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VIETNAM - National Assembly approves VND59 trillion for salary increase in 2012

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VIETNAM - National Assembly approves VND59 trillion for salary increase in 2012

Post  lexie on Sat Nov 12, 2011 3:17 pm

Last update 12/11/2011 12:43:14 PM (GMT+7)

National Assembly approves VND59 trillion for salary increase in 2012
The Vietnamese National Assembly (NA) approved VND59.3 trillion ($2.83 billion) for salary increases in the 2012 at a meeting on November 10.

NA deputies also approved a resolution on the state budget estimates for next year.

Under the resolution, minimum salaries for state employees will be increased by VND200,000 ($9.56) to VND1.05 million ($50) per month from May 1, 2012. The same rise will be also applied to social welfare beneficiaries and pensions for people who made a contribution to the country’s revolutionary struggles. State employees will also receive a 25 per cent increase in additional work benefits from May 1, 2012.

According to the resolution, total budget spending for next year will total VND903.1 trillion ($43.2 billion), while total annual budget revenues will amount to VND762.9 trillion ($36.5 billion). This will result in a budget deficit of VND140.2 trillion ($6.7 billion), accounting for 4.8 per cent of the national GDP, compared to the rate of 4.9 per cent set for this year.

In 2012, the government will spend VND100 trillion ($4.78 billion) on loan repayments, making up some 11 per cent of the planned budget spending in the year, compared to nearly 12 per cent of 2011.

The NA has also asked the government to continue implementing tight fiscal policies, prioritising social security programmes, while tightening control over investment in infrastructure projects.


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