Principles for state budget estimate formulation in Vietnam for 2014

Principles for state budget estimate formulation in Vietnam for 2014 (Illustrative image)

To be specific: according to Article 8 of Circular 90/2013/TT-BTC, 2014 is the fourth year of implementing the Resolution of the XI Communist Party Congress, the socio-economic development and state budget plan for the 5-year period 2011-2015, and the socio-economic development strategy and financial strategy for the 10-year period 2011-2020. The economic forecast continues to face difficulties affecting the state budget in 2014. Accordingly, the task of compiling the state budget estimate for 2014 must ensure the following principles:

1. Implement an active and flexible fiscal policy aimed at contributing to social order stability, financial security, and promoting reasonable growth.

2. Continue restructuring state budget expenditures, requiring a review to integrate policies and tasks to ensure effectiveness, and avoid overlap and wastage; implement savings right from the budget allocation stage for development investment and recurrent expenditures.

3. Ministries, central agencies, and localities, based on the objectives and tasks of socio-economic development for 2014, closely follow the objectives and tasks of socio-economic development for the period 2011-2015 of the sector, field, and locality along with the requirement for strict and effective public spending to compile the state budget estimate for 2014 in alignment with the key tasks and activities of the agency and unit; comply with the current state's policies; in the spirit of thorough savings; ensure compliance with the time stipulated by the Law on State Budget; the state budget estimate must clearly and detailedly explain revenues and expenditure tasks.

For more details, refer to Circular 90/2013/TT-BTC, effective from August 14, 2013.

Le Vy

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE