When discussing the economy and society on January 5, the deputies of the National Assembly expressed their concern about the public investment plan in 2021 – 2025 with the number too large of 2.75 million dong, because they did not know where to find resources. . when the ability to collect will be difficult.
Tran Hoang Ngan Party Representative, Ho Chi Minh City, addressed the issue of public investment in the National Assembly on January 5, 2020.
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Set a 6% growth goal for motivation
Delegate (NE) Tran Hoang Ngan (Ho Chi Minh City) expressed concern that the next socio-economic plan may be too optimistic in the context of the Covid-19 epidemic, which has shown no signs of decline in the world. . Delta Bank recommends building many economic scenarios, including the scenario where Covid-19 and vaccines are not available, Vietnam can only grow around 4-5%, as the World Bank (WB) forecast.
We must prioritize projects that are not essential, but urgent, and must nurture income
Representative Tran Hoang Ngan (HCMC)
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DB Ngan also expressed “very concerned” about the public investment plan for the year 2021-2025, with too large an amount of VND 2.75 million, because they do not know where to find resources when it will be difficult for them to promise income. Citing the report from the Ministry of Finance, HCM City Delta said that to have so much money for public investment, the total budget revenue for the next 5 years must exceed VND 7.8 million and this is “very difficult.” 5 years, the economy of Vietnam has grown well and only made 6.7 trillion, while the next 5 years will be full of challenges and risks.
“I believe that both the Government and the National Assembly should be more aggressive in reducing recurrent spending (it is expected to be 6 million trillion in the next 5 years). We have Resolution 18 of the Central Committee on the organization of the political system and apparatus to streamline, be effective and efficient, but recurring spending in the past has decreased very little, so I have to save more. It is true that if you have money you must invest, but in today’s limited conditions, we must be very cautious, if not delinquent. Therefore, we have to give priority to projects that are not necessary, but urgent and must nurture sources of income, ”said DB Ngan.
Explaining to the National Assembly, Planning and Investment Minister Nguyen Chi Dung admitted that in 2021, the forecast still faces many difficulties, challenges, risks and uncertainties. However, Mr. Dung said there are many opportunities and potentials that can be harnessed for strong growth, such as free trade agreements, opportunities to attract FDI from the movement of international investment capital flows, digital transformation, e-commerce, abundance of human resources … “If you take full advantage of these opportunities and overcome the internal difficulties of the economy, the ability to achieve high growth Both the year 2021 and the period 2021 – 2025 have a foundation,” said Mr. Dung At the same time as in 2020 growth of 2 – 3% is expected, the highest growth target in 2021 is appropriate. “Setting the 2021 growth target at around 6% in the year is also to create a driving force to strive high and create a solid foundation for the socio-economic development of the period 2021 – 2025,” Mr. Dung said and said that the The 6% growth target for 2021 is also based on the 2020 revalued GDP.
How many billion has Covid-19 “burned”?
Analyzing the impact of Covid-19, Tran Hoang Ngan said that Vietnam first expected GDP in 2020 to be 6.8 trillion, now if it is done better, it will reach around 6.3 trillion, that is. we have lost 500,000 trillion.
The budget loss is approximately 189 billion more. Total lost about 700,000 billion. According to Finance Minister Dinh Tien Dung, so far, Vietnam has spent around 19 billion VND on preventing, fighting and supporting people due to the Covid-19 pandemic.
Tran Hoang Ngan Party Representative (HCMC): Covid-19 Caused VND 500 Billion Loss in Vietnam
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You will have to borrow 1.9 trillion VND to make up for overspending
Meanwhile, on the state budget, Finance Minister Dinh Tien Dung said that due to the anticipation of difficulties, the estimate of the state budget revenue in 2021 was only 1.34 billion (almost 170 billion of dollars compared to the 2020 estimate); the rate mobilized in the state budget is 15.5% of GDP; of which, of the tax rates it is 13% of the adjusted GDP (respectively 19.7% and 16.6% of the unadjusted GDP).
The budget revenue of 7.8 million dong is based on the objective of economic growth in the period 2021 – 2025 with an average of 6.5-7% (according to the draft of the report on the socio-economic development strategy 2021 – 2030. Party XIII Congress). At that time, the average rate of mobilization towards the state budget was around 15-16% of GDP, of which from taxes and fees was around 13-14%.
Mr. Dung admits that this revenue plan “is expected in the spirit of very actively striving” in the context of many potential risks of natural disasters and epidemics, so to meet spending requirements and gradually reduce overspending , Dung proposed to continue improving the legal state budget revenue system associated with the state budget reform towards inclusive revenue sources, expanding the revenue base; ensure that the share of national income and the ratio between direct and indirect taxes are at a reasonable level; exploit property tax well, natural resources, protect the environment; minimize the integration of social security policies in taxes and policies of exemption, reduction and extension of taxes – guarantee fiscal neutrality, create a favorable and fair business and investment environment, Encourage investment in development.
According to Mr. Dung, the total amount of the state budget loan in the period 2021-2025 is 3.18 billion VND; where the loans to offset overspending are $ 1.9 trillion, the loan to pay the principal owed is $ 1.27 trillion. The government’s direct repayment obligation in one year may exceed 25% of the total state budget revenue and represent risk in the annual mobilization of capital to offset excessive government spending and repayment of principal.
The Nghi Son oil refinery will have to offset many trillion dong in taxes
Tran Quang Chieu (Nam Dinh), permanent member of the Finance and Budget Committee of the National Assembly, said that this committee has overseen the implementation of the Nghi Son refinery project, showing tax compensation figures. giant of the “GGU mechanism” that the “predecessor Government signed a guarantee.” “With the GGU mechanism – called preferential import tax of 3% (for petrochemical products) – 5% (for LPG) – 7% (for refined products) for the project, according to calculations, as follows When offsetting taxes, fees , land rental … collected from the project, the additional amount to be paid to the investor for 10 years, from the date the plant is commercially operated, is VND 36.730 billion. , if the price of oil is 50 USD / barrel; 47.870 billion VND if 60 USD / barrel; 64,580 million dong, if the price of oil is 75 USD / barrel; and 88.1 billion dong, if the price of oil is 100 USD / barrel, ”said ĐB Chieu.
In addition, according to Delta, GGU also has 3 incentives that are contrary to the provisions of the law at the time of signing, which will cause damage to the budget including tens of billions of VND and will propose to clarify the responsibility of “some in the predecessor government ”.
Ambassador Tran Quang Chieu (Nam Dinh) spoke about the large Nghi Son oil refinery project before the National Assembly on the morning of January 5, 2020
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