The 14th National Assembly adopted a resolution on the State budget estimate for 2017 during the ongoing second session in Hanoi on November 11 with 79.31 percent of votes.
Hanoi (VNA) – The 14th National Assembly adopted a resolution on the State budget estimate for 2017 during the ongoingﷺ second session in Hanoi on November 11 with 79.31 percent of votes.
Accordingly, the total State budget collection is estimated at more than 1,200 trillion VND (54.5 billion USD) while the total spending will be over 1,390 trillion VND (63.1 billion USD), making the budget deficit account for 3.5 percent of the gross domestic product (GDP).
The resolution requires the Government to carry out a tight fiscal policy which combines with monetary policy to stabilise the macro-economy, curb inflation and fuel economic growth.
From 2017, toll and maritime fees will be used to maintain roads and ensure maritime safety. Special consumption tax on petroleum from Nghi Son oil refinery and 72 percent of its profit will be channeled into the State budget, with the remaining being invested into the Vietnam National Oil and Gas Group in line with the law.
The government will instruct localities to use revenues from lottery business for the priority fields of education, vocational training, health care, new rural construction and climate change response.
The fund for food safety in localities will be equivalent to the amount of fines for relevant violations.
The government bonds of at least five-year maturity will account for 70 percent of the total. Regular spending in ministries, agencies and localities will be cut down, including those for conferences, seminars, foreign trips and vehicle purchase.
Ministries, agencies and localities must abide by the law on thrift practice and wastefulness prevention, and the law on anti-corruption.
From July 1, 2017, the base salary will be increased from 1.21 million VND to 1.3 million VND per month.
Next year, 50 trillion VND (2.25 billion USD) worth of government bonds will be used for key works and projects in the medium-term public investment plan.
The government will take positive measures to reduce overspending while enhancing inspection over the use of loans to ensure that the public, government and sovereign debts are within limits.
During the session, the NA also passed a resolution on amendments and supplements to several articles of Resolution No.55/2010/QH12 on waiving and reducing agricultural land use taxes.-VNA
Legislators approved a resolution on the five-year financial plan with 86.64 percent of “yes” votes during the ongoing second meeting of the 14th National Assembly on November 9.
A friendship meeting was held in Hanoi on November 9 on the occasion of the visit by Permanent Politburo member and Chairman of the Standing Committee of the National People’s Congress (NPC) of China
Known as the “four pillars for Vietnam’s ascend”, the Pobiburo's Resolutions 57, 59, 66, and 68 focus on cultivating a robust national entrepreneurial spirit, unlocking resources for innovation across society, and accelerating the development of digital economy, knowledge-based economy, green economy, and circular economy, propelling Vietnam forward rapidly and firmly on the path of modernisation and international integration.
Minister of Finance Nguyen Van Thang cleared up deputies' concern regarding how to spur socio-economic growth, renew traditional growth motives and establish new momentum for development.
Vietnam proposed several priorities: narrowing the digital divide, strengthening women’s leadership in the digital economy and AI governance, and mobilising sustainable financing for gender equality initiatives in line with each country’s national priorities and context. Vietnam also advocated for genuine women’s participation and leadership across all areas of public life.
Ha expressed his hope that cooperation in science and technology, agriculture, and natural resources would emerge as new focal points and engines of growth in Vietnam–China relations.
Giang said he believes that building on the solid foundation nurtured over the past half-century and the strong determination of both nations, the Comprehensive Strategic Partnership will continue to grow in a more robust, comprehensive, and extensive manner, thus bringing more practical benefits to the two nations' people.
Highlighting the transformative potential of the draft law in revitalising Vietnam’s railway industry, Hoang Van Cuong, a deputy of Hanoi, expressed his support for Article 39, which empowers the Prime Minister to issue a list of railway-related goods and services to be assigned or ordered from domestic enterprises for production.
According to the Ministry of Public Security, Hoan, formerly Deputy Minister of Labour, Invalids and Social Affairs, is under investigation for allegedly taking bribes in connection with a case involving the Hoang Long Construction and Manpower Supply JSC and related units.
Chairing a national conference on the organisation of the examination on June 18, the PM highlighted the historical significance of the examination, as the restructuring of provincial-level administrative units is underway and the two-tier local administration model is set to officially begin operations on July 1.
Right on the same day, the ministry issued its highest-level travel warning, urging Vietnamese citizens not to travel to Israel or Iran, and advised those already in these countries to swiftly consider evacuation or relocation plans.
From the struggles against colonialists and imperialists to the period of Doi moi (renewal) and international integration, the Vietnamese revolutionary press has always played a pioneering role on the ideological and cultural front, he said.
The Party leader's working session with the standing boards of the Party Committees of HCM City, Ba Ria – Vung Tau and Binh Duong, the VNA General Director's remarks on the occasion of the 19th OANA General Assembly, the launch of new NIC - Google initiatives aimed at bolstering AI entrepreneurship and digital literacy in Vietnam are among news highlights June 18.
Vietnam and Indonesia reaffirmed their commitment to strengthening cooperation in combating terrorism as it remains a threat to peace, security, and stability across their respective nations, the broader region, and the international community.
The Vietnamese representative also emphasised the shared responsibility of relevant parties to build trust, enhance cooperation, and jointly manage the risks of conflict, thus safeguarding long-term peace and stability in the East Sea.
The National Assembly on June 18 passed the law amending and supplementing a number of articles of the Law on Product and Goods Quality, with 408 out of 420 participating deputies voting in favour, accounting for 85.36% of the total.
The Party leader asked the new HCM City to embrace a multi-centre and integrated urban ecosystem where each development pole functions as a link complementary to and intelligently connected with each other in a harmonious whole.
The resolutions issued by the PM as well as ministries and ministry-level agencies reassign responsibility for 346 administrative procedures - 18 from district to provincial levels, 278 to commune level, and 50 eliminated.
Legislators are due to pass several amended laws, including the Law amending and supplementing several articles of the Law on Economical and Efficient Use of Energy, and the Law amending and supplementing several articles of the Law on Product and Goods Quality.
Vietnamese localities' readiness to implement the two-tier local administration model, the evacuation of 18 Vietnamese citizens from Iran, Petrovietnam's 11th ranking in the 2025 Fortune Southeast Asia 500 are among news highlights on June 17 evening.
Illustrative image (Source: VNA)
