Finance industry excellently accomplishes financial and budget tasks in the first half of 2024: Minister Ho Duc Phoc

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Minister of Finance Ho Duc Phoc addresses the Online conference to review performance of financial and budget tasks in the first half of 2024 and set out tasks for the second half of the year.

The Ministry of Finance makes great contribution to economic development in the first half of 2024

Minister Ho Duc Phoc praised achievements in the first half of 2024 and affirmed that these are remarkable results, showing great efforts of all officials of the Finance industry, and the effective coordination of local governments.

The Minister said that the Ministry of Finance has made great contribution to the country’s economic development in the first half of 2024. Accordingly, the State revenue increased by about 18% year-on-year to VND1,038 trillion, exceeding the target and meeting 62% of the estimate. The growth rate is commensurate with the economic growth of the first half of the year.

To achieve the results, the Finance sector has implemented policies to support people and businesses in accordance with policies approved by the National Assembly and the Government. The ministry deployed the policies of extending and reducing taxes, fees, charges, and land rent worth VND184 trillion amid difficult economic and public financial conditions.

The Minister also said that we have implemented the policies of extending and reducing taxes, fees, charges, and land rent worth about VND200 billion/year for private sector. These policies will terminate at the end of 2024 to enter a new period.

In the near future, the ministry need to improve the capacity of public finance to focus on investment in infrastructure, social security, wage reform, and operations of the state apparatus by implementing tighter financial policies and removing difficulties for businesses, focusing on production and business, strengthening the capacity of businesses, ensuring sustainable growth for the State revenue as well as increasing economic growth.

Currently, businesses suffer from difficulties, especially domestic firms. The Minister requested localities to pay attention to two key matters. The first matter is public investment disbursement. If obstacles in public investment disbursement cannot be resolved, it will be difficult to promote growth and facilitate development of businesses.

The second matter is that tax debt from land rent and use fees is quite large, so there needs to provide solutions to exploit resources to promote the development of the real estate market, thereby ensuring resources for the State budget.

Five key tasks in the second half of the year

At the conference, the Minister requested to focus on exploiting resources for the country's economic development, such as advising tax solutions to both ensure growth and attract investment.

To comprehensively accomplish financial and budgetary tasks in 2024, Minister Ho Duc Phoc directed the whole Finance sector to implement five key task groups in the second half of the year.

Firstly, the Finance industry need to complete building laws and promote production and businesses. The Minister requires units to successfully complete assigned tasks in the law development program; review laws, resolutions and circulars related to the Ministry of Finance, which still remain problems, unreasonable, and overlapping issues to revise regulations, contributing to development and sustainable growth.

The Minister emphasized that the units need to closely monitor the grassroots to grasp problems, thereby proposing the Ministry to submit to the Government and competent authorities to amend the legal regulations to be consistent with reality and remove problems.

At the same time, continue to research and propose appropriate policies to support and solve difficulties for businesses and people, promoting socio-economic recovery and development.

The Minister also emphasized that the units need to achieve the highest revenue target to ensure resources to implement socio-economic development goals.

The second, the Minister requested the entire industry to drastically implement revenue collection, promote revenue management, prevent revenue loss, and handle tax arrears; strengthen the fight against smuggling and trade fraud, protect domestic production; expedite inspection and supervision, promptly remove difficulties and obstacles in public investment disbursement.

Notably, units need to focus on applying information technology, promoting digital transformation, modernizing tax collection, expanding the implementation of electronic invoices, and strengthening revenue control from e-commerce transactions and foreign suppliers. The Minister also said that the Finance industry need to determine that the application of information technology is a key task in performing work, and need to focus on creativity and improvement of information technology systems to avoid outdated technology.

The third, the Minister requested units to prepare well the conditions and build the socio-economic development plan and state budget estimates for 2025, and the financial - state budget plan for 2025-2027.

The fourth, units need to improve the legal framework and inspection mechanism to ensure the stable and safe operation of the financial market, stock market, and corporate bonds to ensure the transparent and effective development of the financial market and attract resources for development.

The fifth, the Minister requested the units to strengthen the inspection in combating smuggling, trade fraud and counterfeit goods, origin fraud; perform well the tasks of the Standing agency of the National Steering Committee 389, promptly advise on appropriate solutions in this work.

Minister Ho Duc Phoc believed that motivated by the achievements in the first half of 2024, the Finance industry will strive to successfully fulfil the financial and budget tasks in 2024.