Lawmakers approved a resolution on the ratification of the state budget settlement in 2024, and a law on amendments and supplements to four tax-related laws at their sitting on April 24 morning within the first session of the 16th National Assembly (NA).
NA deputies voted to adopt a resolution approving the state budget final accounts for 2024; the Law amending and supplementing a number of provisions of the Law on Personal Income Tax, the Law on Value-Added Tax, the Law on Corporate Income Tax, and the Law on Special Consumption Tax; a resolution on the NA’s supervision programme for 2027; and a resolution on establishing a supervisory delegation of the NA on implementing policies and laws on the management and use of public assets as office premises following the reorganisation of administrative apparatus and units.
The NA unanimously approved the state budget final accounts for 2024, alongside adjustments to revenue estimates. Total state budget revenues were recorded at over 3.4 quadrillion VND (129.1 billion USD), while total expenditures reached 3.58 quadrillion VND, including carryovers into 2025.
Lawmakers also approved an additional 13.76 trillion VND in budget revenue for 2024, comprising 3.41 trillion VND in the central-level budget revenue and 10.35 trillion VND for local budgets.
According to a report of the Government, total budget resources carried over from 2024 to 2025 amounted to nearly 1.44 quadrillion VND. The structure of these funds includes spending for wage reform, public investment, revenue surpluses, administrative autonomy funds, scientific research, and procurement projects already under contract.
According to the resolution, the legislature acknowledged the government’s efforts in macroeconomic management, fiscal policy coordination, and measures to support enterprises and citizens amid ongoing economic challenges.
The resolution requires the Government to publicise the 2024 budget final accounts in accordance with regulations, clarify responsibilities for any violations in budgeting and execution, and enforce corrective measures where necessary. The State Audit Office is tasked with continuing to disclose audit results and non-compliance cases.
With all 490 deputies present voting in favour, the legislature approved its supervisory programme for 2027, outlining key reporting and oversight activities for the legislative term.
Under the programme, the legislature will review approximately 34 reports at its third session and 27 reports at its fourth session, covering reports of the Government, the NA Standing Committee, and other relevant submissions.
Two question-and-answer sessions are scheduled during the 2027 sessions, alongside the review of findings from specialised supervisory missions.
The programme assigns the NA Standing Committee to organise thematic supervision on the management and use of public assets, particularly office premises following administrative restructuring, and to conduct supervision of social insurance policy implementation during 2021–2026.
With all 484 deputies present voting in favour, the NA adopted a resolution establishing its thematic supervisory delegation on implementing policies and laws on the management and use of public assets as office headquarters following the reorganisation of the administrative apparatus and administrative units.
The supervision aims to assess the current status of public asset management, identify inefficiencies, prevent waste and loss of state assets, and clarify responsibilities of relevant agencies and individuals.
The review will cover the Government’s bodies, ministries, ministry-level agencies, People’s Councils and People’s Committees of provinces and cities, and relevant agencies, organisations and individuals.
Meanwhile, the Law amending and supplementing a number of provisions of the Law on Personal Income Tax, the Law on Value-Added Tax, the Law on Corporate Income Tax, and the Law on Special Consumption Tax, was approved with 466 out of 488 deputies present voting in favour.
The revised law introduces a significant policy adjustments allowing individuals and small household businesses with annual revenue below thresholds set by the government to be exempt from personal income tax and VAT. Similar provisions apply to certain enterprises eligible for corporate income tax exemptions based on revenue levels.
The government will determine specific thresholds based on macroeconomic conditions, budget capacity, and socio-economic context in each period./.
