Tue. Jul 9th, 2024

Concerned about budget discipline after the overspending figure

Concerned about budget discipline after the overspending figure 7
Concerned about budget discipline after the overspending figure 7

At the discussion in the group on the Government’s 5-year socio-economic report on October 24, delegate Nguyen Thi Nguyet Huong commented that raising the Government’s deficit ceiling is necessary if more investment capital is desired.

The National Assembly’s resolution passed late last year stipulated that the 2013 budget deficit should not exceed 4.8%.

Delegate Nguyen Dinh Quyen said that the more difficult the economy should be, the more discipline should be tightened.

Some delegates shared the opinion that the Government’s socio-economic reports were still a bit `rosy` compared to reality.

With the above viewpoint, both delegate Nguyen Thi Nguyet Huong and delegate Nguyen Dinh Quyen said that there seems to be a contradiction between GDP growth figures and budget revenue loss.

`GDP is growing like that, is there such a big loss of revenue?` Ms. Nguyet Huong wondered.

Delegate Truong Trong Nghia said that we should not be optimistic about the trade surplus figure because Vietnam’s current exports rely mainly on imported raw materials and components, so the trade surplus is a sign of economic stagnation.

Delegate Tran Du Lich warned that the 5-year socio-economic plan may not be achieved.

As the two delegates with the longest speeches at this morning’s discussion session of the Hanoi delegation, both Ms. Nguyet Huong and delegate Nguyen Dinh Quyen spent time talking about budget waste while setting savings goals.

Delegate Nguyen Dinh Quyen commented that administrative staffing is still extremely wasteful when seminars, conferences, and rallies take place continuously, and administrative efficiency is at a low level.

Chairman of the National Financial Supervision Committee Vu Viet Ngoan pointed out two major challenges facing the current budget: difficulties in arranging development capital and public debt at risk of approaching the safe limit.

Thanh Binh – Nguyen Hung

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