Finance-banking sector fulfills 2022 goals: minister

Minister of Finance Ho Duc Phoc has said the finance-banking sector accomplished its set goals for 2022, with State budget collection surpassing the estimate by nearly 20% amid unfavourable changes in the country and the world.

Finance-banking sector fulfills 2022 goals: minister hinh anh 1

Illustrative image (Photo: VNA)

Minister of Finance Ho Duc Phoc has said the finance-banking sector accomplished its set goals for 2022, with State budget collection surpassing the estimate by nearly 20% amid unfavourable changes in the country and the world.

As of December 15, revenues to the State budget exceeded the estimate by 19.8%, 78 trillion VND higher than the figure reported at the National Assembly’s fourth meeting in October and November. This ensures resources for socio-economic recovery and the development programme, Phoc told Vietnam News Agency in a recent interview.

As of late 2022, public debts were about 43-44% of GDP, Government debts roughly 40-41% of GDP, the country's foreign loans are 40-41% of GDP. The Government's direct debt repayment obligations were from 18-19% of the total State budget revenue, within the scope permitted by the legislature.

Phoc said in the near future, the Ministry of Finance will continue closely monitoring the situation to suggest measures for this year, such as extending deadlines for tax and land rent payment, reducing preferential import taxes on raw and input materials for production as well as environment protection taxes on petrol products.

In the long term, the ministry will continue consulting with competent authorities to fine-tune tax policies up to international standards, and contribute to creating a favourable and fair business environment for sustainable economic development.

Reforms will be underway in all aspects, including improving the effectiveness and efficiency of apparatus, stepping up administrative reform; modernising the financial sector, especially in taxation and customs, toward improving national competitiveness, he said.

Finance-banking sector fulfills 2022 goals: minister hinh anh 2

Minister of Finance Ho Duc Phoc (Photo: VNA)


In order to fulfill 2023 goals, Phoc said the ministry will continue with measures to support citizens and businesses, revise tax-related laws under the tax system reform strategy till 2030, fine-tune laws on price management and flexibly manage prices based on supply-demand forecasts with energy, construction materials, iron and steel.

At the same time, it will closely and effectively manage expenditures, maintain strict control of overspending and public debts to keep them within the permitted level, develop an open, transparent, safe and sustainable capital market to unlock mid-term and long-term capital for investment and development, and improve the efficiency of legal enforcement to create trust among investors, he added./.

Source: VNS
en.vietnamplus.vn

Related News

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.
Truly comprehensive finance: supporting micro and small enterprises

Truly comprehensive finance: supporting micro and small enterprises

VCN - To effectively support micro and small enterprises, Dr. Nguyen Duc Kien (pictured), former Deputy Chairman of the National Assembly's Economic Committee, former Head of the Prime Minister's Advisory Group, and Chairman of the Scientific Council of the Institute for Digital Economic Development Strategy (IDS), suggests that specific and specialized solutions and policies are needed to enhance these businesses' access to capital and technology.
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Risks for the economy when cash flow has not yet been put in to production and business

Risks for the economy when cash flow has not yet been put in to production and business

VCN - Investment channels in Vietnam have a lot of potential, but financial and banking expert Dr. Nguyen Tri Hieu, Director of the Institute for Research and Development of Global Financial and Real Estate Markets, said that cash flow into production and business is still modest, leading to risks for the economy.

Latest News

Bad debt at banks continues to rise in both amount and ratio

Bad debt at banks continues to rise in both amount and ratio

VCN - After nine months of 2024, bad debt balances at banks continue to rise, potentially posing risks to the banking sector if control measures aren't implemented.
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.
Green credit proportion remains low due to lack of specific evaluation criteria

Green credit proportion remains low due to lack of specific evaluation criteria

VCN - According to the State Bank of Vietnam (SBV), as of the end of September 2024, 50 credit institutions had outstanding green credit balances exceeding VND 665 trillion, accounting for over 4.5% of the total outstanding loans in the economy.
Launching virtual assistants to support taxpayers

Launching virtual assistants to support taxpayers

VCN – After completing the research and development of the artificial intelligence product “Virtual assistants to support taxpayers”, on November 21, Hanoi Tax Department was selected by the General Department of Taxation as the pilot unit to support taxpayers.

More News

Banks increase non-interest revenue

Banks increase non-interest revenue

VCN - Slow credit demand and fierce competition have forced banks to seek ways to increase non-interest revenue, especially when there is a lot of support from the digital transformation of the entire banking system.
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.
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.
Read More

Your care

Latest Most read
Bad debt at banks continues to rise in both amount and ratio

Bad debt at banks continues to rise in both amount and ratio

After nine months of 2024, bad debt balances at banks continue to rise, potentially posing risks to the banking sector if control measures aren't implemented.
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.
Green credit proportion remains low due to lack of specific evaluation criteria

Green credit proportion remains low due to lack of specific evaluation criteria

As of the end of September 2024, 50 credit institutions had outstanding green credit balances exceeding VND 665 trillion, accounting for over 4.5% of the total outstanding loans in the economy.
Launching virtual assistants to support taxpayers

Launching virtual assistants to support taxpayers

VCN - According to the Hanoi Tax Department, the department manages 236,000 enterprises and 235,000 business households and over 10 million personal tax codes.
Banks increase non-interest revenue

Banks increase non-interest revenue

VCN - In the first 9 months of 2024, the group of banks leading in profit has focused on increasing the ratio of non-term deposits (CASA) to help reduce operating costs, resulting in positive credit growth.
Mobile Version