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State budget sets aside $30 billion for construction, socio-economic tasks
The Government will earmark almost VND634 trillion (US$30 billion) of the 2012 State budget for activities such as construction, debt payment and other socio-economic and national defence tasks.
More than 80 per cent of the country's National Assembly (NA) deputies reached consensus on the final allocation and its breakdown at the ongoing second session of the 13th tenure's meeting in Ha Noi yesterday.
The bulk of the sum, over VND526 trillion ($25 billion), would be spent on development investments including basic construction ($4.5 billion), trade, tourism and investment promotions. The allotment would also be allocated to funds for preferential loans for the disadvantaged and labour exports.
The programme on East Sea, island and maritime police, and key oil and gas projects will receive VND2.9 trillion ($138 million) and VND3.5 trillion ($166 million) respectively from the capital construction development category.
The Government will also spend VND100 trillion ($4.76 billion) to pay back debts and VND98.8 trillion in aid offerings.
National defence was allocated VND70 trillion ($3.3 billion), and other VND 35 trillion will be spent on security.
Salary reform activities will receive VND43.3 trillion ($2 billion).
The breakdown for each sector, ministry, Central-level agency and individual provinces and cities was also included in the allocation plan.
The NA agreed with the Government's proposal to add 3 per cent to local budget for the 50 localities that are eligible to receive State funding.
With the aim of spurring tourism, law-makers also agreed to offer VND820 billion ($39 million) in aid to 55 provinces to build tourism infrastructure. Specific allocation plans will be determined after the Government reviews the urgency and suitable amount for each locality.
The legislature, however, did not agree with suggestions to expand the allocation scale of the State budget beyond the current eligible localities. The NA argued that haphazard investment did not go with the Government's latest policy to restructure the economy, which required focused and effective investment.
The focus of the investment should be on agriculture, rural development and regions with large areas of land suitable for rice cultivation. These regions, according to the NA, had received limited funding from other economic sectors.
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