Financial sector has made important developments, making a decisive contribution to the country's success

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Minister of Finance Dinh Tien Dung speaks at the meeting. Photo: VNA

The financial sector has made important developments

Speaking at the 13th National Congress on January 27, Dinh Tien Dung, member of the Party Central Committee, Minister of Finance, said implementing the resolutions of the Party and National Assembly, in the last term, the national finance sector continued to see important developments, making decisive contributions to the country's achievements.

Firstly, pioneering the process of institutional improvement of the socialist-oriented market economy, synchronously restructuring the state budget and public debt, promoting the process of renovation, economic restructuring and integration, improving major balances, enhancing macro stability, promoting economic development, implementing hunger eradication and poverty reduction, ensuring social order and national sovereignty.

Secondly, perfecting the institutions on securities market management and insurance; actively implementing the Scheme on the establishment of the Vietnam Stock Exchange; the derivative securities market has been put into operation for the first time, accelerating the restructuring, modernization and development of financial markets and services consistent with the socialist-oriented market economy development and integration commitments.

Thirdly, implementing the Resolutions of the 6th Central Conference of the 12th session, the Finance sector also pioneered in rearranging and streamlining the apparatus, improving efficiency and effectiveness. So far, the Ministry of Finance has cut 4,328 focal points of units, reduced 6,460 targets in payroll (equivalent to 8.7% compared to 2015); is expected to be 10% lower than 2015 by 2021, in accordance with Resolution 39 of the Politburo.

At the same time, implementing the policy of building an e-government towards digital government and digital economy, the financial sector has promoted the development and application of information technology, for eight consecutive years (from 2013 to 2020), it leads the ranking of the Overall index of information technology application levels among ministries and ministerial-level agencies.

So far, businesses have basically implemented all the procedures of tax declaration, tax payment, tax refund, and customs procedures in an electronic environment. As a result, in the 2016-2020 period, the time taken for paying taxes and social insurance has been reduced from 872 hours in 2015 to 384 hours in 2020 (a reduction of 488 hours).

Reduce the time for import and export procedures from 21 days in 2015 to 115-130 hours by 2020; the 5-year tax payment index improved 64 rankings, in 2019 alone, it increased 22 rankings, equivalent to that of the ASEAN-4. In the ranking of the cost of compliance with the eight groups of administrative procedures from low to high, taxes are ranked first, customs are ranked third.

With relatively comprehensive development steps in all stages and fields, the national finance sector has made important contributions to the realization of socio-economic development goals and social progress and equity.

“In particular, the results of the restructuring of the State budget and public debt in the 2016-2020 period have strengthened the national financial potential towards safety and sustainability, at the same time creating room to mobilize more resources to prevent the Covid-19 pandemic, supporting the economy to avoid recession, making Vietnam one of the very few economies with positive growth in 2020, creating an important foundation for the future,” Minister Dinh Tien Dung said.

Six key missions in the future

"On the basis of the achieved results, in the future, in order to continue to effectively perform the role of guiding and promoting socio-economic development, we define that the financial sector's tasks are: continue to innovate, perfect financial institutions, restructure the state budget and public debt; promote the renovation of the public non-business sector under the Resolution No. 19, the 6th Central Conference," the Minister of Finance said.

In addition, complete the arrangement of state-owned enterprises, reform governance in accordance with the Resolution No. 12-NQ/TW of the 5th Central Conference of the 12th session; continue to streamline the state apparatus, reduce payrolls along with reform and modernization of management work.

Strongly improve the effectiveness and efficiency of the administrative and non-business apparatus; tighten discipline and finance-budget discipline; consolidate fiscal space and improve the resilience of the national financial system.

Firstly, complete and synchronously implement the system of pricing policies, state finance, corporate finance, accounting, auditing, administrative reform, and apply the achievements of the Fourth Industrial Revolution, clearing and allocating financial resources in accordance with market signals, prioritizing attracting foreign investment to create high added value and modern governance, connecting the global supply chain, ensuring a spillover effect, closely connecting with the domestic economic sector, in parallel with environmental protection and sustainable development.

Secondly, develop a modern revenue system, combining state budget revenue restructuring in accordance with the level of development, integration and international practices, cover revenue sources and minimize the integration of social policies, ensure neutrality, contribute to creating a transparent, modern, convenient business investment environment, and reasonable income regulation.

Thirdly, promote the restructuring of state budget spending on the basis of clearly defining the roles and functions of the State and the market, promote innovation in the public non-business sector, and implement "socialization" in a number of sectors such as healthcare, education, culture, sports and streamlining the organizational structure of the political system, ensuring effective and efficient operation.

Fourth, drastically implement the goals of the Resolution 19-NQ/TW on continuing to renovate the organizational and management system, and improve the quality and efficiency of operations of public non-business units.

Strive to complete the national minimum reduction target of 10% of public non-business units; have at least 20% of financial autonomy units; and 100% of economic and other non-business units eligible to complete the transformation into joint stock companies.

Fifth, urgently complete the equitisation mechanism and state capital divestment in enterprises, especially the issue of determining the value of land use rights, fixed assets and brands; strengthen inspection, supervision, and audit, preventing loss of state capital and assets in the process of restructuring, equitisation, management and use of state capital.

Sixth, continue to promote administrative reform; tighten financial-budget discipline, strengthen inspection, examination, auditing, publicity and transparency; prevent and fight corruption and waste.

Strive to complete the construction of e-Government and digital government in key national financial and public finance sectors (state budget, tax, customs, securities and state capital management in enterprises) by 2025.

“In the context of many difficulties and challenges, the tasks set out in the future are quite difficult, but with high will and determination, the finance industry pledges to continue to promote the tradition of solidarity, creativity and enthusiasm. Strive to achieve and exceed the State budget-finance targets, strengthen potential, maintain national financial security and safety, contributing to the Party, the entire people and the entire army to successfully implement the socio-economic development goals, ensuring national defense and security according to the Congress' Resolution," the Minister of Finance said.