Difficult economic situation to affect and put great pressure on fiscal policy

VCN - The conference to assess the work performance in March and the first quarter of 2023 and then develop a work plan for April and the Ministry of Finance held the second quarter of 2023 on the morning of April 5, 2023. Directing at the conference, Minister of Finance Ho Duc Phoc asked units in the sector to make efforts and have solidarity to fulfil their assigned tasks well in the difficult economic situation.
Operating fiscal policy flexibly, creating momentum for recovery, promoting economic growth, Minister of Finance Ho Duc Phoc Operating fiscal policy flexibly, creating momentum for recovery, promoting economic growth, Minister of Finance Ho Duc Phoc
Minister Ho Duc Phoc: Gaining achievements by implementing fiscal policy Minister Ho Duc Phoc: Gaining achievements by implementing fiscal policy
The fiscal policy affirms the pivotal role of the economy The fiscal policy affirms the pivotal role of the economy
The conference at the Ministry of Finance headquarters
The conference at the Ministry of Finance headquarters

Creating favourable conditions for the business community

The conference was attended by Deputy Minister of Finance Nguyen Duc Chi, Deputy Minister Vo Thanh Hung and leading representatives of departments and agencies under the Ministry.

At the General Departments, there were representatives of the leaders of the General Departments and competent departments and agencies under the General Department.

Representing the General Department of Customs, Mr Hoang Viet Cuong, Deputy Director of the General Department of Customs, said that in the first quarter of 2023, Vietnam recorded US$ 154 billion in trade, down 13.3% year-on-year, of which exports were estimated at US$79 billion, down 11.9% and imports US$75 billion, down 14.7% year-on-year.

According to Mr Hoang Viet Cuong, the decrease in import-export turnover in the first three months of 2023 greatly affects the revenue of the Customs sector. Accordingly, by the end of March 2023, the customs revenue was estimated at VND91,267 billion, reaching 21.5% of the estimate, down 17% year-on-year. This is a large decline in recent years.

It is predicted that the economic situation will be more difficult. Therefore, the General Department of Customs has directed the local customs, especially the eight departments with large revenue, to hold business dialogues and meet businesses in their areas to understand the situation of businesses.

Regarding the solution, Mr Hoang Viet Cuong said the Customs sector would continue to implement the customs sector's directive from the beginning of the year to create favourable conditions for the business community, direct the local customs departments to hold dialogues and meet with some large enterprises to understand their export ability, production and business situation to estimate the customs revenue shortly.

Also, the Customs sector is preparing to issue a decision to rectify administrative discipline in the customs sector, in which 980 violations have been developed instead of 400 previous acts.

Reporting at a conference, Mr Mai Xuan Thanh, Acting Director of the General Department of Taxation, said that in the first three months of the year, the tax revenue reached 31.1% of the estimate, rising 4.6% year-on-year. Of these, 12 of20 revenues and taxes recorded higher results than the estimate (reaching over 28%). However, according to Mr Mai Xuan Thanh, this revenue is not sustainable and shows signs of difficulties in budget collection.

Regarding the law-making, Mr Mai Xuan Thanh said in the first quarter of 2023, the General Department of Taxation reported to the Ministry of Finance to submit to the Government a decree on extending the payment deadline for value-added tax and corporate income tax, personal income tax and land rent; reported to the Ministry to submit to the Prime Minister to promote data sharing to develop e-commerce platforms, combat revenue loss and ensure monetary security.

The conference also noted the reports of units in the Ministry of Finance on the work performed in March and Quarter 1/2023, plans and solutions to implement the tasks in April, and Quarter 2/2023 to complete the assigned task successfully.

Follow, encourage, and support the business community

Addressing the conference, Minister Ho Duc Phoc praised the efforts of the entire sector in Quarter 1, 2023. In the context of the economy facing many difficulties and challenges, units in the finance sector have made efforts, strived and united to overcome difficulties and complete tasks well.

The Minister also said that the documents and bits of advice of the Ministry of Finance had been highly appreciated by the Government, ministries and agencies, contributing to solving issues of concern in a scientific and practical way.

Minister of Finance Ho Duc Phoc delivered a speech at the conference
Minister of Finance Ho Duc Phoc delivered a speech at the conference

According to the Minister, the economic situation is still complicated and will affect and put great pressure on the fiscal policy, so it is required that the whole sector must unite and share to complete all assigned tasks successfully.

The Minister requested the units to closely follow the situation of enterprises through budget revenue and expenditure issues, import and export issues, to promptly report to the Ministry's leaders to submit to the Government on the difficulties of enterprises and the economy to propose solutions.

In particular, the Finance sector must give top priority to the law-making work, especially the documents the ministries and agencies ask for opinions on and the documents the Government assigns the Ministry of Finance to implement because this is the basis for assessing the quality of the Ministry's timely coordination and advice on important issues of the country.

At the conference, the Minister also instructed Tax, Customs, Securities...

Accordingly, for the tax sector, the Minister requested to focus on perfecting the global minimum tax; quickly and effectively deploy projects such as the data centre on electronic invoices, electronic invoice management tools, and real estate transfer management software; strengthen the management of domestic e-commerce floors and cross-border e-commerce floors to prevent tax revenue loss; and strictly implement tax refund to avoid tax loss...

In the difficult economic situation, the Minister emphasized that the tax industry must closely follow, encourage and support businesses.

The Minister also requested the Customs sector to manage civil servants strictly and requested them to seriously follow discipline and prevent negative manifestations and harassment of customs officers. The customs sector is also required to soon equip modern machinery and equipment for airports and seaports to ensure conditions for performing assigned tasks, strengthen the fight against smuggling and commercial fraud, and closely monitor import and export turnover to advise the Ministry and Government to make decisions promptly.

Regarding the communication, the Minister suggested that the dissemination work must be one step ahead to raise the awareness of the whole society about the nature of the problems of the customs sector; the units need to proactively forecast the situations that may take place to quickly orient information.

By Hoai Anh/ Huyen Trang

Related News

Deputy Prime Minister, Minister of Finance: Budget management to be more decentralized

Deputy Prime Minister, Minister of Finance: Budget management to be more decentralized

VCN - Deputy Prime Minister, Minister of Finance Ho Duc Phoc indicated that the revision of the State Budget Law (SBL), as part of the "One Law Amending Seven Laws" scheme, focuses on removing short-term bottlenecks and obstacles. He also announced that future amendments will increase decentralization and delegation of authority in budget management.
Recurrent spending seriously controlled: Deputy PM and MoF Ho Duc Phoc

Recurrent spending seriously controlled: Deputy PM and MoF Ho Duc Phoc

VCN - According to Deputy Prime Minister and Minister of Finance Ho Duc Phoc, in the recurrent spending structure, the spending on salaries and salary allowances accounts for a large proportion but is difficult to cut, so it is necessary to encourage savings on other expenditures such as spending for business travel, conferences, etc.
Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there are still difficulties, the economy is gradually returning to a high growth trajectory. In that context, it is necessary to let fiscal policy return to normal state.
Businesses can choose a suitable electronic invoice model generated from the cash register

Businesses can choose a suitable electronic invoice model generated from the cash register

VCN - The Ministry of Finance said that individual business households can choose a suitable model to apply electronic invoice solutions from cash registers, depending on the number of invoices used in the year, in the month and the current status of software solutions and technical infrastructure.

Latest News

Monetary policy forecast unlikely to loosen further

Monetary policy forecast unlikely to loosen further

It will be difficult for the State Bank of Vietnam (SBV) to further loosen monetary policy due to a rising USD/VNĐ exchange rate pressure, experts said.
World Bank outlines path for Vietnam to reach high income status

World Bank outlines path for Vietnam to reach high income status

The World Bank (WB) has released a report which explores how Vietnam can upgrade its participation in global value chains to become a high-income country by 2045.
Strictly control public debt and ensure national financial security  2025

Strictly control public debt and ensure national financial security 2025

VCN – In order to achieve goal of strictly managing public debt and maintaining security and safety of the national financial system in 2025, it is necessary to ensure the borrowings and repayments of public debts is within the approved estimate; closely monitor public debt indicators to ensure that they are within the ceiling and warning thresholds approved by the National Assembly.
Revising the title of a draft of 1 Law amending seven finance-related laws

Revising the title of a draft of 1 Law amending seven finance-related laws

VCN - On November 19, 2024, the Standing Committee of the National Assembly (SCNA) discussed amendments and refinements to the draft of a law revising seven existing finance-related laws. Concluding the session, Vice Chairman of the National Assembly Nguyen Duc Hai emphasized the need for the Government to direct the drafting body and relevant agencies to collaborate closely to finalize a persuasive and widely supported report, ensuring the quality of the draft law for the National Assembly's consideration and decision.

More News

Transparency evates the standing of listed companies

Transparency evates the standing of listed companies

VCN - According to the Hanoi Stock Exchange (HNX), the number of companies placed under warning, control, or restricted trading on the listed and registered markets has increased over the past two years compared to 2022.
State-owned securities company trails competitors

State-owned securities company trails competitors

Contrary to the outstanding performances in the banking sector, the securities subsidiaries of major banks have yet to fully leverage their potential, despite numerous inherent advantages.
Strengthening the financial “health” of state-owned enterprises

Strengthening the financial “health” of state-owned enterprises

VCN - The state economy plays a key role in the socio-economic development process, but it is necessary to strengthen the financial health and competitiveness of state-owned enterprises (SOEs).
U.S. Treasury continues to affirm Vietnam does not manipulate currency

U.S. Treasury continues to affirm Vietnam does not manipulate currency

VCN - In its latest report, the U.S. Department of the Treasury has positively assessed Vietnam's monetary policy, reaffirming that Vietnam does not engage in currency manipulation.
Exchange rate fluctuations bring huge profits to many banks

Exchange rate fluctuations bring huge profits to many banks

Net profits from the foreign exchange trading segment of many banks have gained positive results thanks to a strong USD/VNĐ exchange rate fluctuations this year.
A “picture” of bank profits in the first nine months of 2024

A “picture” of bank profits in the first nine months of 2024

VCN - Pre-tax profits for banks during the first nine months of 2024 remained positive, exceeding 200 trillion VND, solidifying the sector's position as a market leader.
Many challenges in restructuring public finance

Many challenges in restructuring public finance

VCN - Restructuring public finance is an important step to improve state financial management, ensure resources are allocated reasonably and effectively, contributing to the country's sustainable development. In addition to the achieved results, the process of accelerating public finance restructuring also faces many pressures.
Tax declaration and payment by e-commerce platforms reduces declaration points and compliance costs

Tax declaration and payment by e-commerce platforms reduces declaration points and compliance costs

VCN - E-commerce platforms that declare and pay taxes on behalf of traders not only help to reduce the number of tax declaration points but also reduce the cost of compliance with administrative procedures for the whole society because only one point as the e-commerce trading platform implements tax deduction, payment and declaration on behalf of tens, hundreds of thousands of individuals and business households on the platform.
Disbursement of public investment must be accelerated: Deputy PM

Disbursement of public investment must be accelerated: Deputy PM

Deputy Prime Minister Ho Duc Phoc has called on ministries, agencies, and localities to accelerate the disbursement of public investment from now until the year-end and further tighten investment management.
Read More

Your care

Latest Most read
Monetary policy forecast unlikely to loosen further

Monetary policy forecast unlikely to loosen further

It will be difficult for the State Bank of Vietnam (SBV) to further loosen monetary policy due to a rising USD/VNĐ exchange rate pressure, experts said.
World Bank outlines path for Vietnam to reach high income status

World Bank outlines path for Vietnam to reach high income status

The World Bank (WB) has released a report which explores how Vietnam can upgrade its participation in global value chains to become a high-income country by 2045.
Strictly control public debt and ensure national financial security  2025

Strictly control public debt and ensure national financial security 2025

VCN - According to the plan for borrowing and repaying public debt and foreign debt of the country in 2025, the total borrowing demand of the Government in the year is expected to be at VND 815,238 billion, an increase of 20.6% compared to the Government'
Revising the title of a draft of 1 Law amending seven finance-related laws

Revising the title of a draft of 1 Law amending seven finance-related laws

On November 19, 2024, the Standing Committee of the National Assembly (SCNA) discussed amendments and refinements to the draft of a law revising seven existing finance-related laws.
Transparency evates the standing of listed companies

Transparency evates the standing of listed companies

According to the Hanoi Stock Exchange (HNX), the number of companies placed under warning, control, or restricted trading on the listed and registered markets has increased over the past two years compared to 2022.
Mobile Version