Lawmakers propose plans for State budget allocation
The 15th National Assembly's eighth session continued in Hanoi on November 5 morning to scrutinise the State budget performance in 2024, the State budget projection and the proposed allocation for 2025.
Hanoi (VNA)𝕴 – The 15th National Assembly's eighth session continued in Hanoi on November 5 morning to scrutinise the State budget performance in 2024, the State budget projection and the proposed allocation for 2025.
Deputy Nguyen Quang Huan from the southern province of Binh Duong highlighted Vietnam's reliance on foreign direct investment (FDI), which has been instrumental in achieving a nearly 7% annual growth rate.
However, he pointed out a troubling paradox: while FDI enterprises enjoy a significant trade surplus, domestic firms are struggling under the weight of a trade deficit. He argued that this imbalance underscores the urgent need to shift focus toward domestic development resources to achieve sustainable progress.
FDI has been an opportunity for growth, but it's time to pivot. Domestic resources should be the engine driving the next era of progress, he said.
In a related discussion, deputy Hoang Van Cuong representing Hanoi proposed augmenting State budget allocation for health care and education, ensuring adequate initial funding for infrastructure, followed by granting autonomy to schools and hospitals to reinvest and manage their regular expenses.
This strategy, he said, will alleviate the burden of high service fees on patients and students.
Meanwhile, deputy Ha Sy Dong from the central province of Quang Tri brought attention to the complexities surrounding the management of State Treasury deposit balances. Despite the Ministry of Finance's ongoing efforts since 2017 to transfer surplus funds from commercial banks to the State Bank, the process has been fraught with inconsistencies in timing, volume, duration, and interest rates at commercial banks' deposit auctions.
Efficient management of the State Treasury is crucial for effective monetary policy, he said, urging the NA and the Government to review regulations and swiftly remove existing bottlenecks./.
Legislators continue discussions at the hall on the implementation of the State budget in 2024, and the State budget estimates, and the central budget allocation plan for 2025 on November 5 as part of the 15th National Assembly (NA)’s ongoing eighth session.
Hanoi aims to exceed its 2024 state budget revenue target by over 10%, according to a directive signed by Chairman of the Hanoi People’s Committee, Tran Sy Thanh.
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.
The launch of Thanh Nien (Young People) newspaper in 1925, even before the founding of the Communist Party of Vietnam, is considered a testament to President Ho Chi Minh’s strategic foresight and strong belief in the guiding power of the revolutionary media.
