Effective budget management promotes economy

Being proactive and flexible in budget management has contributed to allocating capital, speeding up project progress, and completing the province's urban infrastructure. ***In the photo: A corner of Dien Bien Phu City.*** Photo: Contributor

Pursuant to Resolution No. 01/NQ-CP dated January 1, 2023 of the Government on solutions to direct and manage the implementation of the Socio-Economic Development Plan and the State budget estimate for 2023, the Provincial People's Committee has issued a Program of solutions to direct and manage the implementation of socio-economic development tasks, ensuring national defense and security and the State budget estimate for 2023. On that basis, all levels and sectors have proactively advised and focused on synchronously and effectively implementing solutions on State budget management to implement the Resolutions of the Provincial People's Council and the decisions and plans of the Provincial People's Committee; advising on the allocation of the budget estimate in accordance with the provisions of the State Budget Law, ensuring compliance with the assigned estimate. Organize and manage the State budget estimates proactively and closely, ensuring financial and budgetary discipline, ensuring the implementation of social security policies and important political tasks of the province.

With the determination to strive to achieve the highest state budget revenue estimate in 2023, the Provincial People's Committee has issued many documents directing relevant agencies. In particular, it regularly evaluates and analyzes each revenue item, tax and locality; forecasts factors affecting revenue sources, revenue shortfalls, and has solutions to exploit potential revenue sources to offset revenue items and taxes expected to fall short of the estimate. At the same time, proactively remove difficulties and obstacles for businesses, urge debt collection and payment of arising taxes. On the other hand, promote the implementation of electronic invoices, administrative reform and simplification, publicity and transparency of tax and customs procedures to facilitate customs clearance of goods... Thanks to that, the state budget revenue in the province in the first 9 months of this year reached more than 1,121 billion VND (nearly 46%). Of which, some revenue items achieved high results such as: Fees and charges reached 90%; Revenue from foreign-invested enterprises reached nearly 428%; revenue from granting mineral exploitation rights reached 123%...

In addition to solutions for managing state budget revenue, the Provincial People's Committee has directed the synchronous implementation of many solutions to manage and operate budget expenditures according to estimates, meeting the requirements of socio-economic development of the province. Departments, branches and localities, based on the assigned budget estimates, organize to review, arrange and save regular expenditures. For development investment expenditures, investors focus on removing difficulties and obstacles in disbursing public investment capital, especially obstacles in site clearance, acceptance, payment and settlement, striving to disburse 100% of the allocated capital. In the first 9 months of 2023, total local budget expenditure was more than VND 9,042 billion, reaching 63% of the estimate; of which, expenditure for development investment was nearly VND 1,138 billion, regular expenditure was more than VND 5,123 billion, and debt payment and interest was VND 1,837 billion. Local budget expenditure basically meets the tasks of socio-economic development, ensuring national defense and security, especially social security policies, hunger eradication and poverty reduction, strengthening cooperation with Laos and major local activities. Many economic, urban and transport development projects in the province have been allocated capital and implemented.

With the initiative and flexibility in managing the State budget in the province, it has contributed to promoting socio-economic development. The economic growth rate (GRDP) in the first 9 months reached more than 10,532 billion VND, an increase of 8.87% over the same period last year, exceeding the growth scenario target by 0.21%. In particular, the service sector continued to have strong development, the sector with growth exceeding the growth scenario target. Notably, the total retail sales of goods, tourism and transportation activities increased compared to the same period last year. Total retail sales of goods increased by 31.73%; total number of tourists increased by 84.9%, revenue from tourism activities increased by 67.5%; total revenue from transportation activities increased by 74.29% over the same period last year. Total social investment capital increased by 18.93%.

From now until the end of the year, relevant agencies and departments will strengthen their advice to the Provincial People's Committee on innovative solutions to improve the quality and effectiveness of local budget management and operation. In particular, synchronously implement solutions to expand and nurture revenue sources to increase budget revenue to meet resource requirements to ensure increased expenditure tasks in the area. Improve tax management capacity, ensure transparency in tax declaration; inspect some untapped revenue sources and the household economic sector that is applying lump-sum tax as well as exploit revenue sources in areas with strengths. Along with that, restructure budget expenditures towards efficiency and sustainability; reduce the proportion of regular expenditures, increase the proportion of development investment expenditures; prioritize resources to implement social security policies, overcome the consequences of natural disasters, epidemics, and policies to support production development. Balance resources to ensure health, education, and culture, meeting the requirements of sustainable development. Focus on removing difficulties for businesses to develop production and business.

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