NA Vice Chairman Phung Quoc Hien speaks at the 24th session of the National Assembly Standing Committee on May 14 (Photo: VNA)Hanoi (VNA) – Members of the 14th-tenureNational Assembly (NA) Standing Committee commented on the final accounts ofthe State budget in 2016 on May 14 afternoon, part of the ongoing 24th sessionof the Standing Committee.
They said in 2016, basing on the NA’s resolutions, the Government issued manypolicies and took measures to help ensure macro-economic stability, performpolitical tasks, promote production and business activities, consolidatedefence-security, and ensure social security. Total budget revenue basicallymet estimates to ensure allocation for spending.
However, they also pointed out some problems, including unsustainablecollection for the State budget when the increase of budget revenue mainly camefrom natural resources and land taxes. Meanwhile, some localities were assignedwith the budget collection tasks beyond their capability. The slowrestructuring of budget spending also led to the growing ratio of recurrentexpenditure to total State budget spending.
NA Vice Chairman Phung Quoc Hien said the budget collection rose by 9.2 percentfrom estimates, mainly thanks to the increase in local budget revenue. However,the State budget collection was nearly 1.4 trillion VND (61.53 million USD)lower than the set target.
Auditing results showed a lack of serious adherence to budget discipline, henoted.
Meanwhile, expenditure was basically within estimates, but financial disciplineremains lax, especially in the field of construction.
Budget overspending was at nearly 248.73 trillion VND (10.9 billion USD) andaccounted for 5.52 percent of the GDP, higher than the targeted rate of 4.95percent set by the NA, the official added.
The 24th session of the NA Standing Committee isscheduled to last through May 16.-VNA
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