National Assembly Approves Budget Allocation for 2017
The National Assembly has adopted a resolution on how the budget for 2017 is to be divided among ministries, agencies, provinces and centrally governed cities with more than 82 per cent of deputies voting in favour.
Under the resolution, the central budget for 2017 is estimated at VND729.7 trillion (US$32.8 billion) and local budgets at a total of VND482.5 trillion (US$21.7 billion).
Central budget expenditure is estimated at VND902 trillion (US$40.6 billion), of which more than VND254.6 trillion (US$11.5 billion) will be spent to supplement local budgets.
The resolution states that the percentage of revenue contributions from the budgets of provinces and centrally governed cities to the central budget will be kept steady during the 2017-2020 period.
In case new sources of revenues make a significant contribution to the local budgets, such additions will be decided by the National Assembly in accordance with the Law on the State Budget.
Under the resolution, a number of provinces and cities, such as Ho Chi Minh City and Da Nang, will have the percentage of the annual revenues they can keep reduced.
Ho Chi Minh City, for example, can now retain 18 per cent, down from 23 per cent, of its revenues while the rest will have to be contributed to national funds.
The move was designed to ensure the main role of the central budget and to allocate more resources to disadvantaged provinces, said Nguyen Duc Hai, Chairman of the National Assembly’s Committee for Finance and Budget.
But he suggested that the Government should allocate other financial resources to affected provinces and cities to support them in maintaining their roles as engines of the national economy.
NDO
Vietnamese
