Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

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Vice Chairwoman of the National Assembly Nguyen Thi Thanh chaired the meeting. Photo: Quochoi

52 localities are expected to achieve and exceed the budget

According to the program of the 8th Session, on the morning of October 22, 2024, authorized by the Prime Minister, Deputy Prime Minister, Minister of Finance Ho Duc Phoc presented the Report on the implementation of the State budget in 2024, the State budget estimate, the central budget allocation plan in 2025 and the 3-year financial - State budget plan 2025-2027.

According to the Deputy Prime Minister, Minister of Finance, in 2024, the State budget revenue estimate is 1,700.99 trillion VND, reaching 85.1% of the estimate in 9 months, up 17.9% over the same period in 2023.

The whole year's estimate is 1,873.3 trillion VND, exceeding 172.3 trillion VND, up 10.1% over the estimate; The mobilization rate for the state budget is about 16.5% of the estimated GDP, of which tax and fee revenue is 13.1% of GDP.

It is expected that in 2024, 52 localities will achieve and exceed their budgeted revenue, while 11 localities will not achieve their budgeted revenue; excluding land use fees and lottery fees, 8 localities are expected to have lower revenue than the budgeted revenue.

The amount of tax, fee, charge and land rent exempted, reduced and extended is estimated at VND 189.6 trillion, contributing to removing difficulties for people and businesses.

The Government's report assessed that basically all areas of state budget revenue reached and exceeded the assigned estimate.

Of which: domestic revenue was estimated at VND 1,572.7 trillion, exceeding the estimate by 8.9%; revenue from crude oil reached VND 59.3 trillion, exceeding the estimate by 28.9%; revenue from import-export activities reached VND 235.2 trillion, exceeding the estimate by 15.3%.

Regarding state budget expenditure, the estimated expenditure was VND 2,119.4 trillion; the implementation in 9 months reached 59.3%. The estimate for the whole year reached VND 2,281.7 trillion, up 7.7% compared to the estimate, mainly from the source of estimated revenue exceeding the estimate.

Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that the estimated state budget deficit in 2024 is VND 399.4 trillion, equal to 3.6% of GDP.

But with the above revenue and expenditure results, the estimated deficit for the whole year is about 389.4 trillion VND, equal to 3.4% of GDP, a decrease of 10 trillion VND compared to the estimate, due to a reduction in spending on local budget loans.

Deputy Prime Minister and Minister of Finance Ho Duc Phoc, authorized by the Prime Minister, presented the Report. Photo: quochoi

For more information, Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that in order to implement the policy of supporting the elimination of temporary and dilapidated houses for poor and near-poor households, the Government reported to the National Assembly for permission to use an additional 5% savings on regular expenditures in 2024 from both the central and local budgets for this task.

Furthermore, by the end of 2024, the unused savings will be transferred to 2025 for continued implementation.

At the same time, localities are allowed to use this savings to support other localities in implementing it. At the same time, the National Assembly is requested to assign the Government to guide and organize the implementation of this content.

Appropriate budget expenditure level

Reviewing this report, on the implementation of the State budget in 2024, Chairman of the National Assembly's Finance and Budget Committee Le Quang Manh requested that ministries and branches continue to have solutions to improve the quality of forecasts in the construction of budget estimates for the coming years.

Regarding the report that 11 localities did not meet the budget estimate for the whole year of 2024, the Finance and Budget Committee requested that localities continue to strive to increase revenue, cut unnecessary expenditures, and use reserve funds to ensure the completion of the year-end estimate for State budget expenditure in 2024.

Regarding the allocation and assignment of development investment expenditure estimates, according to the Government's report, up to now, there are still a number of budget expenditures that have not been submitted to the National Assembly, and the National Assembly Standing Committee has allocated them according to regulations.

The Chairman of the Finance and Budget Committee suggested that it is necessary to report to clarify the causes and urgently allocate or submit to competent authorities for allocation to ensure the ability to disburse and use resources effectively.

Regarding the progress of disbursement of development investment expenditure, the audit report also suggested that in the last months of the year, the Government continue to direct ministries, branches and localities to urgently have solutions to accelerate the implementation progress, ensure disbursement as planned, have specific and drastic measures associated with the responsibility of the heads of agencies and units in implementing the commitment on disbursement progress.

Regarding budget expenditure, according to the Finance and Budget Committee, this expenditure level is appropriate, especially in the condition that in 2024, many unexpected tasks must be arranged to be implemented and partly to ensure the increase in basic salary from July 1, 2024 according to regulations.