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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

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

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

The third session of the NA opened on May 23 (Photo: VNA) Hanoi (VNA) – In order to ensure the highest efficiency of the 15th National Assembly (NA)'s third session, NA agencies and deputies had made careful preparations on discussion contents, aiming for the highest outcomes with shortest sitting time, said NA Chairman Vuong Dinh Hue while opening the session on May 23. He said that the session is taking place following the success of the fifth session of the NA 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 NA 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 … [Read more...] about Efforts made to ensure highest efficiency of NA’s third session: Top legislator

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 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 favourable conditions for … [Read more...] about Decree on 2% interest rate support package officially issued

An overview of 15th National Assembly's third session (Photo: VNA) Hanoi (VNA) – The 15th-tenure National Assembly (NA) convened the third session in Hanoi on May 23. The opening session is broadcast live on Radio the Voice of Vietnam (VOV1), the Vietnam Television (VTV), and the NA's TV channel. Before the opening, leaders of the Party, State and Vietnam Fatherland Front and NA deputies laid wreaths in tribute to President Ho Chi Minh at his Mausoleum. During the 19-day session – the longest since the beginning of this tenure, the legislative body will consider and approve five draft laws and three draft resolutions, which are designed to continue implementing the policy of safe, flexible adaptation to and effective control of the COVID-19 pandemic so as to recover the economy and support people and labourers in the new normal. Leaders and formers leaders attend 15th National Assembly's third session (Photo: VNA) After the opening remarks delivered by NA … [Read more...] about National Assembly’s third session opens

Speakers at last week’s conference noted that dozens upon dozens of multinationals are interested in the healthcare PPP model in Vietnam. Photo: Chi Cuong At last week’s conference on the issue, hosted by VIR , Deputy Minister of Planning and Investment Tran Duy Dong said that Vietnam’s healthcare sector is facing a number of big issues, including rising infectious and non-communicable disease figures, hospital overload, and an ageing population. The pandemic has also revealed some weaknesses in the sector. “To further improve healthcare service quality and meet demand, mobilising financial resources for new development of infrastructure and medical equipment is a key requirement,” he noted. For the past five years, the government has looked to strengthen the implementation of a model for public-private partnerships (PPPs) for the public sector, including in healthcare services. However, according to VIR’s editor-in-chief Le Trong Minh, the picture of such investment in … [Read more...] about More favourable rule system urged for healthcare PPPs

The targets set for 2022, including the growth target of 6-6.5 percent, remain a huge challenge given the domestic and international situation, Deputy Prime Minister Le Van Thanh said at the third session of the 15th National Assembly in Hanoi on May 23. Deputy Prime Minister Le Van Thanh addresses the 15th NA's third session on May 23. (Photo: VNA) The Deputy PM reported that the macro economy has been maintained, major economic balances ensured, and inflation brought under control, with the consumer price index (CPI) in the first four months of this year up 2.1 percent. The monetary market and interest rates have also remained stable, he said, adding that the credit balance by the end of April has increased by 7.18 percent compared to late 2021. In the four-month period, State budget revenue hit 657.4 trillion VND (28.37 billion USD), equivalent to 46.6 percent of the estimate and up 15.4 percent year-on-year. Export turnover reached 122.4 … [Read more...] about Growth target of 6.5 percent remains big challenge: Deputy PM

National Assembly Chairman Vương Đình Huệ delivers opening remarks at the meeting in Hà Nội on Monday. — VNA/VNS Photo HÀ NỘI — National Assembly (NA) Chairman Vương Đình Huệ asked deputies to propose practical and effective measures to fulfil socio-economic targets for the 2021-2025 period. Addressing the opening ceremony of the third session of the 15th-tenure NA in Hà Nội on Monday, Chairman Huệ proposed the deputies assess achievements and shortcomings, while pointing out challenges to successfully implementing socio-economic development tasks. Deputies were also asked to closely follow requirements, targets and solutions set by the NA and the Government regarding socio-economic development, COVID-19 prevention and control, five-year planning frameworks during the 2021-2025 period and fiscal and monetary policies. In order to ensure the highest efficiency of the third session, NA agencies and deputies made careful preparations for discussions, aiming for the best outcomes … [Read more...] about NA meeting expected to create premise for socio-economic achievements