalent to the base salary as from July 1, 2018.

The NA also told the Government to strengthen monetary and fiscal regulations, observe spending estimates, enhance supervision and ensure transparency in the process of using the State budget.

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