On the morning of November 5, continuing the session program, the National Assembly discussed in the hall the implementation of the state budget in 2024, the state budget estimate, and the central budget allocation plan in 2025.
Giving his opinion on the discussion, delegate Nguyen Quang Huan (Binh Duong) said that according to the audit report, the current regular expenditure arrangement is still low, there are still many unallocated items, which is holding back the economic stimulus tools. And according to the forecast, by 2025, our country's GDP will be around 500 billion USD, if maintaining a steady growth rate of 7%/year, by 2035 our country's GDP will be around 1,000 billion USD, aiming to reach 5,000 billion USD by 2045 to become a high-income country, breaking the middle-income trap.
"To escape this trap, there are many tools on aspects such as labor, restructuring, and development investment, but we have not paid due attention to these aspects," the delegate commented.
According to the delegate, although we have maintained a growth rate of nearly 7% per year, we have not achieved sustainability because we still rely on the driving force of FDI. While FDI enterprises have a large trade surplus, domestic enterprises have a trade deficit. If we want to maintain a sustainable growth rate, we need to rely on domestic development resources.
Currently, we have more than 20 Funds, some of which are about to close, while some will be opened. Delegates proposed to monitor the Funds to have specific and thorough assessments, ensuring effective management and use. Funds should not be evaluated by the number of projects, but should consider the effectiveness of the Fund's operations and the Fund's impact on the overall growth of the economy.
“Supervising the operations of the Funds will be the premise for building a sustainable mechanism. Using FDI resources is an opportunity for growth, but is not the main driving force for the upcoming era of development,” the delegate emphasized.
Discussing in the hall, delegate Hoang Van Cuong (Hanoi) affirmed that public investment has created a breakthrough for development, however, investment in high-quality human resources has not received due attention, investment in facilities in the fields of education and health is still limited. Therefore, the biggest concern of public hospitals or universities when they are autonomous is having to pay interest on loans to banks when investing in facilities and technical infrastructure. "This causes hospitals and universities to increase hospital fees or tuition fees. Therefore, patients and students have to pay high service fees," the delegate emphasized.
With the above reality, delegate Hoang Van Cuong suggested that it is necessary to increase the allocation rate of development investment capital from the State budget for the two sectors of health and education, at least enough to invest in building initial facilities. After the investment is completed, the management agency should assign schools and hospitals to implement autonomy to calculate for reinvestment and take care of regular expenses. Thus, patients and students will not have to pay high service fees.
Regarding the lack of attention paid to extra-budgetary state financial funds, delegate Ha Sy Dong (Quang Tri) said that according to the Government's report, the total balance at the beginning of 2024 of extra-budgetary state financial funds managed by the Central Government is mainly from three funds, including: Social Insurance Fund, Unemployment Insurance Fund and Health Insurance Fund managed by Vietnam Social Security, accounting for nearly 91% of the total balance of funds. It is estimated that by the end of this year, the balance of funds will increase by about VND 56,000 billion compared to the beginning of the year. Of which, the balance of the three funds managed by Vietnam Social Security accounts for over 91% of the total balance of funds, equivalent to about VND 1,300 billion.
“The balance is mainly used to invest in government bonds. The problem is the structure and quality of capital use of the capital block of nearly 1.3 million billion VND, their ability to preserve and generate profits, and therefore, is the mission of ensuring social security of the social insurance agency complete? The Government's report has not clarified this, including the issues mentioned by other delegates, such as the current situation of social insurance arrears,” discussed delegate Ha Sy Dong.
Delegate Ha Sy Dong said that, according to experts, the majority of the capital structure of Social Insurance is the asset item of Vietnamese Government bonds, while there are liquidity risks and market risks, but they have never been identified, measured and announced by the responsible agencies, as well as the Social Insurance agency itself.
Regarding the management of the remaining deposits of the State Treasury, delegate Ha Sy Dong said that thanks to political determination, since 2017, the Ministry of Finance has gradually transferred the remaining amount of money of the State Treasury deposited in the commercial banking system to the State Bank in order to create favorable conditions for the State Bank in managing the country's monetary policy...
However, in practice, the implementation process has not been really smooth, as shown by the fact that the State Treasury has conducted auctions for deposits at commercial banks, which are sometimes not suitable in terms of timing, dosage, term, or interest rate offered.
“Such things have often made the State Bank passive and encountered difficulties in regulating money supply for the banking system and the economy, aiming at the goal of stabilizing currency and banking operations. Therefore, the National Assembly and the Government should soon review the regulations and remove current bottlenecks in the best way possible,” the delegate suggested.
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