Minister Ho Duc Phoc: The Finance Sector has successfully completed its financial and budget tasks in 2023

	People and businesses highly appreciate the digital transformation of the Finance Sector
	The achievements of the Finance sector contribute to creating confidence in the Government's management

Minister of Finance Ho Duc Phoc spoke at the Conference.

10 bright spots of the Finance sector

The Minister said that in 2023, under the drastic and timely leadership and direction of the Party, the Government, the Prime Minister, the close coordination of ministries, branches and localities, great efforts of the collective of officials, civil servants, public employees, and workers in the Finance sector, the Ministry of Finance has successfully completed its financial and state budget tasks.

At the Conference, Minister Ho Duc Phoc also emphasized 10 bright spots the Finance sector has achieved in 2023.

Firstly, the Finance sector has managed and operated an expanded and effective fiscal policy. In the context of state budget revenue facing many difficulties, a series of fiscal policies such as tax exemption, fee reduction, and land rent to support people and businesses were issued with a scale of about 200 trillion VND. However, the state budget revenue as of December 25, 2023 still reached 1,693.5 trillion VND, equal to 104.5% of the estimate. It is expected that by the end of December 31, 2023, budget revenue will exceed the assigned estimate by about 10%.

The Minister emphasized that while economic growth is difficult to reach the set target of 6-6.5%, the current state budget revenue results have shown the great efforts of the Finance sector, ministries, branches and localities.

Second, the Finance sector has got many achievements in digital transformation, aiming to build a smart financial system.

Third, Credit rating organization Fitch Ratings upgraded Vietnam's long-term national credit rating to BB+, with a "Stable" outlook.

Fourth, the Ministry of Finance manages public debt strictly and effectively. The scale of public debt by the end of 2023 will be about 37% of GDP, much lower than the ceiling of 60% set by the National Assembly.

Fifth, complete the law and reduce many fees and charges when operating online public services to promote economic development.

Sixth, the Ministry of Finance proactively and actively evaluated the impact and consulted international experience to develop a Resolution on applying additional corporate income tax according to regulations on preventing global tax base erosion that will be submitted to the Government, submitted to the 15th National Assembly to officially pass this Resolution at the 6th Session.

Seventh, the Ministry of Finance strives to control inflation and manage budget deficit effectively. In 2023, the state budget deficit is estimated to be about 4% of GDP, and the yearly consumer price index increases by about 3.5%.

Eighth, the work of detecting and arresting cases of smuggling, commercial fraud, and drugs was drastically organized by the Ministry of Finance, including many typical cases such as: seizing 8.3 tons of ivory, 37 kg of rhino horn, 2.8 tons of various drugs, etc.

Ninth, strengthen comprehensive international cooperation in the finance sector. In 2023, units under the Ministry of Finance have implemented many investment promotion activities and conferences to promote deep cooperation in the finance sector, thereby taking advantage of capital, investment agreements decisions and attracting external resources.

Tenth, social security work is implemented practically and effectively by the Ministry of Finance. In the past year, the Finance sector built 100 charity houses for poor households in Bac Kan; 50 charity houses for poor and near-poor households in the province in Nghe An; 141 charity houses were built for poor and near-poor households, and especially difficult families in Muong Ang district, Dien Bien, etc.

"Design" reasonable financial policies to promote effective production and business

Minister Ho Duc Phoc said that in 2024, our country's economy will still face many difficulties. Therefore, the entire sector must take advantage of the direction of the Party, State, Government and the support of localities, ministries and branches to overcome difficulties and challenges and achieve set goals, especially fiscal administration with the focus on revenue and expenditure policies.

The Minister emphasized that in 2024, there will be more effective solutions to ensure successful implementation of the state budget collection task.

Regarding budget collection, the Minister said there have been many improvements, however, the Minister noted that it is necessary to look back so that in 2024 there will be more effective solutions to ensure successful implementation of the state budget collection task.

The Minister emphasized that, promoting the results achieved in law-making work, in 2024, the Finance sector will conduct research and propose amendments to many major laws such as the Law of Value Added Tax and Special Consumption Tax. Therefore, it is necessary to focus on "designing" appropriately to promote effective production and business activities.

The Minister also said that it is necessary to create favorable conditions for businesses to operate, produce and do business better, only then will businesses have the resources to pay debts and at the same time contribute obligations to the state budget, etc.

Also according to the Minister, in 2024, the Finance sector needs to focus resources on information technology in the direction of investing in upgrading, expanding, and building new modern information technology systems.

At the Conference, the Minister also spent time answering a number of recommendations from localities, and affirmed that the Finance sector will work with localities and ministries to remove obstacles in practical implementation. In case it exceeds its authority, the Ministry of Finance will report to the Government and the National Assembly with the motto of removing maximum difficulties and obstacles to promote development, ensuring high economic efficiency and no waste.