Saving recurrent expenditures, cuts down on unnecessary expenditures

VCN - The Ministry of Finance has strictly managed state budget spending, and thoroughly saved recurrent expenditures from the year’s estimation and during the implementation process.
Recurrent expenditures via State Treasury strictly controlled Recurrent expenditures via State Treasury strictly controlled
Control public debt more effectively and safely Control public debt more effectively and safely
In 2017, the control of recurrent expenditures accounts for 91.3% of the year’s estimate In 2017, the control of recurrent expenditures accounts for 91.3% of the year’s estimate
The Ministry of Finance has strictly managed state budget spending. Photo: Thuy Linh
The Ministry of Finance has strictly managed state budget spending. Photo: Thuy Linh

Thoroughly saving expenditures

The report on thrift and waste combat of the Ministry of Finance said that, following Resolution 43/2022/QH15 of the National Assembly and Resolution 11/NQ-CP of the Government, the Ministry of Finance has implemented assigned tasks, proposed and submitted to competent authorities for promulgation and implementation policies on state budget collection and spending to support the socio-economic recovery and development program.

In addition, the management of fiscal policy has been proactively, flexibly and prudently conducted, policies on exemption, reduction and extension of taxes, fees, charges and budget revenues, budget expenditures to remove difficulties for businesses and people affected by the pandemic have been issued in a timely manner, promoting economic recovery to ensure social security and stabilize people's lives.

Facing complicated developments in the world petroleum market, surging petroleum prices, putting pressure on inflation, production and business activities of enterprises and people's lives, the Ministry of Finance reported to the Government to submit to the National Assembly Standing Committee for issuing Resolution 18/2022/UBTVQH15 to reduce the green tax for gasoline, oil and grease and Resolution 20/2022/ UBTVQH15 of the National Assembly Standing Committee on green tax for petrol, oil and grease, effective from July 11, 2022 (replacing Resolution 18/2022/UBTVQH15).

Furthermore, to ensure funds for the Socio-economic Recovery and Development Program, the Ministry of Finance has reported to the Government to submit to the National Assembly Standing Committee for a decision on the plan to use the additional revenue, savings, cuts and the remaining funds of the central budget in 2021. Of which, VND6,840 billion has been added for socio-economic recovery and development.

The Ministry of Finance has also requested ministries, central agencies and local agencies to thoroughly save recurrent expenditures; review unnecessary spending tasks and resolutely cut down the central budget expenditures that have been allocated in the estimate at the beginning of the year but have not been allocated by June 30, 2022 (except for special cases decided by the Prime Minister) to add funds for the program.

Moreover, the Ministry of Finance has submitted to the National Assembly Standing Committee to transfer VND15.6 trillion of the remaining funds of the central budget in 2021 to 2022 to buy Covid-19 vaccines and spend on pandemic prevention and control (VND8.6 trillion). As of July, the state budget spent about VND9 trillion for pandemic prevention and control and support to people and workers in difficulty, of which: about VND3.3 trillion for pandemic prevention and control, VND5.7 trillion for supporting people and employees (including VND109 billion to support rent for employees).

Strictly control spending

The Ministry of Finance has strictly managed state budget spending, thoroughly saved regular expenditures from the year’s estimation and during the implementation process, associated with apparatus restructuring, personnel streamlining, and renovation of the public service delivery sector. The spending work has been conducted according to the estimate, meeting the needs of socio-economic development, national defense and security, state management, social security spending tasks and taking care of pension and social allowance beneficiaries from the state budget.

The State Treasury system has strengthened the control of spending in accordance with the policies and regimes, creating favorable conditions for state budget-using units and investors.

Also, the State Treasury has proactively managed and used the state budget, ensuring safety, efficiency, and promptly meeting the spending needs of budgets at all levels and depositors at the State Treasury.

Through the spending control, in July 2022, the State Treasury system requested the state budget-using units to complete and supplement payment records in accordance with regulations of 65,973 expenditures with a total amount of VND9,751 billion. From the beginning of the year to July 15, 2022, the State Treasury system requested state budget-using units to complete and supplement payment records in accordance with regulations of 598,387 expenditures with a total amount of VND76,554 billion; actually refused to pay 3,451 expenditures with a total amount of VND270 billion.

The Ministry of Finance will strengthen the guidance and direction on thrift and waste combat in ministries, central and local agencies; develop plans to realize goals and targets of saving in each field; proactively manage State budget estimates in compliance with the financial and budget discipline; continue to reform the control of state budget spending toward a unified process and a centralized control and payment unit.

In 2017, the control of recurrent expenditures accounts for 91.3% of the year’s estimate In 2017, the control of recurrent expenditures accounts for 91.3% of the year’s estimate

This information was stated by Mr. Nguyen Quang Vinh, Deputy Director of State Treasury at the Conference ...

The Ministry of Finance will also strengthen the application of information technology in the control of expenditures and management of revenues; continue to reform the management method of recurrent spending, increasing bidding, ordering and contracting of funds, encouraging decentralization and granting autonomy to the state budget using units in association with strengthening responsibilities of ministries, agencies, localities and units using the state budget, individualizing individual responsibilities in the management and use of the state budget and public financial resources.

By Thuy Linh/ Huyen Trang

Related News

Khanh Hoa Customs reaches revenue target 1 quarter early

Khanh Hoa Customs reaches revenue target 1 quarter early

VCN - Many key import items increased sharply, along with efforts in trade facilitation, tax debt collection, so in just 9 months of 2024, Khanh Hoa Customs Department completed the state budget revenue target.
3 items have a big impact on the budget revenue of Ho Chi Minh City Customs

3 items have a big impact on the budget revenue of Ho Chi Minh City Customs

VCN - Automobiles, petroleum, and steel are three items that account for nearly 35% of the total state budget revenue of Ho Chi Minh City Customs Department. Therefore, fluctuations in these revenue sources will greatly impact the state budget revenue of the entire Department.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

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

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.

Latest News

M&A activities show signs of recovery

M&A activities show signs of recovery

Mergers and acquisitions (M&A) activities in Vietnam have been showing signs of recovery in recent months as several large companies announced finished deals, which may create a ripple effect in the M&A market.
Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there are still difficulties, the economy is gradually returning to a high growth trajectory. In that context, it is necessary to let fiscal policy return to normal state.
Ensuring national public debt safety in 2024

Ensuring national public debt safety in 2024

VCN - Since the beginning of the year, public debt management has been conducted proactively and effectively, meeting the need of raising capital for development investment. At the same time, debt indicators by the end of 2024 are guaranteed within the ceiling and safety threshold approved by the National Assembly, ensuring national financial security, increasing proactive response to risks arising from external and internal causes of the economy.
Removing many bottlenecks in regular spending to purchase assets and equipment

Removing many bottlenecks in regular spending to purchase assets and equipment

VCN - Decree No. 138/2024/ND-CP, which has just been issued, is expected to contribute to resolving bottlenecks in allocating funds for purchasing assets and equipment; renovating, upgrading, expanding, and constructing new construction items in projects that have been invested in and constructed in the past.

More News

Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Ensure timely and effective management and use of public asset

Ensure timely and effective management and use of public asset

VCN – In order to promptly and effectively implement public asset management and use, ensuring compliance with legal regulations, the Ministry of Finance has just issued an official dispatch requesting ministries, branches and localities to comply with regulations in the Government’s Decree No. 114/2024/ND-CP dated September 15, 2024.
Read More

Your care

Latest Most read
M&A activities show signs of recovery

M&A activities show signs of recovery

Mergers and acquisitions (M&A) activities in Vietnam have been showing signs of recovery in recent months as several large companies announced finished deals, which may create a ripple effect in the M&A market.
Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there
Ensuring national public debt safety in 2024

Ensuring national public debt safety in 2024

VCN - Since the beginning of the year, public debt management has been conducted proactively and effectively, meeting the need of raising capital for development investment. At the same time, debt indicators by the end of 2024 are guaranteed within the ce
Removing many bottlenecks in regular spending to purchase assets and equipment

Removing many bottlenecks in regular spending to purchase assets and equipment

Decree No. 138/2024/ND-CP, which has just been issued, is expected to contribute to resolving bottlenecks in allocating funds for purchasing assets and equipment
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Mobile Version