Economic stimulus package should be built to ensure recovery: NA official
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.
Minister of Finance Ho Duc Phoc presents a report on the implementation of the state budget in 2021 at the second session of the 15th National Assembly. (Photo: VNA)
Hanoi (VNA) – It is necessary to build an economic stimulus package thatis big enough to ensure economic recovery and social security, Chairman ofNational Assembly (NA)'s Committee for Finance and Budget Nguyen Phu Cuong said onOctober 20.
Cuong made the suggestion at the second session of the 15th NA which openedin Hanoi on October 20 morning.
He emphasised that economic recovery and creation of resources to ensuresocial security are urgent and important tasks, especially in the context of asharp drop in GDP in the third quarter. Thus, the deployment of the stimuluspackage aimed at restoring the economy and creating impetus for growth is amust, he said.
Earlier Minister of Finance Ho Duc Phoc presented a report on theimplementation of the state budget in 2021, the state budget estimate and central budgetallocation plan for 2022 and the three-year finance - state budget plan for2022 - 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 (1.23billion USD -12.8 billion USD).
Regarding the State budget expenditure in 2021, the state budget has so farspent 30.85 trillion VND on pandemic prevention and control since the outbreakof COVID-19 pandemic.
Cuong pointedout that there are still some limitations in the implementation of the 2021public investment plan such as the disbursement from the beginning of the yearhasn’t reached the desired target and is lower than the same period lastyear.
Referring to the state budget revenue estimate in 2022, Cuong mentioned theneed to take into account the decrease in revenue because the exemption,reduction and extension of taxes, fees and charges are likely to be renewed incase 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./.
Vietnam is facing new and greater difficulties and challenges, requiring the country to promote the tradition of great national solidarity to overcome this tough time, stated National Assembly Chairman Vuong Dinh Hue at the opening of the 15th NA’s second session in Hanoi on October 20.
Prime Minister Pham Minh Chinh has presented to the National Assembly a draft socio-economic development plan for 2022 which aims for a GDP growth of at about 6-6.5 percent in 2022.
The National Assembly (NA)’s Committee for Economic Affairs has asked the Government to carry out a pandemic response strategy that includes support for economic recovery and development.
Stronger efforts and determination are required to achieve and surpass the set targets, especially in the eradication of makeshift and dilapidated houses nationwide, the acceleration of public investment disbursement, and the implementation of nationally important transport projects, PM Pham Minh Chinh noted.
The trip will be made at the invitations of Chinese Premier Li Qiang and WEF President and CEO Børge Brende, according to an announcement from the Ministry of Foreign Affairs.
Long spoke highly of the dynamic, positive, and comprehensive development of Vietnam – Russia relations in recent years. He affirmed that the Vietnamese Party and State place great importance on further strengthening the comprehensive strategic partnership with Russia in a substantive and effective manner, in line with the development needs of both nations.
At the conference, participants reported that the Government has so far issued 28 decrees on the delegation of responsibilities and powers between the central Government and two-tier local administrations. Several localities have already piloted the new governance model.
Reality is the ultimate benchmark for success, he said, urging drafting agencies to work out policies that foster development, reduce bureaucratic hurdles, and respect practical conditions.
Under the official dispatch signed on June 20, ministers, heads of ministerial-level agencies, and chairpersons of provincial and municipal People’s Committees are requested to concentrate efforts on implementing core measures to ensure the smooth operations of the new administrative framework.
The Party chief underscored the need for the press to innovate relentlessly, evolve to keep pace with the country's development, transform into a truly professional, humanistic, and modern sector that serves the cause of the Party, the State, and the people on the path to national construction and development.
The UN Secretary-General praised Vietnam’s remarkable achievements in socio-economic development and international integration in recent years, noting that the country has emerged as a model in implementing the Sustainable Development Goals (SDGs), promoting international peace and security, and engaging in key UN processes.
Nghia affirmed that this is a milestone of special significance, affirming and honouring the the Vietnamese revolutionary press’s glorious tradition of 100 years of serving the revolutionary cause of the Party, serving the Fatherland, and serving the people.
The Party and State of Vietnam always attach great importance to and give top priority to the development of Vietnam–China relations. Vietnam is ready to work with the Chinese Party and State to further deepen the Comprehensive Strategic Cooperative Partnership and promote the building of the Vietnam-China community with a shared future that carries strategic significance.
Under the leadership of President Ho Chi Minh and the CPV, President Cuong said, the press has been a steadfast force on the ideological and cultural front, rallying the masses to pursue national aspirations.
NA Chairman Tran Thanh Man stressed the need to accelerate the application of artificial intelligence and smart teaching equipment, innovate teaching and assessment methods, and further improve the quality of formal education.
He also pledged that the NA will promote its ongoing supervision, making sure that every promise must lead to results, and every commitment must bring about real changes.
Minister of Industry and Trade Nguyen Hong Dien welcomed the proposals put forward by the US side and reiterated Vietnam’s request for consideration of key areas of interest, including reciprocal tariff policies and access for Vietnamese key export products to the US market.
Deputy PM Le Thanh Long proposed countries promote shared values, including building trust, sincerity, and solidarity among nations and peoples; fostering cooperation spirit and responsible behaviour as well as upholding international law and the UN Charter; and placing people at the centre and as the goal, the key player, and the driving force of all policies.
The show, together with a grand parade to be held silmutaneously at Ba Dinh Square in Hanoi, will celebrate the 80th anniversary of the August Revolution, the National Day, and the General Staff of the Vietnam People’s Army (VPA).
In particular, in April 2023, the two sides successfully carried out a joint operation that dismantled a major organised, transnational drug trafficking ring involving both Vietnamese and Cambodian suspects.
The Vietnamese Embassy in Israel is closely coordinating with relevant local agencies to stay informed and provide the utmost support possible for Vietnamese nationals.
Minister of Finance Ho Duc Phoc presents a report on the implementation of the state budget in 2021 at the second session of the 15th National Assembly. (Photo: VNA) 
