State strained by unnecessary works: ministry

The Ministry of Planning and Investment said there were an additional 333 new projects that have been started and cost the state budget a total 344 billion dong. The ministry thus suggested suspending certain public works that are being carried out by central government agencies to recover VND337.6 billion for the budget.

Vietnam spends $3.13 bln on foreign aids repayment

Among the expenditure, the state budget spent up to 75.6 percent of the estimate on compensation for preferential credit interest rate difference, 73.9 percent of the estimate on supporting the national reserve and 63.6 percent of the estimate on supporting capital for state-owned enterprises.

Inflation control aids stability

Under Government Resolution No 11/NQ-CP issued in February to curb inflation, the ministry asked municipal and provincial People’s Committees to improve price management. The localities are boosting price inspections and reporting, control price-forming factors, releasing information to the public about pricing violations via mass media, and tightening State budget spending. The ministry has asked agencies from central to local levels to cut 10 per cent of recurrent expenditures for the last nine months of this year.

Price rise heartens power investors

Speaking at a government’s conference last week, Deputy Prime Minister Nguyen Sinh Hung said the price hike was essential to reduce state budget losses and boost investments in the power sector. The government expects high electricity tariffs will encourage independent private power investors to become involved in power projects.

Vietnam to regulate fiscal policy more actively and closely

The goal will be achieved through effectively enforcing the Law on State Budget, enhancing investment efficiency, and cutting the state budget, said Ninh. The minister also said that Vietnam needs to make a big effort to curb Consumer Price Index (CPI) at 7% this year as targeted by the National Assembly.

Strategies to be developed in 2011

The information is included in the Government’s recent resolution on key solutions for the implementation of socio-economic development plan and State budget estimate in 2011.

State budget to get audit priority

The State Audit of Vietnam (SAV) said it would keep a close eye on all fields, ranging from projects which have been invested in by the State budget, capital utilisation, the management of State-owned groups and enterprises and projects that are being financed by banking institutions. The audit will provide information to the Communist Party and National Assembly.

Five-year plan to add 10 million jobs

According to the Ministry of Labour, Invalids and Social Affairs (MOLISA), the programme has a total budget of VND53,3 trillion (US$2.73 billion), of which more than VND38,1 trillion ($1.95 billion) comes from the central Government and the remainder from local governments, international donors, a national fund to support employment and other sources.

Solutions for socio-economic development in 2011

The National Assembly approved the socio-economic development plan for 2011, focusing on the maintaining of macro-economic stability, inflation curbing, growth model renovation, and economic structure transformation. Under the plan, the GDP is expected to grow at 7-7.5% against 2010, consumer price index (CPI) to increase less than 7%, total export turnover to rise 10%, trade deficit to be kept under 18% of the total export value; State budget overspending to be maintained at 5.35% of the GDP, and total social investment is equivalent to 40% of the GDP.

MoF sets targets for fiscal year 2011

Ministry of Finance (MoF) said, in 2010, the state budget collection was estimated at 528.1 trillion dong, exceeding 14.4 percent (66.6 trillion dong) of the year’s estimate and up 19.4 percent against 2009’s. Of which, domestic collection (excluding collection from land using tax) was estimated to exceed 8.6 percent (23.3 trillion dong) against the year’s estimate. The domestic collection also saw significant growths from 52 percent in 2006, to 55.8 percent in 2007, 55.7 percent in 2008, 61 percent in 2009 and 62.8 percent in 2010, contributing to the stability of the state budget.

Ministry calls for less public investment

The Thoi bao Kinh te Viet Nam (Viet Nam Economic Times) newspaper reports that the ministry has also said that State Budget spending should not exceed levels accepted by the National Assembly and that the Government should not invest in trade promotion and other services that private sectors can do more efficiently.

Vietnam posts VND68.6Tln state budget deficit in 2010

In 2010, the state budget revenues is estimated to have amounted VND504.4 trillion, equal to 109.3% of the year-plan while the expenditures were VND573 trillion, equal to 98.4% of the year-plan.

G-bond mobilisation via state treasury reaches 68.3pct of year’s target

The Ministry of Planning and Investment reported that from January 2010 to the end of November 23, 2010, capital mobilisation for the State Budget and development investment via the State Treasury reached nearly 68.3 trillion dong, equalling to 68.3 percent of the year’s target.

Capital shortage stalls traffic constructions

The Ministry of Construction has said it has not been able to raise capital of VND100 trillion ($5 billion) for 230 planned traffic projects. Of the projects, 77 were approved with a budget of VND34 trillion ($1.7 billion).

Auto registration fees to surge

Outside of Ha Noi and HCM City, registration fees would be set between 10 and 20 per cent, depending on the local economic situation. The increase was necessary to discourage the rapid growth of personal vehicles, blamed for snarling traffic in the nation’s major cities, as well as significantly raise revenue stream for the State budget.

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