At the Resolution No. 25/2016/QH14 on National 5-year financial plan in 2016 – 2020 period, the National Assembly requires ministries and agencies to gradually manage the budget according to the results of the implementation of the tasks; establish statistics of the budget according to the practices and international standards. Implement effectively measures to ensure the security and safety of national finance; reduce as much as possible the state budget deficit.
At the same time, Take measures for adjusting collection policies in an orientation towards the expansion of tax bases, adjusting scope and entities; reviewing and limiting the eligibility to tax exemption or reduction; considering the addition of taxes on properties according to the actual conditions of Vietnam. Minimize the combination of social policies in law on taxation; review preferential policies that have influence on the State budget revenues; must not promulgate policies, programs or projects if the capital sources are not balanced; reduce spending specified in the estimates, which are unnecessary or implemented slowly minimize source forwarding to December 31st of every year to tightly control the deficit and the ceiling public debt of every year; must not convert on-lending loans or government-guaranteed loans into state budget allocation. Must not use the State budget to carry out the restructuring of state-owned enterprises, handle bad debts of state-owned commercial banks, provide charter capitals for commercial credit institutions or contribute to international financial institutions….
Total revenues of the State budget in the 2016-2020 period is VND 6,864 thousand billion, increasing 1.65 times in comparison with that of the 2011-2015; ensure that the rate of revenues to the State budget is not under 23.5% GDP where revenues from taxes, charges and fees account for 21% GDP; domestic revenues account for 84% to 85% of total revenue of the state budget. The annual public debts do not exceed 65% GDP, the government debts do not exceed 54% GDP and external debts do not exceed 50% GDP….
Source: http://english.luatvietnam.vn/default.aspx?tabid=720
