The Provincial People's Council approves the Resolution on the 5-year financial plan for the period of 2021-2025 of Hung Yen province

Published on 01 - 11 - 2021

On 26/10/2021, at the Fourth Session, the 17th Provincial People's Council approved the Resolution No. 148/NQ-HDND on the five-year financial plan for the 2021-2025 period in Hung Yen province.

Accordingly, the general objectives of the 5-year financial and budgetary plan for the period of 2021-2025 are as follows: to continue to improve the institutional system and local financial mechanism; mobilize, allocate and effectively use financial resources of the State and society to serve the goals of socio-economic development according to the orientation of the Resolution of the 19th Provincial Party Congress; continue to restructure budget revenues and expenditures in the direction of rationally increasing the proportion of expenditures on development investment, reduce the proportion of recurrent expenditures associated with strong renovation of the public non-business service sector; thoroughly carry out thrifty, anti-waste; effectively use public investment capital, rationally invest in people and well solve social security issues, ensure national defense and security; tighten financial discipline, together with accelerating administrative reform, modernize and strengthen financial inspection, examination and supervision; strictly control the state budget deficit and public debt.

The specific goals are as follows:

- Regarding state budget revenue: the total state budget revenue in the area in the period of 2021-2025 is estimated to reach 82,911.9 billion VND, seeing an increase of about 23.1% as compared to the 2016-2020 period, of which: Revenue domestic revenue is 63,351.9 billion VND (local budget revenue is 58,377.2 billion VND), seeing an increase of about 25% as compared to the period of 2016-2020 (of which: collection of land use fee: 14,700 billion VND, lottery collection:132 billion VND), the average proportion of domestic revenue is about 76.4% of the total state budget revenue; import-export revenue reaches VND 19,560 billion, seeing an increase of about 17.4% as compared to the 2016-2020 period, the average proportion of import-export revenue is about 23.6% of the total state budget revenue. The total balance of local budget revenue is VND 63,555.7 billion, including: budget revenue that is entitled according to decentralization of VND 58,377.3 billion; additional revenue from the superior budget is 5,178.4 billion VND (public investment capital is 3,617.8 billion VND, support for regimes and policies is 1,560.6 billion VND).

- Regarding local budget expenditure: The total local budget expenditure in the 2021-2025 period is estimated to reach at 63,429.5 billion VND (including expenditures from targeted additional sources of 5,178.4), seeing an increase of 31.3% as compared to the period of 2016-2020. In which: development investment expenditure: 21,673.4 billion VND; recurrent expenditure: 41,726.3 billion VND, paying government debt’s interest: 24.8 billion VND, supplementing the financial reserve fund: 5 billion VND.

- Regarding public debt management: Total outstanding debt at the beginning of January 1, 2021 is VND 313.7 billion VND. The plan to pay principal and interest is 151 billion VND. Outstanding debt at the end of December 31, 2025 is 162.7 billion VND.

- State budget surplus is 126.2 billion VND, which is used to pay the principal debt of the local government.

- Striving to 2025, the local budget revenue will reach 21,500 billion VND (in which: domestic revenue: 16,500 billion VND, domestic revenue excluding land use fee: 14,500 billion VND).

In addition, major financial solutions are specified in the Resolution No. 148/NQ-HDND.

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