Participants listened to a Government report on the implementation of the State budget in 2019, and debated the State budget estimate and the allocation for 2020, and a verification report on the work.

At the sitting on October 21st (Source: VNA)

Presenting the verification report, head of the NA’s Finance - Budget Committee Nguyen Duc Hai praised efforts and highly responsible coordination by the Government, ministries, sectors and localities, the business community and the financial sector to overcome difficulties and challenges in order to successfully accomplish the set tasks.

However, he also suggested that the Government take stronger measures to promote domestic production and business, towards ensuring stability of the State budget collection.

It is necessary to have solutions to collect unpaid tax debts, and strictly manage export-import activities to increase collection and arrears in the field, Hai stressed.

He mentioned outstanding issues concerning the State budget spending, and pointed out that in some localities, the regular budget spending has decreased slowly, while many localities are unable to balance the budget.

Notably, the disbursement of development investment resources remains slowly, reaching only 49.1 percent of the plan assigned by the Prime Minister, he said.

Hai said the committee agrees with the Government report on overspending evaluation and State budget balance in 2019; and the Government’s proposal of the State budget collection estimate for 2020, which is hoped to yearly increase by 3.8 percent.

NA deputies also commented on the State budget spending plan for 2020, and issues related to salary reform.

Regarding public debt, the committee agreed with the Government report, which says that by the end of 2020, the public debt is expected to stand at 54.3 percent of GDP, while the Government debt and the country’s foreign debts will be 48.5 percent and 45.5 percent of GDP, respectively.

The committee asked the Government to clearly report to the NA at this session on all debts related to the State budget./.

CPV/VNA