December 10, 2019 18:25

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Publicised report of budget estimation 2020 to collect feedback of citizens

14:53 | 11/11/2019

VCN – The Ministry of Finance has published the "Budget Report for Citizens on the State Budget Estimation 2020 submitted to the National Assembly". This is a report usually released during the year-end National Assembly meeting to provide the most simple and easy-to-understand information about next year's budget to serve the people.

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Budget Report for Citizens on the State Budget Estimation 2020

The State budget estimate in 2020 which is submitted to the National Assembly is posted publicly by the Ministry of Finance on the Ministry of Finance's websiteand publications as well as widely published through mass media.

Accordingly, the Ministry of Finance sets the State budget targets for 2020, including: striving to implement State budget - finance targets to achieve the highest result in 2016-2020; continue to implement strictly fiscal policies, strengthen discipline and budget discipline, contribute to the stability of macroeconomic, promote production and business; implement restructuring of the state budget with appropriate arrangement of organisational structure, downsizing of the payroll, renovation of the public non-business sector, giving priority to devoting resources to reform of wages and social security policies.

The Ministry of Finance expected the State budget estimate in 2020 will be more than VND 1.5 million billion, increasing by 3.8 percent compared to 2019; the mobilisation rate into the State budget is about 22.2 percent of GDP, of that taxes and fees are about 19.4 percent of GDP.

The Ministry of Finance expected that the State budget expenditure estimate in 2020 will be more than VND 1.7 million billion, increasing by 7 percent compared to the year of 2019.

State budget expenditure in 2020 will be implemented based on the principle: increase the proportion of expenditure on development investment; thoroughly saving in regular expenditures associated with streamlining the apparatus, streamlining the payroll and renovateing public non-business units; arrange to fully repay the interest and timely, strictly manage loans, ensure national financial security; continue reform salary from July 1, 2020 (increasing base salary from VND 1.49 million/month to VND 1.6 million/month, pensions and preferential allowances for people with merit); arrange contingencies and national reserves to ensure timely handling of urgent tasks arising in the year.

In 2010, the Ministry of Finance estimated a State budget deficit of VND 234.8 thousand billion, equal to 3.44 percent of GDP. It is expected that by the end of 2020, public debt balance will be 54.3 percent of GDP, government debt will be 48.5 percent of GDP, and the country's foreign debt will be 45.5 percent of GDP.

In this budget report, the Ministry of Finance also publicised its proposed three-year State budget 2020 - 2022 plan.

The budget estimation report for citizens is printed in beautiful colours, with eye-catching presentation with tables for people to see, visualise and understand the overall "picture" of the State budget in 2020 as well as next three years.

This is the sixth consecutive year the Ministry of Finance has published a budget estimation report for citizens. This year's report is published early so that people and members of the National Assembly can contribute feedback before the National Assembly approves it. This is also an implementation under common international standards, that is openly collect feedback before the National Assembly makes a decision.

By Hồng Vân/Thanh Thuy