State budget

Finance Minister Sri Mulyani Indrawati (middle) giving a speech after a plenary cabinet session regarding the Financial Note and the 2023 Draft State Budget at the Presidential Palace Complex in Jakarta on August 8. (Photo: ANTARA) Jakarta (VNA) – Indonesia n Minister of Finance Sri Mulyani has said that the country's state budget for 2022 is better than the previous year. This is reflected in the financial debt and budget deficit which are projected at below 4% of the gross domestic product ( GDP ) by the end of this year, she said at a government meeting on the state budget on August 11. Mulyani said she expects the budget deficit can be at 3.9% of GDP compared to the previous forecast of 4.5%. state budget that is beginning to improve./. VNA … [Read more...] about Indonesia’s state budget in 2022 exceeds expectations

Staff at Da Nang Customs Department (Photo: VNA) Hanoi (VNA) – The tax sector collected 911.02 trillion VND (38.9 billion USD) of State budget in the first seven months of this year, a year-on-year rise of 17.2%, and equivalent to 77.5% of its yearly estimate, according to the General Department of Taxation . Of the total, domestic collection was over 868 trillion VND, equivalent to 75.7% of its plan for this year. Meanwhile, as of the end of July, the sector completed its central budget collection target by 75.8% and local collection by 78.9%. The General Department of Taxation attributed the results to the good economic growth in the first months of this year thanks to the recovery of business and production activities amid controlled pandemic situation. Along with rolling out drastic measures to strengthen tax management, the sector has applied solutions to support people and enterprises to promote business and production, including the reduction of environmental … [Read more...] about Tax sector sees good results in State budget collection

Deputy Prime Minister Vu Duc Dam suggests Ho Chi Minh City spend the city’s state budget buying 70 percent of textbooks for students ( Photo:  SGGP) On the afternoon of August 5, Deputy Prime Minister Vu Duc Dam led a delegation  working with Ho Chi Minh City on the results of the performance of tasks in the first six months of the year and orientation towards the last six months related to science and culture - society. He expected the southern city to pilot some changes in the sectors of health, education, culture, and society. At the meeting, Vice Chairman of Ho Chi Minh City People's Committee Duong Anh Duc on behalf of Ho Chi Minh City People's Committee proposed many contents in various fields. Specifically, in the field of culture, sports and tourism, Ho Chi Minh City proposed the Government allow Ho Chi Minh City to apply the Investment Law under the method of public-private partnership (PPP) to select investors for the implementation of these projects. Furthermore, … [Read more...] about Deputy PM suggests HCMC spend city’s budget buying 70 percent of textbooks

Indonesia n President Joko Widodo (Source: Indonesian President Office ) Jakarta (VNA) – The Indonesian Government has set the budget deficit limit at 2.85 - 3% of the gross domestic product (GDP), or 598.2 trillion Rp (40.5 billion USD), for 2023. 2023 is the first year the budget deficit will be returned to a maximum of 3% of the GDP, the country’s President Joko Widodo said while presenting the draft state budget and financial notes for the 2023 fiscal year at the Parliamentary Complex on August 16. The deficit would be financed by utilising safe and managed financing sources while maintaining fiscal sustainability , aiming to keep the debt risk within safe limits. Earlier, the Indonesian Government had decided to relax the deficit figure in response to the COVID-19 pandemic. In 2020, the deficit stood at 6.09% of the GDP, compared to the target of 6.34%. For 2022, the maximum deficit limit has been lowered to 5.7%./. VNA … [Read more...] about Indonesia lowers budget deficit limit for 2023

The Nha Trang - Saigon railway section. (Photo: SGGP) The 411-km route will be implemented from 2022 – 2025, running through the provinces of Khanh Hoa, Ninh Thuan, Binh Thuan, Dong Nai, and Binh Duong, and Ho Chi Minh City. The sub-project aims to ensure traffic safety, improve the quality of railway infrastructure and transport capacity of both passengers and goods, thus effectively exploiting the existing infrastructure along the Nha Trang – Saigon route. The budget for this will be sourced from the State budget under the medium-term public investment plan for the 2021-2025 period. About VND80 billion will be allocated in 2022; and VND350 billion, VND400 billion and VND269 billion in 2023, 2024 and 2025, respectively. It will focus on upgrading degrading bridges, and renovating, repairing and building a number of passenger and cargo stations. The MoT has required its Vietnam Railway Project Management Board and relevant units to fully carry out surveys on various … [Read more...] about Sub-project approved for upgrading Nha Trang – Saigon railway section

Five hundred staff members from six departments under the Hanoi People’s Committee will be sent abroad for training courses from now until 2025 as part of an overseas upskilling project recently launched by city authorities. The Hanoi People’s Committee has announced an overseas training project focused on refreshing and enhancing professional knowledge and skills for cadres, civil servants, and public employees from the city’s six departments during the 2022-25 period with a total budget of around VND91 billion (US$3.9 million). These departments are required to make detailed plans for their qualified employees to take such refresher courses in foreign countries, including the U.S., Australia, Germany, France, Japan, New Zealand, and Singapore, among others, the municipal administration said. These training courses are expected help upskill city government employees, thereby enhancing their work effectiveness and contributing to the capital’s management efficiency, the Hanoi … [Read more...] about Hanoi to spend $3.9mn on overseas refresher training for state employees by 2025

The cost of tutoring high school students is the largest amount for family spending at 43%. Vietnam's investment in education has steadily increased over the past 10 years, accounting for 18% of total state expenditure. Le Anh Vinh, Director of the Vietnam National Institute of Educational Sciences speaks at the event. Photo: VNIES The information was revealed by Le Anh Vinh, Director of the Vietnam National Institute of Educational Sciences (VNIES) under the Ministry of Education and Training at the conference announcing the analysis report on Vietnam's education sector in the 2011 - 2020 period, which was organized by the Vietnam National Institute of Educational Sciences and UNESCO on August 8. Investment in education over the past 10 years was still lower than the targeted 20%. It was equivalent to 4.9% of the country's GDP, higher than many nations in the region, according to the report. The Ministry of Education and Training is facing many challenges … [Read more...] about Vietnam’s investment in education accounts 18% of total state expenditure

th National Assembly as regulated. The National Assembly then approved that the total capital for the medium-term public investment plan for this period is VND2,870 trillion (US$122.6 billion), including the central state budget of VND1,500 trillion ($64.1 billion) and the local ones of VND1,370 trillion ($58.5 billion). By now, the Government has handed in the allocation plan of these budgets to the Standing Committee of the National Assembly. The only amount left to be considered is the foreign capital of VND40 trillion ($1.7 billion), since the Government is cooperating with sponsors to develop suitable projects. When these projects are approved as regulated, the Government will deliver corresponding reports to the National Assembly’s Standing Committee. The Deputy Prime Minister stated that the Prime Minister will issue respective directions to urge related ministries, state agencies, central bodies, and local authorities to urgently assess and approve feasible projects to … [Read more...] about Implementation of public investment plan should consider efficiency carefully

Hanoi expects positive economic performance in 2023 would result in the higher budget collection. Hanoi eyes up to 9% year-on-year increase in tax revenue by 2023 amid rising global uncertainties and challenges from within the economy itself. Electronics production at Canon Vietnam, Thang Long Industrial Park. Photo: Thanh Hai “Such an increase should not include revenue from land use rights, lottery and divestment from state-owned enterprises.” The Hanoi People’s Committee released directive No.11 on drafting socio-economic development plans and the  budget estimate for 2023. Accordingly, Hanoi aims to increase revenue from export-import activities by 4-6% compared to 2022. The directive provided that the calculation of the 2023 estimate should closely follow the economic situation, avoid possible revenue losses and give room for businesses to recover following the severe impacts of the Covid-19 pandemic in the past years. The directive urged local … [Read more...] about Hanoi targets 9% increase in tax revenue by 2023

At the regular government meeting on August 3 Today, while concluding the discussion on socio-economic issues at the regular government meeting in July, Prime Minister Pham Minh Chinh  praised the efforts and results of all ministries, sectors and localities over the past time. For example, the Ministry of Transport has well carried out public investment disbursement, drastically implemented non-stop toll collection and promoted railway development. The Prime Minister sent his deep condolences to relatives and families of three firefighting police officers who passed away while attempting to put out a conflagration at a six-story karaoke parlor in Cau Giay District in Hanoi and reminded localities to pay more attention to social order, security, safety and people's safety, including fire prevention and fighting. Recently, at the proposal of the Government's Party Personnel Committee, the Politburo issued a resolution to add 65,980 additional teacher payrolls in the period from … [Read more...] about PM asks ministry to solve new passport model-related problems