The overall goal of the Resolution is effectively pooling, allocating, managing and using resources for socio-economic development while ensuring macro-economic stability, promoting economic growth, dealing with social welfare issues, consolidating national defence-security, actively integrating into the global economy and strengthening decentralisation.

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At the meeting

Specifically, the State budget collection will hit nearly 8.3 quadrillion VND (361.7 billion USD). Revenue to the State budget will not be lower than 16 percent of the country’s gross domestic product (GDP) while the State expenditure will reach about 10.26 quadrillion VND. Regular spending will be reduced to about 60 percent of the total.

Overspending is expected to be below 3.7 percent of the GDP during the period. The total loans will stay at over 3 quadrillion VND, some 2.9 quadrillion VND of which will be borrowed by the State budget.

The NA Standing Committee suggested the Government revise and supplement laws on tax policies, step up tax management, perfect guidelines on e-commerce and trade on digital platforms, transfer pricing, and pay attention to revenue from land, natural and mineral resources.

The committee also proposed the Government strive to increase revenues of the State budget, cut down on regular spending and increase spending on development investment to 29 percent.

Source: VNA