At the session on the morning of November 13, 2017, the National Assembly officially passed the Resolution on the State Budget Estimates for 2018 with some notable contents as follows:
Article table of contents
- First, adjust the statutory pay rate from 1.3 to 1.39 million VND (an increase of 900,000 VND). Accordingly, increase the pension, social insurance allowance, and monthly allowance as prescribed (for subjects ensured by the state budget) and preferential allowances for people rendering meritorious services, corresponding to the increase in the statutory pay rate.
The adjustment of the statutory pay rate will commence from July 1, 2018.
- Second, approve the state budget estimate for 2018 with total revenue of 1,319,200 billion VND, and total expenditure of 1,523,200 billion VND.
- Third, adjust the state budget estimate for 2017 by reducing the projected capital from Government of Vietnam bonds by 14,033.79 billion VND; at the same time, increase the projected foreign capital by 14,033.79 billion VND to allocate budgets for projects that have been disbursed but were not allocated budget projections as prescribed from 2016 and earlier.
- Fourth, during the period 2018-2020, continue to allocate 100% of the revenue from value-added tax, and special consumption tax on gasoline and oil products from Nghi Son Refinery to the central budget; maintain the stable percentage (%) for environmental protection tax revenue on domestically produced and imported gasoline and oil products, similar to 2017.
- Fifth, the state budget will collect 72% of the oil and gas profit and benefits shared from the Vietnam-Russia Joint Venture “Vietsovpetro” and document reading fees arising in 2018; the remaining 28% will be reinvested back to Vietnam Oil and Gas Group in accordance with legal provisions.
- Sixth, the total amount of Government of Vietnam bond issuance in 2018 is not to exceed 50,000 billion VND, including transfers of the Government of Vietnam bonds to 2018 (if any) for investment in projects that meet investment procedural provisions.
View details of the Resolution on the state budget estimate for 2018 HERE.
