NA passes central budget allocation

The NA approved of VND 810,099 trillion (US$ 34.8 billion) of central budget collection and VND 601,201 billion (US$ 13.8 billion) of local budget collection. 

Accordingly, total central budget is nearly VND 1.02 quadrillion (US$ 43.8 billion) including over 321.3 trillion VND (13.8 billion USD) to be used for local budgets and ensuring budget balance.

The resolution specifies how much of the central budget is allocated to each field, ministry, central agency, and national target program. It also regulates the permitted overspending level of local budgets, the level of borrowing to make up for overspending, and the level of borrowing to pay off original debts of each locality. 

The Government was asked to collect and spend the central budget, and allocate the budget to each ministry, central agency, and provincial-level locality. 

The Cabinet is assigned to further allocate capital to effective programs and projects, while reducing the capital provided for slow projects to ensure capital efficiency. It is also asked to speed upprograms and projects of national importance. 

The NA Standing Committee, other NA deputies and committees, and the Viet Nam Fatherland Front were asked to oversee the allocation of the central budget. The State Audit Office is also requested to audit the allocation./.

By Kim Loan