National Assembly discusses budget allocation, Law on Geology and Minerals

On November 5, National Assembly deputies discussed in the hall the implementation of the state budget, implementation of the public investment plan and listened to the presentation of the draft Law on Geology and Minerals.

Specifically, delegates discussed in the hall the implementation of the state budget in 2024, the state budget estimate, the central budget allocation plan in 2025 (including the 3-year state budget - financial plan 2025-2027;

Previously, on October 22, the National Assembly listened to Deputy Prime Minister and Minister of Finance Ho Duc Phoc present a report on the implementation of this issue.

The Deputy Prime Minister said the estimated state budget revenue in 2024 is 1,700.99 trillion VND, reaching 85.1% of the estimate in the first 9 months, up 17.9% over the same period in 2023.

"The whole year's assessment is estimated at 1,873.3 trillion VND, exceeding 172.3 trillion VND, up 10.1% compared to the estimate; reaching a mobilization rate into the state budget of about 16.5% of GDP, of which tax and fee revenue reached 13.1% of GDP.

Reporting on the state budget estimate and the central budget allocation plan for 2025, Deputy Prime Minister Ho Duc Phoc stated that the state budget revenue estimate for 2025 is VND 1,966.8 trillion, an increase of 15.6% compared to the estimate for 2024 and an increase of 5% compared to the estimated implementation in 2024. The mobilization rate into the state budget will reach about 16% of GDP.

The Deputy Prime Minister requested that central ministries and branches strive to reduce and save an additional 10% of regular expenditures compared to 2024 to reduce budget deficit, increase spending on necessary tasks that arise, or increase public investment spending.

In addition, delegates discussed the implementation of the state budget public investment plan in 2024, the expected state budget public investment plan in 2025; the implementation of the 2024 financial plan, the expected 2025 financial plan of the state financial funds outside the budget managed by the central government); some contents on adjusting and supplementing the state budget estimate. Government members explained and clarified some issues raised by National Assembly delegates.

In addition, delegates discussed in the hall the draft Law amending and supplementing a number of articles of the Law on Officers of the Vietnam People's Army. The Minister of National Defense explained and clarified a number of issues raised by National Assembly delegates.

Congress spent the afternoon listeningMember of the Standing Committee of the National Assembly, Chairman of the National Assembly's Committee on Science, Technology and Environment presented a report explaining, accepting and revising the draft Law on Geology and Minerals.

Afterwards, the delegates discussed in the hall a number of contents with different opinions in the draft Law on Geology and Minerals. The submitting agency and the agency in charge of the review coordinated to explain and clarify a number of issues raised by the National Assembly delegates.