This is part of a resolution on the state budget estimates for 2023 approved by the NA on November 11 during its fourth session.

Accordingly, the state budget collection target for next year is set at 1.62 quadrillion VND, the state budget spending over 2 quadrillion VND, and overspending 455.5 trillion VND - equivalent to 4.42% of GDP, and the budget’s borrowings 648.2 trillion VND.

The resolution also said the overall reform of the salary policy, which was identified in Resolution 27-NQ/TW issued at the seventh session of the 12th Party Central Committee on May 21, 2018, won’t be carried out in 2023.

Meanwhile, the base salary for cadres, civil servants, and public employees will increase to 1.8 million VND per month from July 1, 2023. Retirement pensions and social insurance benefits for those covered by the state budget will be raised by 12.5%. More financial aid will be provided for persons retiring before 1995 and having low pensions, along with revolution contributors. Besides, spending on the social security policies linked with the base salary will go up by 20.8%.

Also on November 11, the NA approved a resolution on the central budget allocation for 2023.

In particular, the central budget revenue is targeted at nearly 863.57 trillion VND, and the local budget revenue nearly 757.18 trillion VND. The central budget spending is set more than 1.29 quadrillion VND./. VNA