The 15th National Assembly's eighth session continued in Hanoi on November 5 morning to scrutinise the State budget performance in 2024, the State budget projection and the proposed allocation for 2025.
Deputy Nguyen Quang Huan from the southern province of Binh Duong highlighted Vietnam's reliance on foreign direct investment (FDI), which has been instrumental in achieving a nearly 7% annual growth rate.
However, he pointed out a troubling paradox: while FDI enterprises enjoy a significant trade surplus, domestic firms are struggling under the weight of a trade deficit. He argued that this imbalance underscores the urgent need to shift focus toward domestic development resources to achieve sustainable progress.
FDI has been an opportunity for growth, but it's time to pivot. Domestic resources should be the engine driving the next era of progress, he said.
In a related discussion, deputy Hoang Van Cuong representing Hanoi proposed augmenting State budget allocation for health care and education, ensuring adequate initial funding for infrastructure, followed by granting autonomy to schools and hospitals to reinvest and manage their regular expenses.
This strategy, he said, will alleviate the burden of high service fees on patients and students.
Meanwhile, deputy Ha Sy Dong from the central province of Quang Tri brought attention to the complexities surrounding the management of State Treasury deposit balances. Despite the Ministry of Finance's ongoing efforts since 2017 to transfer surplus funds from commercial banks to the State Bank, the process has been fraught with inconsistencies in timing, volume, duration, and interest rates at commercial banks' deposit auctions.
Efficient management of the State Treasury is crucial for effective monetary policy, he said, urging the NA and the Government to review regulations and swiftly remove existing bottlenecks.
