A view of Ha Noi-Hai Phong Expressway, a socio-economic development project that connects the two most important cities in the North. — VNA/VNS Photo Trung Nguyen
The National Assembly (NA) on Monday morning passed a resolution adjusting the middle-term public investment budget for the 2016-20 period, increasing total overseas borrowing to VND360 trillion (US$16 billion) from VND300 trillion.
The resolution also reduces the funding for national key projects by VND10 trillion to VND70 trillion.
The limit of public investment for the 2016-20 period is kept at VND2 quadrillion and the resolution allows the Government to use the budget’s contingent proportion based on its ability to balance the State budget and external capital.
According to Nguyen Duc Hai, chairman of NA’s financial and budget committee, some NA deputies had suggested that the Government not use the contingent budget as extra funding for development projects.
NA deputies worried that “the State budget collection may not go as planned” and the miscalculation of investment capital would lead to “mismanagement and poor implementation of development projects”, he said.
The resolution received 434 votes from 451 NA deputies attending Monday morning’s session, equal to nearly 89.5 per cent of the attendants. — VNS