Striving to Accomplish Budget Estimate in 2022

9:10:08 AM | 11/3/2022

In 2021, the socio-economic situation of the whole country in general and Long An province in particular were greatly affected by the fourth outbreak of the COVID-19 pandemic. However, with the support of the Central ministries and sectors; the close direction of the Provincial Party Committee, the Provincial People's Council, the Provincial People's Committee and especially the efforts of the whole political system, the implementation of fiscal and budgetary tasks in 2021 achieved many positive results, making positive contributions to socio-economic development of the province.

Ensuring revenue and expenditure goals

Right since the beginning of the year, Long An province has identified control of the COVID-19 pandemic as the top goal, and realized the dual goals in accordance with the direction of the Government. It has implemented measures and solutions to prevent and control the pandemic and develop the economy in a drastic, urgent, timely, flexible and suitable way to each stage and the development of the pandemic, to ensure the safety, health and life of the people and open the economy soon, and bring the society step by step into a "new normal" state.

Regarding the Department of Finance, with its assigned functions and tasks, the Department actively advised the Provincial People's Committee on budget management solutions in the last months of the year, including important contents such as: implementing the policy of the Central Government to save an additional 10% of recurrent expenses and at least 50% of conference costs in 2021; forecasting and developing scenarios of revenue shortfall, having specific plans to deal with the revenue shortfall, from which sectors and levels proactively manage the budget according to the schedule of revenue collection, thoroughly save, and reduce unnecessary expenditure to ensure budget balance at all levels.

Right from the beginning of the year, a Steering Committee to urge budget collection at all levels was also established. This is a specialized department that contributes directly to the collection work, helping to remove difficulties and obstacles in the process of performing the collection task. Especially in the last months of the year, when the society was back to the new normal state, the Steering Committee proposed solutions to focus on collecting revenue from areas that recovered quickly after the pandemic, the revenues from the field of land use fees, land rent that the province had a lot of potential; and advised the Provincial People's Committee to assign specific and clear collection addresses to each relevant sector, thus greatly contributing to the acceleration of the province's revenue in the remaining months of the year.

Through the synchronous and drastic implementation of many solutions, the implementation of financial and budgetary tasks in Long An province achieved remarkable results with the total state budget revenue in 2021 estimated at 118.7% of the Central budget, reaching 115.5% of the estimate assigned by the Provincial People's Council, of which: the domestic revenue reached 115% of the Central estimate, reaching 111.3% compared to the estimate of the Provincial People's Council and 90.8% over the same period; the revenue from import and export reached 133.3% of the estimate of the Central government and the Provincial People's Council, equaling 129.5% over the same period. The local budget expenditure in 2021 was estimated to reach 120% of the Central estimate, reaching 116.4% of the estimate assigned by the Provincial People's Council, equaling 99.8% over the same period. The expenditure on balancing the local budget reached 115% of the estimate assigned by the Central Government, reaching 111.6% of the estimate assigned by the Provincial People's Council, equaling 96.5% over the same period. The budget spending activities were implemented in the direction of concentration, tight and thrifty management of expenditures, and improving efficiency; strengthening financial rules and discipline, meeting the requirements of ensuring the performance of state budget expenditure tasks, and ensuring social security.

Many solutions to collect budget revenue in 2022

Entering 2022, it is expected that the economy will continue to face many difficulties and challenges from natural disasters, pandemics, climate change, sea-level rise and saltwater intrusion. The COVID-19 pandemic is forecast to have complicated developments with new strains likely to appear, making it difficult to the economy and social security, so the leadership and management of state budget revenue and expenditure will be very important tasks. The successful implementation of the state budget collection task aims to create an initiative in budget expenditure management, especially contributing to the good implementation of three Breakthrough Programs and three Key Projects of the 11th Party Congress of the province.

According to Mr. Pham Van Do, Director of Long An Department of Finance, in order to perform the task of state budget management and administration in the locality, effectively use financial resources for socio-economic development, well deal with social security issues as well as remove difficulties in production and business activities of enterprises, first of all, the goal of 2022 is to fulfill the assigned estimates of revenue collection, including balanced revenues, thereby creating a solid foundation for expenditure management and good handling of social security policies.

On that basis, in order to successfully implement the financial - budgetary tasks in 2022, the Long An Finance Department advises some solutions: continuing to promote the positive aspects in controlling the pandemic situation, step by step restoring the labor market, attracting investment; synchronously, drastically and effectively implementing the work of ensuring security, social order and safety, creating a safe and secure environment; promoting the positive aspects of the Steering Committee to urge budget collection at all levels; assigning estimates of budget revenues and expenditures to each specific unit, industry, and field, from which the relevant sectors, levels and departments are assigned to be responsible for planning to complete assigned tasks; actively disbursing public investment capital at the beginning of the year, creating a driving force for socio-economic development and economic growth, contributing to increasing budget revenue; continuing to reform administrative procedures, improving the investment environment in order to take advantage of the post-pandemic investment shift, attracting investment capital into the province, and contributing to stable and sustainable revenue growth; managing expenditure thoroughly and thriftily, combating wastefulness, spending according to the schedule of revenue and in line with the ability to balance budgets at all levels; well implementing the policy of creating a source of salary reform under the guidance of the Ministry of Finance, thereby ensuring resources to well implement social security policies in the locality. "2022 is the second year of implementing the Resolution of the 11th Congress of the Provincial Party Committee, implementing the five-year socio-economic development plan in the period 2021-2025. Despite many difficulties and challenges, the entire Long An Finance sector is determined to strive to fulfill the assigned financial-budgetary goals and tasks, contributing to the overall achievements of the province," emphasized Mr. Do.

By Vietnam Business Forum