At the meeting (Photo: VNA) Hanoi (VNA) – The 15th National Assemblyadopted a resolution on the national financial plan and public debt borrowing andpayment for the 2021-2025 period on July 28 during the ongoing first session in Hanoi.
The overall goal of the Resolution is effectively pooling,allocating, managing and using resources for socio-economic development whileensuring macro-economic stability, promoting economic growth, dealing withsocial welfare issues, consolidating national defence-security, actively integratinginto the global economy and strengthening decentralisation.
Specifically, the State budget collection will hit nearly 8.3quadrillion VND (361.7 billion USD). Revenue to the State budget will not belower than 16 percent of the country’s gross domestic product (GDP) while theState expenditure will reach about 10.26 quadrillion VND. Regular spending willbe reduced to about 60 percent of the total.
Overspending is expected to be below 3.7 percent of the GDP duringthe period. The total loans will stay at over 3 quadrillion VND, some 2.9quadrillion VND of which will be borrowed by the State budget.
The NA Standing Committee suggested the Government revise and supplementlaws on tax policies, step up tax management, perfect guidelines on e-commerceand trade on digital platforms, transfer pricing, and pay attention to revenuefrom land, natural and mineral resources.
The committee also proposed the Government strive to increaserevenues of the State budget, cut down on regular spending and increase spending on development investment to 29 percent./.
