NA approves minimum salary increase plan

The issue, stated in Resolution on State budget estimates for 2016, was approved on November 11 with 79,35% of votes of National Assembly deputies during their ongoing sitting.

The NA required the Government to ensure the income of cadres or civil servants who have the salary coefficient of 2.34 or lower is unchanged. The pensions or allowances for accredited people will be maintained as they were increased by 8% in 2015.

From January 1-April 30, 2016, the Government will adjust the pensions and allowances for accredited people and cadres, civil servants, officials and armed forces with the salary coefficient of 2.34 or lower.

State budget overspending accounts for 4.95% of GDP

The Resolution forecasts that the State budget revenues in 2016 would reach VND1,014,500 billion (excluding the VND4,700 billion transferred from the local budgets from 2015). The total State budget spending is estimated at VND1,273,200 billion.

The State budget overspending will be VND254,000 billion, equal to 4.95% of the GDP.

The NA proposed the Government effectively implement te laws on tax and State budget revenues, enhance supervision as well as prevent losses, smuggling, and trade fraud.

The Government is asked to ensure ministries, agencies and localities use their regular spending in the most economical manner.

Revenues from equitization used for development

The NA allows the Government to use VND40,000 from selling stocks from some businesses for development purposes.

The Government is suggested to issue Government bonds worth VND60,000 billion for projects and programs which are determined by the NA.

The Government will issue Government bonds, valued at US$3 billion, to foreign markets to restructure domestic debts of the Government, which will be realized within 2015 and 2016.

Some criteria for 2016 approved by the NA