Approving the Resolution on the state budget estimate for 2025

The National Assembly has approved the state budget estimate for 2025, specifically with state budget revenue of 1,966,839 billion VND and total state budget expenditure of 2,548,958 billion VND.

The National Assembly passed a Resolution on the State Budget Estimates for 2025.

Continuing the session's agenda, on the morning of November 13th, with 428 out of 430 delegates voting in favor, the National Assembly passed a resolution on the state budget estimates for 2025.

The draft Resolution on the State Budget Estimate for 2025 approves the State Budget Estimate for 2025. Specifically, the State budget revenue is 1,966,839 billion VND (one million, nine hundred sixty-six thousand, eight hundred thirty-nine billion VND). Of this, 60,000 billion VND (sixty thousand billion VND) is the accumulated funds for salary reform of the central budget, and 50,619 billion VND (fifty thousand, six hundred nineteen billion VND) is the remaining funds from the salary reform of local budgets up to the end of 2024, transferred to the 2025 budget estimates of ministries, central agencies, and localities to implement the basic salary of 2.34 million VND/month.

Total state budget expenditure is 2,548,958 billion VND (two million, five hundred forty-eight thousand, nine hundred fifty-eight billion VND). The state budget deficit is 471,500 billion VND (four hundred seventy-one thousand, five hundred billion VND), equivalent to 3.8% of gross domestic product (GDP).

Minister of Natural Resources and Environment Do Duc Duy, authorized by the Prime Minister, presented the draft Resolution on piloting the implementation of commercial housing projects through agreements on land use rights or existing land use rights.

Regarding the management of the state budget in 2024: An additional 21,284 million VND of non-refundable aid funds will be allocated to the central government's revenue budget for 2024, and a corresponding additional 21,284 million VND of non-refundable aid funds will be allocated to ministries, central agencies, and localities.

Regarding the implementation of wage policies and some social policies, the Resolution clearly states that there will be no increase in public sector salaries, pensions, social insurance benefits, monthly allowances, or preferential allowances for meritorious individuals in 2025.

The summary report on the acceptance and explanation of the assessment of the implementation of the state budget in 2024, the state budget estimate for 2025, and the Draft Resolution on the state budget estimate for 2025 shows that many opinions suggest that the Government should urgently direct specialized agencies to promptly develop a plan to amend the Law on State Budget, promptly concretize Resolution No. 18-NQ/TW dated September 16, 2022, of the Central Committee of the Communist Party of Vietnam, and establish a reasonable and effective mechanism for regulating revenue from land use fees and land lease fees between the central and local governments.

Some opinions suggest the need to accelerate the disbursement of public investment, especially for key national projects, as well as key local projects, and to reallocate funds from slow-progressing projects to those with higher implementation and disbursement potential. Concerns have been raised about the feasibility of the 95% disbursement target projected in the Government's report.

The Standing Committee of the National Assembly noted that the disbursement of public investment capital in the first nine months of 2024 by some ministries, sectors, and localities was still slow; the national average only reached 47.3% of the budget allocated by the National Assembly, a decrease in both value and percentage compared to the same period last year; in which foreign capital only reached 24.33% of the plan, lower than the same period last year (28.37%).

Therefore, in the final months of the year, with the goal of disbursing 95% of the allocated budget, the Standing Committee of the National Assembly requests the Government to provide close, decisive, and proactive guidance, and to develop solutions to overcome challenges and enhance the responsibility and initiative of ministries, sectors, and localities in order to accelerate the disbursement of public investment, especially national key projects, as well as key local projects, to ensure the achievement of the set targets.

Chairman of the National Assembly's Economic Committee, Vu Hong Thanh, presented the report on the review of the investment policy for the high-speed railway project on the North-South axis.

Many opinions agreed with the State Budget revenue forecast for 2025 as presented by the Government. Some opinions suggested reconsidering and calculating a higher forecast for import-export revenue and revenue from crude oil. Some opinions proposed allowing localities to use surplus funds from salary reform to implement investment projects.

Some opinions suggest that the responsibility of leaders in deciding on investment policies and projects should be enhanced, and that unnecessary, scattered, and inefficient projects should be resolutely eliminated. Instead, focus should be placed on resolving obstacles and shortcomings, accelerating progress, and ensuring the quality of a comprehensive and modern strategic infrastructure system.

Taking into account the opinions of National Assembly deputies, the draft Resolution on the allocation of the 2025 Central Budget stipulates that the allocation of state budget investment capital will ensure concentration, focus, and adherence to the conditions and priorities stipulated in the Law on Public Investment, the Resolution of the National Assembly, and the Resolution of the Standing Committee of the National Assembly; prioritizing the full payment of outstanding debts for basic construction projects as prescribed by law; recovering all remaining advance capital that must be recovered in the medium-term public investment plan for the period 2021-2025; allocating sufficient capital for projects completed and handed over for use before 2025, counterpart capital for ODA projects and preferential foreign loans, state budget capital participating in PPP projects, investment preparation tasks, planning tasks, and transitional projects that must be completed in 2025; Allocating capital according to the progress of national key projects and connectivity projects with inter-regional impact is significant in promoting rapid and sustainable socio-economic development.

After allocating sufficient funds for the aforementioned tasks, the remaining funds will be allocated to new projects that have completed the necessary investment procedures. Strict financial discipline and control will be enforced, and serious action will be taken against violations and obstacles that hinder the progress of fund allocation and disbursement. Individual responsibility will be assigned to heads of departments in cases of slow disbursement, linked to the assessment of the level of task completion./.

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