Central budget to spend over VND 1 quadrillion next year

NA deputies vote for the allocation of the central budget for 2019.

The resolution has set the goal of nearly VND 810.1 trillion (USD 34.8 billion) to be collected for the central budget, and about VND 601.2 trillion (USD 25.8 billion) be collected for local budgets in 2019.

Meanwhile, the central budget is set to spend almost VND 1.02 quadrillion (USD 43.8 billion) next year, including over VND 321.3 trillion (USD 13.8 billion) to be used for local budgets and ensuring budget balance.

The resolution specifies how much of the central budget is allocated to each field, ministry, central agency, and national target program. It also regulates the permitted overspending level of local budgets, the level of borrowing to make up for overspending, and the level of borrowing to pay off original debts of each locality.

The NA has tasked the Government with the collection and spending of the central budget, as well as the allocation of the budget to each ministry, central agency, and provincial-level locality.

The Cabinet is assigned to further allocating capital to effective programs and projects, while reducing the capital provided for sluggish projects to ensure capital efficiency. It is also asked to accelerate programs and projects of national importance, according to the resolution.

The parliament has assigned the NA Standing Committee, other NA deputies and committees, and the Vietnam Fatherland Front to monitoring the allocation of the central budget. The State Audit Office is also requested to audit the allocation.

Source: VNA