Budget collection in 2018 exceeded the estimate, budget spending was closely managed, budget overspending and public debt sharply decreased, thus helping to consolidate the national finance and strengthen the country’s capacity in coping with impacts from outside such as the COVID-19 pandemic, he said.

The minister said it is hard to review the estimate for each locality, adding that the ministry has instructed tax and customs agencies to develop a tax information system to facilitate local budget estimates.

Dung also stressed improvements in the observance of budget-related regulations, while pointing to limitations in the observance of regulations regarding investment, land use, public asset and budget management in many agencies and localities.

At the NA working session

According to the minister, natural disasters and diseases, especially COVID-19, have greatly impacted the socio-economic situation, and state budget collection, spending and balance in 2020.

Given this, the ministry has coordinated with relevant ministries and agencies in building management plans, and proposed fiscal policies to cope with the epidemic, remove difficulties faced by production and business sectors, and ensure social welfare, Dung said.

He also warned of severe and lingering effects of COVID-19 in Vietnam as the pandemic is developing complicatedly in the world.

The minister told the meeting that budget collection completed only 38.2 -percent of the set target, down 9.2 percent year-on-year, the lowest since 2014.

Budget collection is expected not to meet the estimate set by the legislature, he said, noting in that case, budget spending at both central and local levels must be reviewed.

Dung said public investment planned for 2020, about VND 700 trillion (USD 30.1 billion), must be disbursed completely, and foreign investment should be increased to spur national economic growth.

Source: VNA