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Tuesday, June 25, 2024

Gov’t proposes VND2.5 trillion more for 2023 regular spending

The Saigon Times

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HCMC – The Government has proposed allocating an additional VND2.5 trillion in the 2023 state budget for regular spending.

The Standing Committee of the National Assembly discussed this proposal during its 27th session on October 17.

Finance Minister Ho Duc Phoc clarified that out of the extra funding, over VND2,495 billion would be assigned to 35 ministries and central agencies, while nearly VND13 billion would be distributed among 14 provinces.

This proposal, presented late in the year, constitutes around 3.5% of the unallocated total budget. The National Assembly’s Finance and Budget Committee said the timing would result in the inefficient use of state resources.

Le Quang Manh, head of the committee, said that current laws do not specify allocations for individual tasks performed by ministries and localities. The committee urged the Government to provide a detailed explanation for each spending item to facilitate decision-making.

The National Assembly’s month-long sixth sitting is slated to begin on October 23, and the committee has requested the Government to submit its report for consideration and approval.

Manh also mentioned a resolution that requires the Government to swiftly complete procedures for allocating over VND70.7 trillion. Given the late stage of the year, the committee advised the Government to either reallocate the funding for other urgent tasks or cancel the allocation to reduce the central budget deficit.

Finance Minister Phoc attributed the delayed allocation to the sluggish policy-making process, saying that the budget is managed tightly and transparently. Funding is allocated only once, with no emergency support provided. Budget reserves are dedicated solely to disaster relief and national security.

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