Want to be in the loop?
subscribe to
our notification
Business News
WAGES TO GO UP 5% NEXT MAY
[13-11-2015] The National Assembly (NA) has assigned the Government to increase the minimum monthly salary of public servants by around 5% to VND1.21 million as from May 1, 2016. In a resolution on the 2016 State budget estimates which received approval from 392 of 435 deputies on November 11, the Government is also tasked with ensuring incomes of those whose wage coefficients are smaller than 2.34 will not be lower than the current levels.
Pensions and allowances for policy beneficiaries will increase 8% as this year.
The monthly pay for those with pensions and allowances of under VND2 million and pre-school teachers employed before 1995 will be adjusted to reach the base salary from January 1, 2016.
The Government has formulated a plan to arrange around VND11 trillion for wage increases starting next May, with 40% to be sourced from the State budget and the remainder from local funds. The central budget will partly cover salary hikes in poor localities.
In addition to revising the base salary, the resolution permits the Government to use proceeds from the sale of State stakes at some enterprises for development investment, and requires it to cut overspending and diversify terms of government bonds.
The Government can issue bonds worth a maximum of US$3 billion on international capital markets in the 2015-2016 period.
The Government is required to cut spending on conferences, seminars and festivities, restrict funds for overseas studies and field trips, limit purchases of pricey autos and equipment, closely monitor budget advances. The Government will map out a road map for cutting overspending, ensure full payments of debts that fall due and restrict the rescheduling of loans.
The NA approved spending VND40 trillion sourced from the sale of State shares at enterprises on development investment. In case there is a shortfall of budget collections, the Government can use no more than VND10 trillion from the sale of State shares at businesses to fund development investment projects.
In the resolution on budget estimates, budget revenues next year are projected at over VND1,019 trillion, inclusive of VND4.7 trillion of this year’s municipal budget funds. Meanwhile, overspending is estimated at VND1,273 trillion, causing a budget deficit of VND254 trillion, equivalent to 4.95% of GDP.
Source: The Saigon Times
Related News
DIGITAL TRANSFORMATION IN LOGISTICS – A KEY TO UNLOCKING SUSTAINABLE E-COMMERCE AND ECONOMIC DEVELOPMENT
Accelerating digital transformation in logistics is critical in order to promote the sustainable development of e-commerce, a conference on applying technology held by the Ministry of Industry and Trade heard on Thursday, as well as accelerating overall economic growth.
SOILBUILD EXTENDS ITS HORIZONS INTO VIETNAM INDUSTRIAL REAL ESTATE
Soilbuild Group, an integrated real estate group, has broadened its investment in industrial real estate to Vietnam through its Soilbuild International division. The official launch of Soilbuild International (Vietnam) took place in Hanoi on May 9th, 2024, and was attended by esteemed guests, including domestic and international partners.
SEMINAR: BUSINESS SPOTLIGHT - THE HONG KONG-INSPIRED PRESENCE NESTLED IN THE HEART OF HANOI'S EAST
16h00 - 18h00, Wednesday (May 22nd, 2024)Almaz Convention Center - Hanoi (GG map: https://maps.app.goo.gl/YtWyGgkiTwWvFnfX6)
VIETNAM SECURES REMARKABLE ECONOMIC SUCCESSES SINCE NATIONAL REUNIFICATION
Since the national reunification on April 30, 1975, Vietnam has obtained admirable economic achievements and is now on its way to become the 20th largest economy in the world. Back to 1975, Vietnam, torn by two major wars, was a backward economy dependent on agriculture and foreign assistance. Foreign loans and aid accounted for over 63 percent of its budget.
350 EXHIBITORS TO TAKE PART IN HCM CITY PAPER, COATINGS, RUBBER, PLASTIC EXPOS
They will have a total display area of 10,000sq.m, 30 per cent more than last year, and the participation of over 350 local and international exhibitors who will showcase thousands of products and technologies.
INT’L INVESTORS EYE VIETNAM’S DATA CENTER MARKET – REPORT
Vietnam’s data center market is increasingly attractive to foreign investors, driven by the country’s expanding digital economy, rising data consumption, and supportive government policies, said a new report by JLL. While Vietnam’s data center sector has traditionally been dominated by local telecommunications companies, global players are now entering the market.