According to the resolution, the total State budget collection surpassed VND 1.683 quadrillion (USD 72.1 billion), while the total State budget spending was estimated at more than VND 1.681 quadrillion.

The State budget overspending was over VND 136.9 trillion (USD 5.87 billion), or 2.74 percent of the gross domestic product (GDP).

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Photo: VNA

Chairman of the NA’s Committee on Finance and Budget Nguyen Duc Hai reported that in the 2017 fiscal year, the Government directed ministries, departments and localities to take measures to tighten financial and budget discipline and handle violations.

However, wrong-purpose spending still exists while the implementation of budget spending tasks by some ministries, centrally-run agencies and localities remains slow, he noted.

The NA assigned the Government to direct ministries, centrally-run agencies and localities to address shortcomings in the allocation, use and management of public investment projects, and handle basic construction debts ahead of December 31, 2014.

Promoting thrifty practices and preventing wastefulness and corruption as well as strictly handling violating individuals and organisations in the management and use of the State budget are a must, according to the resolution.

Source: VNA