Resolution of the National Assembly on central budget allocation in 2024 in Vietnam

Resolution of the National Assembly on central budget allocation in 2024 in Vietnam
Trần Thanh Rin

How will the 2024 central budget allocation in Vietnam be implemented in the latest Resolution of the National Assembly? – Huu Hieu (Quang Nam)

Resolution of the National Assembly on central budget allocation in 2024 in Vietnam

Resolution of the National Assembly on central budget allocation in 2024 in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

Resolution 105/2023/QH15 was passed by the 15th National Assembly of the Socialist Republic of Vietnam, 6th session, on November 10, 2023.

Resolution of the National Assembly on central budget allocation in 2024 in Vietnam

Specifically, total central budget revenues and expenditures in 2024 will be implemented as follows:

- Total central budget revenue is 852,682 billion VND (eight hundred fifty-two thousand, six hundred eighty-two billion VND).

Total local budget revenue is 848,305 billion VND (eight hundred forty-eight thousand, three hundred and five billion VND). Revenue transferred from salary reform of the local budget until the end of 2023 and the remaining balance transferred to the 2024 budget allocation of some localities is 19,040 billion VND (nineteen thousand, not hundred and forty billion VND) to implement a base salary of 1.8 million VND/month.

- Total central budget expenditure is 1,225,582 billion VND (one million, two hundred twenty-five thousand, five hundred eighty-two billion VND), of which the estimate is 426,266 billion VND (four hundred twenty-six thousand, two hundred sixty-six billion VND) to supplement the budget balance (including a 2% additional balance increase compared to the 2023 state budget estimate) and targeted supplementation for local budgets (including a targeted supplement for some localities to ensure that the local budget balance estimate for 2024 is not lower than the local budget balance estimate for 2023).

Regarding the central budget allocation in 2024:

(1) Allocation of the 2024 central budget by each field and details for each ministry and central agency according to Appendices I, II, III, and IV attached to Resolution 105/2023/QH15.

(2) Allocate the 2024 central budget funds for implementing 03 National Target Programs for each Ministry, central agency, province, and centrally run city according to Appendix No. V attached to RResolution 105/2023/QH15.

(3) Additional budget balancing amounts and targeted additional amounts from the central budget to local budgets according to Appendix VI and Appendix VII attached to Resolution 105/2023/QH15.

(4) Level of surplus, level of borrowing to cover overspending, and borrowing to repay the principal of the local budget according to Appendix VIII attached to Resolution 105/2023/QH15.

The Government's tasks in allocating the central budget in 2024

The National Assembly assigned the Government to implement the following contents in allocating the central budget in 2024:

- Assign state budget revenue and expenditure tasks and central budget allocation levels to each ministry, central agency, province, and centrally run city in accordance with the provisions of the Law on State Budget and Resolutions of the National Assembly, and notify in writing to each National Assembly Delegation of provinces and centrally run cities.

- Dividing environmental protection taxes on gasoline and oil products between the central budget and local budget according to the provisions of the Law on State Budget for 2024 and 2025 based on the amount of gasoline and oil produced and sold domestically compared to the total amount of gasoline and oil consumed on the market, specifically: 60% is divided between the central budget and local budget, the remaining 40% is 100% regulated by the central budget.

- Implement the division of revenue from water resource exploitation rights in 2024 according to the provisions of Clause 2, Article 2 of Resolution 64/2018/QH14.

- Assign the estimate for additional charter capital to the Vietnam Bank for Agriculture and Rural Development. Review and accurately calculate the amount of price compensation funds in product offtake of Nghi Son Refinery and Petrochemical Project (including outstanding funds in the period 2018–2023 and funds incurred in 2024) in accordance with regulations, and at the same time, the data must be determined by the State Audit before being submitted to the National Assembly for consideration and decision; In urgent cases, during the period between two sessions of the National Assembly, report to the Standing Committee of the National Assembly for consideration and decision and report to the National Assembly at the nearest session.

- Urgently complete procedures and conditions for allocation according to regulations of central budget expenditures not yet allocated to ministries, branches, and localities; report to the National Assembly for consideration and decision in urgent cases; during the period between two National Assembly sessions, submit to the National Assembly Standing Committee for consideration and decision; and report to the National Assembly at the most recent session the amount of VND 43,281.077 billion in Section VII, Section IX, and Section X of Appendix II attached to Resolution 105/2023/QH15.

More details can be found in Resolution 105/2023/QH15, taking effect on December 25, 2023.

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