The Prime Minister's request regarding striving to increase revenue, save expenditure, and ensure the state budget balance in Vietnam

The Prime Minister's request regarding striving to increase revenue, save expenditure, and ensure the state budget balance in Vietnam (Image from the internet)

The Prime Minister's request regarding striving to increase revenue, save expenditure, and ensure the state budget balance in Vietnam

On September 2, 2024, the Prime Minister of the Government of Vietnam issued Official Telegram 85/CD-TTg regarding the management of the state budget estimates, referring to the abolition of special financial and income mechanisms of relevant agencies and units in Vietnam.

In the first eight months of 2024, under the leadership of the Communist Party, the supervision of the National Assembly, the uniform participation of the entire political system, and the decisive, close, and prompt direction of the Government of Vietnam, the Prime Minister of the Government of Vietnam, along with the efforts, determination, and close, proactive coordination and flexible management of ministries, sectors, and localities, the socio-economic situation continued to maintain stability and clearly showed positive recovery. Major economic balances were ensured, inflation was controlled, economic growth was promoted, national defense, security, social order and safety were maintained, and social welfare and people's lives were ensured. State budget revenue in the first eight months was estimated to reach 78.5% of the estimate, even after implementing policies of tax, fee, land rent, and other revenue reductions and extensions; state budget expenditure was managed tightly and saved; the state budget balance was ensured, budget deficit, public debt, government debt, and foreign debt were within the limits allowed by the National Assembly.

However, some enterprises continued to face difficulties, inflationary pressures remained high, and natural disasters and storms showed complicated developments. In aggregate terms, state budget revenue progressed well and grew compared to the same period, but some revenue items had slow collection progress, especially land levy. The disbursement progress of development investment spending in the first eight months reached only 40.49% of the plan assigned by the Prime Minister of the Government of Vietnam, lower than the same period; 19 ministries, central agencies, and 31 localities had not yet fully detailed the assigned capital plan for 2024.

Additionally, through the National Assembly's monitoring results, the conclusions of the Inspectorate and the State Audit, and the annual state budget settlement process, it was observed that compliance with financial discipline and order in some places was not strict, with instances of legal violations, fraud, tax evasion, misuse of budget and public assets, losses, and wastage at certain Ministries, central and local authorities, agencies, and units.

In the coming months, it is forecasted that the global situation will continue to develop complexly and unpredictably, negatively impacting our country's economy. Domestically, the economy will face many difficulties and challenges. However, with the determination to achieve at the highest level the objectives and tasks of the 2024 budget estimate as concluded by the Central Committee and the Resolutions of the National Assembly and the Government of Vietnam, to ensure the state budget balance at all levels in all situations, enhance regular state budget expenditure savings, focus resources on increasing investment in infrastructure development, disaster prevention, and response to climate change; tighten financial and state budget discipline, the Prime Minister of the Government of Vietnam requests Ministers, Heads of ministerial agencies, agencies under the Government of Vietnam, and Chairpersons of People's Committees of provinces and centrally affiliated cities to concentrate on directing, guiding, and inspecting their affiliated agencies, units, and subordinates to continue to strive, decisively implement the proposed solutions and tasks for socio-economic development and state budget, strive to increase revenue, enhance expenditure saving, and proactively balance the state budget in the remaining months of 2024.

More details can be found in Official Telegram 85/CD-TTg dated September 2, 2024.

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