Hanoi (VNA) – It is necessary to build an economic stimulus package that is big enough to ensure economic recovery and social security, Chairman of National Assembly (NA)'s Committee for Finance and Budget Nguyen Phu Cuong said on October 20.

Cuong made the suggestion at the second session of the 15th NA which opened in Hanoi on October 20 morning.

He emphasised that economic recovery and creation of resources to ensure social security are urgent and important tasks, especially in the context of a sharp drop in GDP in the third quarter. Thus, the deployment of the stimulus package aimed at restoring the economy and creating impetus for growth is a must, he said.

Earlier Minister of Finance Ho Duc Phoc presented a report on the implementation of the state budget in 2021, the state budget estimate and central budget allocation plan for 2022 and the three-year finance - state budget plan for 2022 - 2024.

The total state budget revenue in 2021 is forecast to surpass the estimate. However, many important collections did not meet or just exceed the estimate. The central budget revenue shortfall will be about 28-29 trillion VND (1.23 billion USD -12.8 billion USD).

Regarding the State budget expenditure in 2021, the state budget has so far spent 30.85 trillion VND on pandemic prevention and control since the outbreak of COVID-19 pandemic.

Cuong pointed out that there are still some limitations in the implementation of the 2021 public investment plan such as the disbursement from the beginning of the year hasn’t reached the desired target and is lower than the same period last year.

Referring to the state budget revenue estimate in 2022, Cuong mentioned the need to take into account the decrease in revenue because the exemption, reduction and extension of taxes, fees and charges are likely to be renewed in case the pandemic continues to have a negative impact on production and business.

The state budget spending should be strictly complied with the Constitution and State Budget Law, he said./.