Issuance proposal of the Resolution on the scope and objects of 5% regular expenditure savings in Vietnam in 2024

Issuance proposal of the Resolution on the scope and objects of 5% regular expenditure savings in Vietnam in 2024 (Image from the Internet)

On July 10, 2024, Hanoi issued Resolution 108/NQ-CP on the Government of Vietnam's Regular Meeting in June 2024 and the Government of Vietnam's Online Conference with Localities.

Issuance proposal of the Resolution on the scope and objects of 5% regular expenditure savings in Vietnam in 2024

The Government of Vietnam requires the Ministry of Finance to take the lead and cooperate with relevant agencies and localities to carry out the following tasks:

- Urgently report and propose the issuance of an additional VND 100 trillion worth of government bonds for investment in key national projects according to the direction of the Prime Minister of the Government of Vietnam in document 4292/VPCP-KTTH in 2024 by the Government Office of Vietnam.

- Complete the dossier on the handling of debts under the Government of Vietnam’s responsibility at the Vietnam Shipbuilding Industry Group (SBIC) as directed in Resolution 44/NQ-CP of the Government of Vietnam in 2024.

- Take into account and explain the comments from Government members to finalize and submit to the Government of Vietnam the Resolution on the scope and objects of 5% regular expenditure savings in 2024; on that basis, guide ministries, agencies, and localities to implement it effectively, transparently, and strictly.

- Urgently submit to the Government of Vietnam by July 15, 2024, for consideration and issuance of the Decree stipulating the level of registration fees for domestically manufactured and assembled automobiles as directed in Resolution 44/NQ-CP of 2024, to avoid further delays.

- Finalize the draft Decrees on the formulation, management, and use of regular state budget expenditures for asset procurement, equipment, renovation, upgrading, expansion, new construction in already invested projects, and report to the competent authorities as per regulation by July 11, 2024, paying attention to review and supplement the content of IT service rentals within the scope of the Decree.

If the Ministry of Finance proposes another solution, it must be agreed upon with the Ministry of Public Security and the Ministry of Information and Communications, clearly proposing specific handling plans to ensure compliance and avoid obstacles in implementation.

- Urgently consider the contributions of Government members to finalize and submit to the competent authorities by July 15, 2024, the establishment of the national fund collaborating to eliminate temporary and dilapidated houses for poor and near-poor households. Ensure adequate, prompt funding for the implementation of policies supporting people with meritorious services, pensions, social insurance benefits, and social allowances. Take the lead and cooperate with the Ministry of Labor, Invalids, and Social Affairs and relevant agencies to resolve issues related to DNA identification funding for martyrs and recommendations on storing martyrs' remains and relatives' samples as directed by the Prime Minister of the Government of Vietnam.

- Urgently send the Ministry of Planning and Investment its opinions on the dossier for drafting the Decree on the establishment, management, and use of the Investment Support Fund according to the direction of Deputy Prime Minister Le Minh Khai in Notification 285/TB-VPCP of 2024.

- Promote digital transformation associated with ensuring information safety and cybersecurity in securities and insurance activities.

To urgently complete the compulsory transfer plan for Weak Banks

The State Bank of Vietnam will take the lead and cooperate with relevant agencies and localities to promote digital transformation associated with ensuring security, safety of information in banking activities. Effectively implement the connection and exploitation of population data at the National Population Database, citizen ID cards with chips, and electronic identification accounts (VneID) for public services, credit information services, and prevent the misuse of payment services and intermediary payment services for illegal activities, fraud, and money laundering.

Simultaneously, urgently complete the compulsory transfer plan for weak banks, submit it to the Government of Vietnam for consideration and decision; develop and submit to the competent authorities the handling plan for Saigon Joint Stock Commercial Bank (SCB).

More details can be found in Resolution 108/NQ-CP dated July 10, 2024.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE