The National Assembly (NA) on November 10 adopted a resolution on the state budget estimates for 2024, which targets next year’s state budget collection at over 1.7 quadrillion VND (nearly 69.8 billion USD).

The National Assembly (NA) on November 10 adopted a resolution on the state budget estimates for 2024, which targets next year’s state budget collection at over 1.7 quadrillion VND (nearly 69.8 billion USD).

The resolution won approval from 466 of 470 legislators voting at the sitting, part of the ongoing sixth session of the 15th NA.

Accordingly, the state budget spending for 2024 is set at more than 2.1 quadrillion VND.

The state budget overspending is set at 399.4 trillion VND, equivalent to 3.6% of the gross domestic product (GDP). It consists of 372.9 trillion VND in the central budget overspending and 26.5 trillion VND in the local budget overspending, respectively equivalent to 3.4% and 0.2% of GDP.

Meanwhile, total borrowings for the state budget next year are targeted at more than 690.5 trillion VND.

The resolution also mentioned the governance of the 2023 state budget and the reform of the salary policy from July 1, 2024.

It requested that the Government administer the fiscal policy in a proactive, reasonable, flexible, and effective manner; harmoniously coordinate this policy with the monetary policy and others; ensure timely response to complex developments in the domestic and international situations to maintain macro-economic stability, control inflation, boost growth, and guarantee major economic balances; and especially take measures to address the decline in the rates of money mobilised from different sources for the state budget.

The Government also needs to tighten discipline and enhance the sense of responsibility among agencies and localities’ leaders towards the finance and budget management and use, spend the state budget as planned in a thrifty and effective manner, minimise unnecessary expenditures to reserve resources for disaster and epidemic response, and supplement funding for development investment and economic recovery, according to the resolution.