HANOI, Nov. 10 (Xinhua) -- Vietnam's National Assembly (NA) on Friday adopted a resolution on the 2024 state budget estimate which sets more than 1.7 quadrillion dong (nearly 69.8 billion U.S. dollars) for total state budget collection next year.

The resolution also estimates over 2.1 quadrillion dong (86.2 billion dollars) for state budget spending.

The legislators agreed to set budget overspending at 399.4 trillion dong (16.4 billion dollars), equivalent to 3.6 percent of the country's gross domestic product (GDP).

It consists of 372.9 trillion dong (15.3 billion dollars) in the central budget overspending and 26.5 trillion dong (900 million dollars) in the local budget overspending, respectively equivalent to 3.4 percent and 0.2 percent of GDP, Vietnam News Agency reported.

The state budget will borrow an estimated total of over 690.5 trillion dong (28.3 billion dollars).

Vietnam will start a comprehensive salary policy reform from July 1 next year. The wage reform fund will be sourced from the central, local budget, and State budget balance estimate, according to the resolution.

Following the reform, pension, social insurance allowance, and allowance for revolutionary contributors will be adjusted.

A base salary of 1.8 million dong (73.7 dollars) a month has been applied in Vietnam since July this year. It serves as a basis for calculating the salaries of employees in the state-run sector. Enditem

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