Tag: budget

Vietnam scoring 51 out of 100, higher the global average of 45.

Ministries and localities grapple with slow spending as the Prime Minister urges swift action to avoid jeopardizing key infrastructure developments.

Revenues fall short as global headwinds buffet the economy.

The Ministry of Labor, Invalids and Social Affairs (MoLISA) has said that nearly VND3.54 trillion ($147.6 million) has been disbursed out of a total of VND6.6 trillion ($275.24 million) in rental support for more than 5.1 million workers, or 54.53 per cent of the original target. The government issued Decision No. 08/QD-TTg in March on rental support for workers affected by Covid-19.

The sixth plenum of the 13th Party Central Committee opened in Hanoi on October 3 and is expected to last for a week. Many key issues will be discussed and decided on, such as Vietnam’s socio-economic development plan and State budget estimates for 2023, the State finance budget plan from 2023 to 2025, and the national master plan from 2021 to 2030 and vision to 2050.

Ho Chi Minh City’s economy continued to recover strongly in the first nine months of 2022, with its gross regional domestic product (GRDP) increasing by 9.44 per cent year-on-year and exceeding the plan. Its Index of Industrial Production (IIP), meanwhile, increased 19.6 per cent, total retail sales of goods and sales from consumer services rose 25.9 per cent, and budget revenue was 27.7 per cent higher. The city expects to have 15 out of 19 targets met and plans exceeded this year.

On August 29, the National Assembly (NA) Standing Committee held an extra-ordinary session to consider issues relating to the Socio-economic Development Restoration Program and the budget. Many NA deputies have assessed that implementation of the Socio-Economic Recovery Program has been slow due to many obstacles in need of resolution.

According to Deputy Prime Minister Le Van Thanh, 50 per cent of the post-Covid-19 economic recovery budget will be prioritized for developing transport infrastructure in 2022. The construction of 12 sections of the East North-South Expressway, second phase, must begin next year.

The disbursement of State budget capital remained sluggish in the first eight months of 2021 due to localities implementing social distancing measures, with total investment capital from the State budget falling 0.4 per cent year-on-year. In August alone, total investment capital from the State budget was down 7.1 per cent against July and 24.7 per cent year-on-year.