Taking initiative in many budget management solutions in 2017

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Supporting and accompanying enterprises are objectives of the Finance. Photo: Nguyen Hue.

Increasing revenues and ensuring source of expenditures

Under the authorization of the Prime Minister, the Minister of Finance, Mr. Dinh Tien Dung signed the report to the National Assembly. In particular, the Government said that at the beginning of 2017, Ministries, sectors and localities have actively implemented resolutions of the National Assembly and the Government on the action plan for socio-economic development and State budget estimates for 2017.

The socio-economic situation in the first 4 months of 2017 continued to change. Macroeconomy was stable and inflation was under control; the financial market and securities developed; and State budget revenues in the first 4 months were estimated at 396.47 trillion vnd, equivalent to 32.7% of the estimate, an increase of 17.8% compared to the same period in 2016.

In particular, domestic revenues reached 325.9 trillion vnd, equivalent to 32.9% of the estimate, an increase of 15.7% compared to the same period in 2016. Excluding land use levies, dividends, profits and lotteries, domestic revenues gained 33.4% of the estimate in the first 4 months of 2017, an increase of 12.3% compared to the same period last year.

Oil revenues reached 15.4 trillion vnd, equivalent to 40.2% of the estimate, an increase of 23.4% compared to the same period in 2016. Revenues from import-export activities reached 92 trillion vnd, equivalent to 32.3% of the estimate, an increase of 15.8% compared to the same period in 2016. After implementing the refund of VAT according to regulations (37 trillion vnd), the collection of the first 4 months of 2017 reached 30.6% of the estimate, an increase of 31.3% compared to the same period in 2016.

State budget expenditures in the first 4 months of 2017 were estimated at 393.38 trillion vnd, equivalent to 28.3% of the estimate, an increase of 9.8% compared to the same period in 2016. Budget spending tasks were ensured in accordance with budget and progress of the owners and budget-using units, to promptly meet the tasks of overcoming the consequences of natural calamities, restoring production, ensuring national defence and security, and properly implementing policies on social life.

The balance of central budget and local budgets has been ensured.

10 key solutions from now to the end of 2017

In order to complete the task of socio-economic development and the State budget in 2017, which was decided by the National Assembly, the Government said that there was a need for efforts of sectors and authorities from the central to local level in the implementation of solutions decided by the National Assembly and the Government.

"In the field of finance - State budget, there is a need to implement 9 groups with 26 solutions which have been submitted to the National Assembly, the control of State budget estimates for 2017 must be active, strict and in line with legal regulations, improving the efficiency of budget utilization, ensuring financial security and public debt security, strengthening price and market management, developing financial markets and public service units", the Government's report emphasized.

Accordingly, 10 key solutions are identified by the Government as follows:

Firstly, focusing on institutional improvement; stepping up the reform of administrative procedures in the field of finance, mainly on the tax and Customs, contributing to improving the business environment, encouraging start-ups, developing enterprises, raising productivity, quality, efficiency and competitiveness.

Secondly, tightening fiscal policy, associated with the monetary policy to support production and business development, contributing to macroeconomic stability and control of inflation.

Thirdly, implementing the tax laws and tasks of State budget revenues in 2017; minimising the proposal and promulgating new policies to reduce revenues; determining to exceed the estimates of the National Assembly.

Fourthly, controlling and managing State budget expenditure closely, economically and properly; improving the efficiency of using State budget; only proposing to issue policies that increase the budget if necessary.

Fifthly, strengthening the management, strictly controlling public debt, Government debt, the foreign debt of the country, local Government debt and arranging payment of debt in full on schedule.

Six, strengthening and promoting the management and inspections of the market.

Seven, promoting the financial reform of public service units and public service prices. Continuing to build and improve the mechanism of autonomous operation of public service units in association with the promotion of the roadmap for calculating the public service prices.

Eight, promoting the restructuring, equitization of State-owned enterprises, divestment of State capital in enterprises according to the roadmap approved by competent authorities.

Nine, tightening financial discipline, promoting thrift practice and fighting waste.

Ten, in addition to the above solutions, the Government has proposed to the National Assembly to handle some issues arising in running State budget in 2016 and 2017 such as: Permission to supplement estimates and finalize state budget in 2016 with regard to the amount of investment capital from the disposal of houses and land of the Ministry of Defense (470.9 billion vnd) and the Vietnam Social Insurance (1.9 billion dong) according to recommendations of the State Audit.

Most ministries and sectors have accomplished allocated budgets VCN- In the report sent to the National Assembly, the Ministry of Finance said by early March ...

For ODA loans in 2016 which must prolong the disbursement to 2017 as committed to the Donor, proposing to integrate into the development investment expenditure for 2017; and the Government will report to the Standing Committee of the National Assembly in accordance with the Law.