At the meeting (Photo: VNA)
Hanoi (VNA) – The 15th National Assembly
adopted a resolution on the national financial plan and public debt borrowing and
payment 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 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.
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./.