Finance Minister Dinh Tien Dung was grilled about finance and budget-related issues within his remit during the 14th National Assembly’s 10th sitting on November 9.

Finance Minister Dinh Tien Dung answers deputies' questions
at the ongoing NA session. (Photo: VNA)

In reply to deputy Le Cong Nhuong’s query on how budget collections and spending together with reductions in public debt and overspending can be ensured when GDP growth is under 6%, Dung said the Government will closely follow the estimates assigned by the legislature.

The ministry will work with other ministries, sectors, and localities to resolve difficulties in the business environment and boost GDP growth, he said.

Vietnam could post growth of 2-3% in 2020; far lower than the 6.8% set at the beginning of the year.

In 2021, therefore, the Government will speed up the disbursement of public investment and stimulate domestic demand, while the Finance Ministry will strengthen taxation management and intensify checks and inspections to prevent transfer pricing and tax evasion and also increase the collection of tax debts.

If major fluctuations were to occur, the ministry would follow the principles and regulations in the Law on State Budget to report to the legislature, he added.

Responding to deputy Mai Sy Dien’s question on environmental protection costs, the minister acknowledged that not all spending on environmental protection is made.

In 2016-2020, for example, such spending was VND2.4 trillion (US$103.5 million) less than the estimate, he said.

According to regulations, every October, when the Government reports to the NA on State budget estimates, ministries, sectors and localities must approve tasks on environmental protection as a foundation for estimate allocation. This work, however, is often quite slow.

Dung stressed the need for ministries, sectors, and localities to speed up such approval.