Finance sector accomplishes financial and budgetary tasks in 2023

Deputy Prime Minister Le Minh Khai, leaders of the Ministry of Finance, and of other ministries, local government agencies and delegates attended the conference.

The conference was attended by Ministry of Finance Ho Duc Phoc, leaders and representatives of departments and units under the ministry, and representatives of 62 provinces and cities,

The leaders and representatives of 62 People's Committees of the provinces and centrally-run cities, local departments and units also attended online the conference.

The State revenue exceeds 4.5% of estimate amid difficult context

The financial and budgetary tasks in 2023 is performed in the context that the economy has overcome consequences of the Covid-19 pandemic while facing with new difficulties and challenges arising from international and domestic economy.

Following directions of the Party, National Assembly, the Government and the Prime Minister, the Finance sector has actively implemented solutions to accomplish financial and budgetary tasks, contributing to achieving the Socio-Economic Development Plan.

Accordingly, the Ministry of Finance has effectively developed and perfected institutions, policies and laws. The development and promulgation of documents meet progress and quality requirements, contributing to perfecting the legal framework in the financial and budgetary sector, promptly removing difficulties for business production activities, and supporting socio-economic recovery and development.

Deputy Minister of Finance Cao Anh Tuan delivers the opening speech at the conference.

The ministry has implemented proactive, flexible, timely, and effective monetary policy to support the economy, remove difficulties for businesses and people, stabilize the macroeconomy, and control inflation, promote economic growth, ensure social security, strive to increase revenue, strictly manage, and reduce state budget expenditure.

Notably, the Ministry of Finance continues to review, propose, preside over and coordinate with ministries and local government agencies to submit to competent authorities to promulgate policy packages worth VND200 trillion for exemption, reduction, extension of taxes, fees and land rent in 2023, aiming to remove difficulties for businesses and people.

Regarding the State revenue management, in 2023, the Ministry of Finance has directed to implement well tax laws and revenue collection from the beginning of the year; strengthened inspection and handled fraud in tax declaration and refund; promoted administrative reform, digital transformation, IT application and e-tax management.

The Finance sector has also closely cooperated with law enforcement forces to combat revenue loss, smuggling, trade fraud, transfer pricing, tax evasion...

As of December 25, the State revenue decreased by 4.2% year-on-year to VND 1,693.5 billion, meeting 104.5% of the estimate. Of which, the domestic revenue, crude oil revenue and import and export revenue reached 105.7%, 144.6% and 92.1% of the estimate, respectively.

As of December 25, the total amount of exempted, reduced and extended taxes, fees and land rent was about VND193.4 trillion, including VND 78.4 trillion of exempted, reduced amounts, and VND115 trillion extended amount.

Delegates watch a video reviewing the financial and budgetary tasks 2023.

Regarding the State expenditure, the Ministry of Finance has promptly assigned estimates right from the beginning of the year for ministries and local government agencies. The State expenditure in 2023 has attained the goals.

Accordingly, as of December 31, the total State expenditure reached about VND 1.73 million billion, meeting 83.4% of the estimate. Of which, development investment expenditure was expected to increase by 33% year-on-year, meeting 79.8% of the estimate assigned by the National Assembly and 81.9% of the plan assigned by the Prime Minister.

In 2023, the state budget deficit is estimated at about 4% of GDP, a decrease of VND40.3 trillion of the estimate.

In 2023, the Finance sector strictly controls public debt safety indicators under Resolution 07-NQ/TW of the Politburo, Resolution 23/2021/QH15 of the National Assembly and Resolutions of the Government. By the end of 2023, the outstanding public debt is expected about 37% of GDP, the outstanding Government debt is estimated at about 34% of GDP, lower than the ceiling and warning threshold allowed by the National Assembly.

The positive result of socio-economic, financial and state budget development in the context of many difficulties and challenges have contributed to raising the national credit rating.

The Ministry of Finance focuses on implementing administrative procedure reform, information technology application, and digital transformation, building e-Government, arrange and developing an effective and efficient apparatus.

Accordingly, the Ministry of Finance ranked third with Public Administration Reform Index (PAR) result in 2022 reaching 89.76%. This is the 9th consecutive year (from 2014 to 2022) the Ministry is in top 3 ministries and ministerial-level agencies in terms of PAR Index.

Closely following the economic situation and providing flexible and effective solutions to successfully complete the tasks in 2024

In 2024, the world economic situation is forecast to have opportunities and challenges. Domestically, besides favorable factors, the country's economy still faces difficulties, greatly affecting the implementation of socio-economic and financial and budgetary development tasks.

To successfully and comprehensively complete the tasks in 2024, the Finance sector determines to achieve the goals of maintaining the macroeconomic foundation, controlling inflation, and ensuring major balances, promoting growth and sustainable development in socio-economic sectors.

Regarding key task groups, the Ministry of Finance will continue to improve institutions and legal policies on state revenue, strengthen revenue management, strive to complete the estimated revenue at the highest level, ensuring the implementation of socio-economic development goals; closely control the state budget expenditures, promote spending savings, improve the efficiency of management, allocation and use of the state budget, tighten financial discipline; promote the restructuring of state budget spending associated with the goals of economic restructuring and sustainable development.

As of December, total amount of exempted, reduced, and extended of taxes, fees, charges, and land rent for businesses and people is about VND193.4 trillion.

The ministry strictly controls overspending, public debt, and contingent payment debt obligations; ensures the stable and safe operation of the financial market and financial services; strictly handles violations, promotes fair competition among economic sectors; drastically and effectively implements enterprise restructuring, equitization, state capital divestment associated with corporate governance innovation; promotes digital transformation; continues to substantially improve the business investment environment, reforms administrative procedures, enhances national competitiveness, and increases openness and transparency.

According to the Ministry of Finance, the financial and budgetary tasks in 2024 are performed amid the socio-economic situation seeing opportunities, advantages, difficulties, and challenges. It is necessary to closely monitor the situation, forecast and provide flexible, appropriate, timely and effective solutions.

The Ministry of Finance believes that, under the direction of the Government and the Prime Minister, the close cooperation of ministries and local government agencies and great efforts of all officers, the Finance sector will accomplish the tasks in 2024.