The Resolution approved the 2021 state budget settlement; of which, the total state budget revenue is 2,387,906 billion VND, including revenue transferred from 2020 to 2021, revenue from the local budget surplus in 2020, and revenue from the financial reserve fund according to the provisions of the State Budget Law.

Total state budget expenditure is 2,484,439 billion VND, including expenditure transferred from 2021 to 2022.

The state budget deficit is VND 214,053 billion (two hundred and fourteen thousand, fifty-three billion VND), equal to 2.52% of the gross domestic product (GDP), excluding the local budget surplus. The total state budget borrowing to cover the deficit and repay the principal is VND 455,927 billion.

The National Assembly passed a resolution approving the 2021 state budget settlement with the approval of the majority of National Assembly deputies. Photo: VPQH

The Resolution assigns the Government to publicly disclose the 2021 state budget settlement in accordance with the provisions of law. The Resolution also assigns the Government to direct ministries, central agencies, People's Committees at all levels and units managing and using the state budget to implement drastic and synchronous measures to strengthen financial discipline, management, use and settlement of the state budget, and not to repeat the existing problems and limitations that have lasted for many years...

At the same time, strictly handle violations; review and clarify the responsibilities of heads, collectives and individuals of ministries, central agencies, People's Committees at all levels and units managing and using the state budget that have violated the preparation and implementation of estimates, management and use of the state budget; prepare and submit the 2021 state budget settlement report later than the prescribed time.

The Resolution assigns continued attention to the work of forecasting and making estimates for land use fees to ensure adherence to land use planning and plans for each period and implementation capability; strictly managing and using the increased state budget revenue to ensure efficiency, avoiding loss and waste; correcting and overcoming shortcomings and limitations in the preparation, management and use of the state budget...

State budget spending in 2021 is proactive and economical

Also according to the Resolution on the preparation and implementation of the 2021 State budget estimates and final settlement, the National Assembly highly appreciated the Government's efforts, in the context of the economy being severely affected by the Covid-19 pandemic, many localities had to implement social distancing measures, traffic, tourism and services were stagnant, the disruption of the global supply chain affected domestic production and trade activities, growth in many areas slowed down, the Government has operated a proactive and flexible fiscal policy; promptly issued and effectively implemented policies on tax and fee exemption and reduction, extension of tax and land rent payment deadlines and many policies to support businesses and people, policies on epidemic prevention and social security.

Total budget revenue exceeded the estimate by 17.2%, of which: Domestic revenue exceeded 15.9%, balanced revenue from import-export activities exceeded 21.2%. The management and operation of state budget expenditure in 2021 was proactive, economical, cutting down on unnecessary regular expenditures, prioritizing funding for Covid-19 prevention and control, ensuring social security, and stabilizing people's lives.

Budget deficit is strictly managed and lower than the estimate assigned by the National Assembly. The ratio of public debt and government debt has decreased, debt maturity has been extended, capital mobilization costs have decreased, contributing to strengthening national financial security and safety.

In addition to the achieved results, the resolution also clearly stated that discipline and order in complying with legal regulations and implementing the National Assembly's Resolutions on the preparation and implementation of state budget estimates and final settlement are still not strict; the existing problems and limitations that have lasted for many years have been slowly overcome. The land use fee collection estimates of many localities are not close to the implementation. Some ministries, branches and localities have allocated and assigned estimates slowly. Investment preparation work in many ministries, branches and localities has not received attention and focus; disbursement of public investment capital is slow; large capital construction debts have arisen; transferred expenditures continue to increase in both scale and proportion; there are still many overdue advances and uncollected budget advances...

PRAGUE