National Assembly delegates proposed many solutions to strengthen the national financial system and improve the efficiency of public investment.

(Chinhphu.vn) - In the context of many internal challenges and global fluctuations, National Assembly deputies said that the State budget must truly be the lifeblood of the economy, and public investment is the trigger for sustainable and inclusive growth in the 2026-2030 period.

Delegate Tran Hoang Ngan (Ho Chi Minh City Delegation) gave his opinion during the discussion - Photo: VGP

On October 30, continuing the working program of the 10th session, the National Assembly discussed in the hall the implementation of the State budget in 2025, the budget estimate and the plan for allocating the central budget in 2026...

At the discussion session, many delegates highly appreciated the Government's efforts in budget management and maintaining macroeconomic stability, while pointing out the shortcomings that need to be overcome to consolidate a more solid national financial foundation in the coming period.

Fiscal policy contributes to strengthening economic recovery momentum

Delegate Tran Hoang Ngan (Ho Chi Minh City Delegation) said that the socio-economic development results in 2025 have a great contribution from the national financial and monetary policies, especially the efforts of the financial sector, local authorities, business community and people in complying with tax obligations.

According to the delegate, in 2025, the total budget revenue will increase by 21.5%, thanks to which we will have more resources to increase development investment spending, up to 29.7%, and have resources to invest in economic and social infrastructure.

Reviewing the 2021-2025 period, delegate Ngan emphasized that the financial sector has actively reviewed institutions, listened to opinions of businesses, people and National Assembly deputies to perfect laws on taxes, budgets and public investment.

Total budget revenue for the 2021-2025 five-year period increased by 15% compared to the estimate, while total expenditure only increased slightly by 6% compared to the estimate and development investment expenditure increased by 26% compared to the previous five-year plan, while regular expenditure for the five-year period decreased by 2%. The signal is also very good and thanks to that, the budget deficit in the past five years has been reduced by VND 282,525 billion, down to 36%, creating room for the next term and for future generations.

According to delegate Tran Hoang Ngan, total state budget expenditure in the 2026-2030 period is estimated to increase by about 1.9 times, or nearly double that of the 2021-2025 period, of which expenditure for development investment is a very large number, 3 times higher than the previous period.

The need for investment is right, investment in economic and social infrastructure is very necessary and urgent. But if development investment spending and public investment increase, it will increase the amount of government bonds. When increasing the amount of government bonds, it will put pressure on the capital market, pressure on the supply and demand of capital in the market, increase interest rates...

Therefore, delegates suggested reviewing projects and prioritizing them, paying more attention to creating a flexible enough system to encourage corporations and state-owned enterprises to improve business efficiency, reviewing the issue of human resource allocation of corporations and state-owned enterprises in an effective direction to promote the effective use of capital in this area, and reviewing public assets and public land to reduce pressure on the state budget.

Delegate Ha Sy Dong (Quang Tri Delegation) gave his opinion in the discussion.

Strengthening budget discipline, promoting effective public investment

Delegate Ha Sy Dong (Quang Tri Delegation) assessed that, in the context of many fluctuations in the domestic and international economy, budget management, public investment and national finance have achieved many remarkable results, contributing to maintaining macroeconomic stability, controlling inflation, ensuring social security, and maintaining reasonable growth momentum.

However, according to delegates, the increase in budget revenue is mainly due to situational factors, while new revenue sources from the digital economy, e-commerce, and cross-border services have not been effectively exploited. Revenue from equitization and divestment of state capital is still low; regular expenditure still accounts for a large proportion.

Delegate Ha Sy Dong proposed shifting the focus to strengthening sustainable revenue by reforming tax policies, improving revenue management, preventing revenue loss and nurturing long-term revenue sources.

A major problem currently raised by delegate Ha Sy Dong is that the progress of disbursement of public investment capital is still slow.

"When public investment is disbursed slowly, the spillover effects on the economy are limited, leading to many consequences and affecting job growth and budget revenue," said delegate Ha Sy Dong.

Believing that effective public investment should be considered a strategic pillar in the 2026-2030 period, delegates suggested that the Government review and restructure the investment portfolio in a concentrated, focused, and key direction; prioritizing projects with regional spillover effects, especially strategic infrastructure projects, climate change response infrastructure, and digital infrastructure.

"Public investment must truly be the driving force, activating social capital sources, and cannot replace the private sector. However, it is necessary to soon develop a set of criteria to evaluate the effectiveness of public investment, taking output results and regional and sectoral impacts as the basis for capital allocation instead of dividing equally according to administrative boundaries," said delegate Ha Sy Dong.

Meanwhile, delegate Nguyen Minh Son (Dong Thap delegation) expressed concern about the complicated developments of natural disasters. Although the State budget has spent more than 47,000 billion VND on prevention, control and overcoming consequences, current resources are still insufficient compared to actual needs.

In recent times, our country has developed many important financial instruments, but their effectiveness is not high, they are still scattered and lack a comprehensive coordination mechanism. Therefore, to create a modern, effective and sustainable source of financial resources for natural disaster resilience, delegate Nguyen Minh Son recommended that the Government prioritize capital for climate change adaptation and natural disaster prevention projects on par with national defense, security, health and education programs.

Reform the budget expenditure structure, shift to preventive investment, minimize risks to save long-term costs. Develop natural disaster risk insurance, build a reinsurance fund and a national climate change response fund. Research the issuance of natural disaster bonds, helping to transfer risks to international investors without increasing public debt.

Thu Giang

Source: https://baochinhphu.vn/dai-bieu-quoc-hoi-de-xuat-nhieu-giai-phap-cung-co-nen-tai-chinh-quoc-gia-nang-cao-hieu-qua-dau-tu-cong-102251030155039037.htm