State budget collection this year will likely exceed the estimate by 10%, equivalent to 16.5% of GDP. State budget spending for the year is expected to exceed the estimate by 7.7%. This will result in a deficit of 3.4% of GDP for 2024, lower than the estimate, thanks to a decrease in local budget borrowing.

NA Deputy Chairman Nguyen Duc Hai said that in 2024, management and operation of the state budget have seen a positive performance.

“A budget revenue 10% above the estimate will meet the budget needs for socio-economic development, social security, national defense and security, and higher salaries, while the public debt deficit remains within the limit allowed by the National Assembly,” said Hai, adding, “Next year, the budget will be sustainably restructured to strengthen efforts to reduce corruption, negative phenomena, and waste, improve the efficiency of state budget management, and promptly allocate state budget expenditures and public investment.”

Hoang Van Cuong, a deputy for Hanoi, said public investment has been allocated to major works. “Public investment has been closely linked to the implementation of strategic breakthroughs in infrastructure. If we focus 5-10% of investment on developing education and healthcare in the next 5 to 10 years, we’ll have a system of modern universities and hospitals,” according to Cuong.

He noted, “The main beneficiaries will be the people. Developing high-quality human resources will drive sustainable national development.”

In the afternoon, lawmakers debated revisions to the Law on Officers of the Vietnam People’s Army which aims to build a regular, elite, modern People's Army by 2030. Deputies also discussed the draft Law on Geology and Minerals.