Ministry of Finance aims to cut regulatory compliance costs by at least 20%

VCN - According to the administrative reform plan for the 2021 – 2025 period of the Ministry of Finance, which has just been promulgated, the goal is set by 2025 to complete the reduction and simplification of at least 20% of regulations and reduce at least 20% of compliance costs related to business activities in documents under the management of the Ministry of Finance that are in effect until the end of May 31, 2020.
At least 80% of administrative procedures under the jurisdiction of the Ministry of Finance and eligible units of the Ministry are provided online at levels 3 and 4.
At least 80% of administrative procedures under the jurisdiction of the Ministry of Finance and eligible units of the Ministry are provided online at levels 3 and 4.

Financial institution reform is key task

The Ministry of Finance's administrative reform plan for the 2021 – 2025 period focuses on six contents: institutional reform; administrative reform; organizational reform of the state administrative apparatus; public affair services reform; public finance reform; building and developing e-government and digital government.

The key administrative reform in the next five years of the Ministry of Finance is to reform financial institutions, in which focusing on building and perfecting the institutional system of the financial sector's administration and improving the effectiveness and efficiency of law enforcement; to build a contingent of professional, capable and qualified staff, civil servants and employees of the Finance sector to meet the requirements of tasks and the development of the Finance sector.

The objective of institutional reform in this period is to continue to build and perfect the institutional system in the financial sector in order to reform and improve the quality of the socialist-oriented, synchronous market economy institutions, transparency, modernity, integration; make a breakthrough in mobilizing, allocating and effectively using resources to promote the healthy development of national finance; organize strict and effective law enforcement, raise the awareness of law observance of individuals, organizations and society.

The goal by 2025 is to basically improve the financial sector institutional system, thereby improving the effectiveness and efficiency of state management and development-facilitation capacity, promoting rapid, sustainable and attractive growth and actively receiving foreign investment capital flows, and restoring economic growth.

In addition, renovating and improving the quality of financial institutions in the direction of completeness, specificity, unity, synchronization, feasibility, stability, modernity, international competitiveness, publicity and transparency, and developing the market.

At the same time, focusing on prioritizing institutional and policy reforms to support people and businesses to recover production and business, especially the community of small and medium-sized businesses that have been heavily affected by the Covid-19 pandemic, thereby contributing to the recovery and development of the economy.

Besides that, continuing to improve and implement the legal system, mechanisms and policies to create a favorable and healthy investment and business environment, ensuring freedom and safety in business activities for all economic sectors, promoting innovation.

Completing institutions and legal frameworks to promote digital transformation in the financial sector, effectively serving the construction and development of digital government and digital economy.

Series of goals set in administrative procedure reform

Regarding administrative procedure reform, the Ministry of Finance will also drastically, synchronously and effectively reform administrative procedures in the financial sector, especially those directly related to people and businesses; as well as internal administrative procedures between state administrative agencies.

At the same time, reviewing, reducing and simplifying business conditions, composition of documents and optimize the settlement process of administrative procedure on the basis of the strong application of information technology; abolishing barriers restricting freedom of business, improving and raising the quality of the investment environment, ensure fair, equal and transparent competition.

Along with that, renovate and improve the efficiency of implementing the single window, inter-agency single window mechanism in handling administrative procedures; promote the implementation of administrative procedures in the electronic environment so that people and businesses can perform services anytime, anywhere, on different devices.

The goal is that by 2025, the Ministry of Finance will complete the reduction and simplification of at least 20% of regulations and reduce at least 20% of regulatory compliance costs related to business activities in the regulation documents under the management of the Ministry of Finance effective until the end of May 31, 2020.

At the same time, completing the renovation of the implementation of single window, inter-agency single window mechanism in handling administrative procedures in the financial sector towards improving service quality, not following administrative boundaries, and increasing the application of information technology, reducing travel time, social costs and creating favorable conditions for people and businesses.

At least 80% of dossiers handling administrative procedures are circulated within agencies of the Ministry of Finance electronically. At least 80% of administrative procedures in the financial sector which require financial obligations and online payments can be implemented. In particular, the rate of online payment transactions reaches 50% or more.

In 2021, digitalizing the results of administrative procedures that are still valid for use under the competence of the central, general, departmental and branch levels for settlement achieve the minimum rate of 40%, 30%, 20% and 15% respectively. In the 2022 – 2025 period, increase at least 20% per year for each administrative level until 100% to ensure the connection and sharing of data in the settlement of administrative procedures in the electronic environment.

At least 80% of administrative procedures under the jurisdiction of the Ministry of Finance and eligible units of the Ministry are provided online at levels 3 and 4. Among them, at least 80% of administrative procedures are integrated, provided on the National Public Service Portal. The rate of online applications at levels 3 and 4 out of the total number of applications is at least 50%. The goal is that the satisfaction level of people and businesses in handling administrative procedures achieves at least 90%.

In addition, 90% of internal administrative procedures between state administrative agencies under the Ministry of Finance and between the Ministry of Finance and other state administrative agencies are published, publicized and updated in a timely manner.

80% of people and businesses carrying out administrative procedures in the financial sector do not have to re-submit information, papers and documents that have been accepted when successfully carrying out previous administrative procedures.

By Hoài Anh/Thanh Thuy

Related News

Customs processes 5.2 million administrative applications

Customs processes 5.2 million administrative applications

VCN - In the third quarter of 2024, the Customs agency received 5,257,467 administrative applications in the customs sector.
Customs sector strives to improve the quality and efficiency of public service implementation

Customs sector strives to improve the quality and efficiency of public service implementation

VCN - The Customs sector strives to complete the integration of online public services eligible for connection under the management of General Department of Vietnam Customs to the Public Service Portal and the Electronic Single Window Information System of the Ministry of Finance.
Positive result in digital transformation of Customs sector

Positive result in digital transformation of Customs sector

VCN - Implementing the digital transformation plan, the Customs sector has proactively deployed many solutions and achieved positive results, demonstrated through all aspects of customs operations; providing online public services; implementing the National Single Window, ASEAN Single Window...
Finance sector abolishes 40 administrative procedures

Finance sector abolishes 40 administrative procedures

VCN - The Ministry of Finance said that in the first two months of 2024, the Ministry of Finance issued four decisions announcing amendments and supplements and replacement of 21 administrative procedures; abolishing of 40 administrative procedures and issuing 10 new administrative procedures in the fields of tax and insurance.

Latest News

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.
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.

More News

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.
A “picture” of bank profits in the first nine months of 2024

A “picture” of bank profits in the first nine months of 2024

VCN - Pre-tax profits for banks during the first nine months of 2024 remained positive, exceeding 200 trillion VND, solidifying the sector's position as a market leader.
Many challenges in restructuring public finance

Many challenges in restructuring public finance

VCN - Restructuring public finance is an important step to improve state financial management, ensure resources are allocated reasonably and effectively, contributing to the country's sustainable development. In addition to the achieved results, the process of accelerating public finance restructuring also faces many pressures.
Tax declaration and payment by e-commerce platforms reduces declaration points and compliance costs

Tax declaration and payment by e-commerce platforms reduces declaration points and compliance costs

VCN - E-commerce platforms that declare and pay taxes on behalf of traders not only help to reduce the number of tax declaration points but also reduce the cost of compliance with administrative procedures for the whole society because only one point as the e-commerce trading platform implements tax deduction, payment and declaration on behalf of tens, hundreds of thousands of individuals and business households on the platform.
Disbursement of public investment must be accelerated: Deputy PM

Disbursement of public investment must be accelerated: Deputy PM

Deputy Prime Minister Ho Duc Phoc has called on ministries, agencies, and localities to accelerate the disbursement of public investment from now until the year-end and further tighten investment management.
Read More

Your care

Latest Most read
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 - According to the plan for borrowing and repaying public debt and foreign debt of the country in 2025, the total borrowing demand of the Government in the year is expected to be at VND 815,238 billion, an increase of 20.6% compared to the Government'
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

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.
Transparency evates the standing of listed companies

Transparency evates the standing of listed companies

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.
Mobile Version