NA approves salary increases

With 425 votes in favour (86.56%), the National Assembly passed the Resolution on the 2018 State budget estimate on November 13 in Ha Noi at the ongoing fourth session of the 14th National Assembly.

On behalf of the National Assembly Standing Committee, Chairman of the Vietnam National Assembly's Finance and Budget Committee Nguyen Duc Hai presented an explanatory report on the implementation of the 2017 State budget and the 2018 State budget estimate. 

NA Deputy Secretary-General Le Bo Linh presented a draft resolution on the 2018 State budget estimate. 

Adjusting 2017 State budget estimate 

Under the resolution, the NA agreed to alter State budget estimate for 2017. 

The Resolution also passed the 2018 State budget estimate with a State budget overspending of VND 204 trillion, equivalent to 3.7% of the GDP. 

In the 2018-2020 period, 100% of value-added tax and special consumption tax on petrol and oil from Nghi Son oil refine will be regulated. 

Raising basic wage floor and retirement pension

The National Assembly has assigned the Government to raise the minimum wage rate from VND 1.3 million per month to VND 1.39 million per month; adjust retirement pension; social insurance subsidies; and monthly allowances. The regulation shall take effect since July 1, 2018. 

Ministries, central agencies, and localities were asked to exercise thrift; reshuffle apparatus; cut personnel; ensure budget balance following the wage hike. 

The NA also assigned the Government to seriously implement the medium-term public investment plan in the 2016-2020 period in line with Resolution 26/2016/NQ14; mobilize domestic and foreign resources to develop investment; perfect the legal regulations on PPP; and facilitate all economic components to engage in infrastructure development especially in agriculture, rural areas, and tourism./.

By Huong Giang