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
State budget news
Decree on 2% interest rate support package officially issued
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
NA meeting expected to create premise for socio-economic achievements
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
National Assembly’s third session opens
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
Efforts made to ensure highest efficiency of NA’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