HCMC – To reallocate resources to bolster salary and social insurance reforms, Prime Minister Pham Minh Chinh has called for ministries and local authorities to cut regular spending by 5% and curtail budgets for meetings, foreign trips and other non-essential activities. Despite having accumulated savings of over VND560 trillion, specifically designated for salary reform, the PM Chinh pointed out inefficiencies and wasteful practices in budget and asset management. On January 4, he issued Directive 01/CT-TTg mandating an immediate 5% reduction in spending. The Government leader is advocating for a shift that reduces the share of regular spending to 60% of the total budget. The goal is to redirect these savings towards social welfare, debt reduction, and increased investment in development projects, mitigating budget deficits.
Mar 21 2023