The National Assembly adopted the Resolution on State budget estimate for 2018 during its ongoing fourth session in Hanoi on November 13 with 86.56 percent of approval.

In the NA meeting

Accordingly, the total State budget collection will stand at 1.319 quadrillion VND (58.1 billion USD) while the State budget spending will be 1.523 quadrillion VND. 

The State budget overspending is estimated at 204 trillion VND, or 3.7 percent of the gross domestic product. Of the figure, 195 trillion VND will be the central budget over-expenditure and the remaining will be local budget overspending. 

The total loan of the State budget will amount to 363,284 billion VND. 

The NA suggested that the government bond capital should be 14.033 trillion VND and non-State capital be revised up to the same amount. The total government bond issuance should not be more than 50 trillion VND. 

The legislature requested the government direct the fiscal policy with caution and enhance inspection over the use of State capital, towards reducing delayed tax payment to below 5 percent of the total State revenue collection. 

The government must seriously follow the Law on Thrift Practice and Wastefulness Prevention, the Law on Anti-Corruption and the Law on Public Asset Management and Use. 

It was also required to revise up monthly basic salary from 1.3 million VND to 1.39 million VND, and adjust monthly allowances, pension and preferential subsidies starting from July 1, 2018. 

At the same time, the government must direct agencies and localities to arrange administrative units in efficient operations by streamlining personnel on State payroll. 

Resolution No.25/2016/QH14 on the national fiscal plan for 2016-2020 must be closely followed.-VNA