Pennsylvania state budget

Minister of Finance Ho Duc Phoc speaks at the 15th NA's thỉd session on May 23 (Photo: VNA) Hanoi (VNA) – The State budget overspending in 2020 stood at over 216.4 trillion VND (9.3 million USD), equivalent to 3.44 percent of GDP, statistics showed. It was 18.39 trillion VND and 151.89 trillion VND lower than the initial estimate and the permissible level set by the National Assembly , respectively. Minister of Finance Ho Duc Phoc revealed the figures while reporting on the 2020 State budget balance to the 15th National Assembly at the third session that opened on May 23. It comprised nearly 213.09 trillion VND in the central budget overspending and 3.32 trillion VND in local budget overspending. Phoc added more than 1.51 quadrillion VND was collected for the State budget in 2020, down 1.9 percent from the target. Meanwhile, over 1.7 quadrillion VND was spent, equivalent to 96.4 percent of the estimate. During 2015 - 2020, the State budget revenue was … [Read more...] about State budget overspending equivalent to 3.44 percent of GDP in 2020

The plan for using State capital in development investment must be realistic to ensure efficiency, according to the National Assembly’s Finance and Budget Committee. The committee’s Deputy Chairwoman Nguyễn Thị Phú Hà said on Monday at the third meeting of the 15th National Assembly that the plan of using the State budget for development investment was not feasible, with incorrect capital demand, forcing the plan to be adjusted three times. At the meeting, Minister of Finance Hồ Đức Phớc disclosed that the ministry’s report on the budget in 2020 showed that collection totalled more than VNĐ1.5 quadrillion, while spending reached VNĐ1.7 quadrillion, 1.9 per cent and 3.6 per cent lower than the plans, respectively. The public debt level fell significantly from 63.7 per cent of gross domestic product (GDP) in 2016 to 55.2 per cent by the end of 2020, with debt maturities extended and borrowing costs reduced, which helped strengthen the national financial … [Read more...] about Plan of using State capital must be realistic: NA

An 18-year-old white gunman shot 10 people to death and wounded three on Saturday at a grocery store in a Black neighborhood of upstate New York, before surrendering after what authorities called an act of "racially motivated violent extremism." Authorities said the suspect, who was armed with an assault-style rifle and appeared to have acted alone, drove to Buffalo from his home several hours away to launch the afternoon attack that he broadcast in real time on social media platform Twitch, a live video service owned by Amazon.com. Eleven of the 13 people struck by gunfire were Black, officials said. The two others were white. The racial breakdown of the dead was not made clear. Court papers named the suspect as Payton Gendron of Conklin, a town of about 5,000 people in New York's Southern Tier region near the Pennsylvania border. He was arraigned hours after the shooting in state court on first-degree murder charges, which carry a maximum penalty of life in prison without … [Read more...] about Gunman kills 10 in live-streamed racial attack on New York state supermarket

National Assembly Deputy Chairman Nguyễn Đức Hải speaking at the session. — VNA/VNS Photo Doãn Tấn HÀ NỘI — The National Assembly (NA) Standing Committee on Friday reviewed the central budget allocation for the 2021-25 period, and the year 2022 in particular, for the implementation of national target programmes (NTPs). These three programmes focus on socio-economic development in ethnic minority and mountainous areas, new rural development, and sustainable poverty reduction. In the meeting, the NA Committee for Finance and Budget approved the Government’s proposal to allocate VNĐ100 trillion (US$4.3 billion) to the medium-term public investment capital for the 2021-25 period. A majority of the committee members also agreed that the proposal, which excluded the non-business capital allocation, went in line with the Law on Public Investment and Law on State Budget. This budget approval will be the basis for ministries, departments, and localities to determine annual public … [Read more...] about NA standing committee reviews budget allocation for national target programmes

In accordance with a resolution to improve the effectiveness of state companies signed by Deputy Prime Minister Le Minh Khai, Vietnam will have at least 25 state-owned businesses with either a stockholder's equity or a market capitalization of $1 billion. Among these, at least 10 businesses must reach over $5 billion in capitalization. Within the next five years, these companies would contribute 5-10 percent more to the national budget compared to the 2016-2020 period. All state-owned businesses would shift their investments towards projects that utilize green technologies and reduce carbon emissions. State-owned businesses now account for around 0.08 percent of all businesses in Vietnam, but possess around 7 percent of assets and 10 percent of equity of all businesses in the market, according to the Ministry of Finance. They also account for around 26 percent of stockholders' equities and over 23 percent of the value of fixed assets and long-term financial investments of active … [Read more...] about Vietnam targets 10 $5 bln state-owned firms by 2025

This decree provides interest rate support for loans in Vietnamese dong arising from lending activities of commercial banks to enterprises, co-operatives and business households. (Photo: thoibaotaichinhvietnam.vn) Hanoi (VNS/VNA) - The Government has officially issued Decree 31/2022/ND-CP on interest rate support from the State budget for loans of enterprises, co-operatives and business households. This decree provides interest rate support for loans in Vietnamese dong arising from lending activities of commercial banks to customers that are enterprises, co-operatives and business households according to Resolution 43/2022/QH15 dated January 11 of the National Assembly and Resolution 11/NQ-CP dated January 30 of the Government. The State budget shall fully and promptly allocate funds for interest rate support for commercial banks to provide interest rate support to customers. Commercial banks provide interest rate support to ensure compliance with regulations, creating … [Read more...] about Decree on 2 percent interest rate support package officially issued

Deputy Prime Minister Le Minh Khai (first on the left) is investigating the construction site of Provincial Road No.910 in Can Tho City. (Photo: SGGP) The Transport Ministry reported that the land compensation step in the first stage of the mega North-South Expressway project has finished. However, some technical infrastructure has not been fully moved. The total expense for construction until now has reached VND20,087 billion ($867 million), accounting for 35.4 percent of the contract value, and 0.7 percent later than the planned one. The disbursement volume for the four projects to be completed this year is 53.4 percent of the contract value, which is 2.6 percent later than expected. In the Southern region, the 21-kilometer coastal road project from Rach Gia City to Hon Dat District of Kien Giang Province has the total investment of VND600 billion ($26 million), and is planned to complete two years after its commencement date of January 2020. Since the construction work is … [Read more...] about VN determinedly stops slow public investment projects

Mr. Mai speaks at the meeting (Photo: SGGP) On the afternoon of May 17, the Ho Chi Minh City National Assembly Delegation supervised the implementation of Resolution 54/2017 of the National Assembly on piloting specific mechanisms and policies for the city’s development and social economy in the first four months of the year and the benefits and solutions in the last months of 2022. Speaking at the meeting, Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan emphasized that the city’s socio-economic situation in the first four months of 2022 has many bright spots. Importantly, the Covid-19 epidemic has been under control as from April 8 to now, the southern largest city has not recorded any deaths. The city's economy continued to rebound and recover strongly. In the first four months, the total state budget revenue reached more than VND186,000 billion, reaching more than 43 percent of the estimate. Regarding the implementation of the Resolution 54 , the … [Read more...] about HCMC petitions for specific mechanisms and policies to develop sustainably

Deputy Prime Minister Le Van Thanh speaks at  the third session of the 15th National Assembly On the morning of May 23, at the opening session of the third session of the 15th National Assembly, Deputy Prime Minister Le Van Thanh delivered a report on an additional assessment of the results of the implementation of the socio-economic development plan and the state budget in 2021 and that in the first months of 2022. Regarding additional results in 2021, the Government stated that 5/12 targets failed to meet the set goal. For instance, the gross domestic product growth rate reached 2.58 percent compared to the target of about 6 percent. Plus, GDP per capita reached US$3,680 against the target of $3,700, the contribution of total factor productivity to growth is about 37 percent compared with the target of 45 percent-47 percent, and the percentage of poor households with a multidimensional approach decreased by 0.52 percentage points compared to the target of 1-1.5 percentage … [Read more...] about This year’s economic growth target of 6 percent-6.5 percent huge challenge

He said that the session is taking place following the success of the fifth session of the N.A. Standing Committee, focusing on many important issues in the socio-economic development, the building of the Party and political system to meet the demands of the country’s reform period. Over the past one year, the N.A. has worked hard to improve its operational efficiency, while approving three laws and 45 resolutions which included many unprecedented regulations to ease difficulties facing people and businesses and promote socio-economic development in both short and long terms, the official said. He noted that so far, the country has seen positive progress in socio-economic development after putting the COVID-19 pandemic under good control, with fast economic recovery and expansion, normal education, social, cultural, healthcare and sports activities, ensured social welfare, security, defense, and expanded external relations. The N.A. leader said that the success of the 31st … [Read more...] about Efforts made to ensure highest efficiency of N.A.’s third session: Top legislator