Budget overspending capped at 3.7 percent of GDP next year

The 14th National Assembly (NA) passed the resolution on state budget estimates for 2018 on November 13, part of its ongoing fourth session in Hanoi.

budget overspending capped at 3.7 percent of gdp next year hinh 0
Under the resolution, state budget collection in 2018 is estimated at nearly VND1.319 quadrillion (US$58.1 billion) while state budget spending is estimated at VND1.523 quadrillion (US$67.1 billion). 

The budget overspending of VND204 trillion (US$8.98 billion) is equivalent to 3.7 percent of GDP.

After voting on the budget estimate resolution, NA deputies discussed the feasibility study report on a land seizure, compensation, support, and resettlement project for the construction of Long Thanh International Airport in southern Dong Nai province.

They gave opinions on compensation and resettlement support mechanisms, resettlement areas, total investment in and the necessity of special mechanisms for the project, vocational training and social welfare for people who have land revoked for the project, environmental impacts, and socio-economic and financial effects of the project.

Minister of Transport Nguyen Van The later provided more information about some relevant issues mentioned by lawmakers.

Also on November 13, the parliament worked in groups to scrutinise the draft law on protection of state secrets and the draft law on cyber security.

On November 14, a draft resolution on piloting special mechanisms and policies for Ho Chi Minh City is expected to be submitted to the NA. Deputies will look into this draft resolution and the draft revised law on national defence. They will also vote on a resolution on the central budget allocation for 2018 and discuss the investment in some sections of the eastern North-South Expressway for 2017-2020.


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