Ministry of Finance stands by enterprises and citizens

Deputy Minister Cao Anh Tuan delivered the opening speech at the conference.

Promptly addressing business challenges

In his opening remarks, Deputy Minister Cao Anh Tuan noted that in 2024, the domestic economy faced significant pressures from adverse global market factors, affecting multiple industries and negatively impacting production, business activities, and the lives of citizens.

Continuing its tradition of supporting businesses and citizens, the Ministry of Finance proactively researched and proposed measures to higher authorities while issuing financial support policies under its jurisdiction. These included tax, fee, and land rental exemptions, reductions, and deferrals to assist businesses, individuals, and the economy. The total support package amounted to approximately VND191 trillion VND over the 2021–2024 period.

Thus, many support solutions on taxes, fees, charges, and land rents with large support value and wide support scope have been implemented in practice.

View of the conference

Despite the substantial strain on state budget revenue, these measures underline the ministry's determination to stand by businesses and citizens. Deputy Minister Tuan highlighted that these policies were implemented even as the state budget had to ensure funding for regular expenditures and development investments, posing significant challenges to fiscal balance.

The annual dialogue conferences organized by the Ministry of Finance have become a key platform to capture the concerns and difficulties businesses face in implementing tax and customs policies. These gatherings have enabled timely and effective resolutions.

Despite the challenges of 2024, the concerted efforts of businesses, entrepreneurs, and government agencies yielded positive results in state budget revenue collection. The Ministry of Finance has also focused on improving institutional frameworks, reforming administrative procedures, and modernizing operations to facilitate business activities.

In the field of taxation, the Ministry implemented electronic tax declaration, payment, and refund systems to ensure transparency and simplicity.

By November 15, 2024, the electronic tax filing system had been deployed across all 63 provinces and cities.

In terms of customs, continuing implementing administrative reforms, facilitating import-export activities. The VASSCM automated customs management system was effectively rolled out at ports and warehouses, simplifying procedures, reducing interactions between customs officers and businesses, and addressing congestion issues at ports and warehouses.

The Deputy Minister emphasized that the Ministry of Finance will focus on aggressively and effectively implementing solutions related to taxes, fees, charges, and land rentals that have been or will soon be issued. The Ministry will continue to review, revise, and supplement tax laws in alignment with the Tax System Reform Strategy to 2030.

"The Ministry of Finance will also persist in comprehensive reforms across all aspects of its operations: improving institutional frameworks, enhancing the efficiency and effectiveness of its organizational structure, streamlining administrative procedures for greater comprehensiveness and efficiency, and accelerating the modernization of financial sector operations, particularly in taxation and customs," the Deputy Minister affirmed.

Financial policies to boost recovery and confidence

Pham Tan Cong, Chairman of VCCI, emphasized that 2024 marked a period of robust economic recovery and growth. The economy is expected to achieve a 6.8–7% GDP growth rate, surpassing the National Assembly’s target of 6–6.5% and placing Vietnam among the fastest-growing economies in the region and globally.

State budget revenue for the first nine months of 2024 reached 85.1% of the annual estimate, an increase of 17.9% year-on-year. Meanwhile, tax, fee, and land rental exemptions, reductions, and deferrals are estimated to total nearly VND200 trillion by year-end.

Mr. Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) delivered a speech at the conference.

According to Mr. Cong, the private sector acknowledges the swift policy responses by government agencies in supporting businesses. The Ministry of Finance, in particular, has introduced timely revisions to tax and fee regulations and administrative processes. It has also fostered cooperation between businesses and tax and customs authorities.

“Proactive modernization across all areas has cemented the Ministry of Finance's position as a leader in administrative reform, digital transformation, and the development of e-Government,” Mr. Cong stated.

Since the 2023 dialogue conference, VCCI and the Ministry of Finance have addressed over 450 recommendations from businesses. These included both individual cases and broader issues arising from legal documents, helping the Ministry amend regulations to align with real-world business practices.

This includes both specific issues and challenges arising from legal documents, helping the Ministry's functional units review and make amendments to align with the practical operations of businesses.

Some longstanding difficulties are also being addressed as the Vietnam Chamber of Commerce and Industry (VCCI) continues discussions with relevant tax and customs departments to ensure the legitimate rights and interests of enterprises are upheld.

Mr. Cong concluded by noting the overwhelmingly positive feedback from businesses and associations regarding the tax and customs sectors. The implementation of IT solutions and simplified procedures has enabled businesses to fulfill their tax obligations more efficiently, professionally, and conveniently.