Ministry of Finance summarizes the 10-year implementation of the Resolution of the 8th meeting of the 11th Central Committee

View of the conference

Reporting at the conference, Deputy Minister of Finance Vo Thanh Hung said that, looking back 10-year implementation of the Resolution, Party Designated Representation and the Ministry of Finance leaders focused on leading and directing the synchronous and comprehensive implementation of solutions following the responsibilities and scope of industry management.

Accordingly, the outstanding result is that the Finance sector has focused on perfecting institutions and policies, developing important projects in the field of finance - state budget, improving the effectiveness and efficiency of State management, tightening financial discipline, operating fiscal policies flexibly, effectively and promptly responding to complex fluctuations of domestic and foreign situations; balance to ensure resources to support the process of economic recovery and development, contribute to macro stability and inflation control.

At the same time, public debt management has been gradually improved in the direction of publicity and transparency, approaching international practices and standards, and meeting the country's direction, administration and macro requirements in each period.

Along with that, promoting and unleashing financial resources, gradually restructuring the national finance, creating domestic innovation forces to improve competitiveness and promote socio-economic development, improving people's lives, contributing to strengthening national defence and security, maintaining political stability and social order and safety, effectively serving the career of construction and protecting the country in the new situation.

Mr. Ho Duc Phoc, Minister of Finance made a speech at the conference

The report also showed that, besides the achieved results, the work of thoroughly grasping and implementing the Resolution of the 8th meeting of the 11th Central Committee of the Finance sector still has some limitations, such as state revenue collection has not been sustainable; the leading role of the central budget has not been promoted; recurrent expenditure still accounts for a large proportion; institutions and policies on public investment, state budget, price and land have not been adjusted to keep pace with the requirements of reality.

In addition, several legal provisions are still not synchronized and consistent and are slow to be amended and supplemented; the mechanism of decentralization of state budget management and investment has been promoted, but it still lacks synchronization and lack of effective monitoring mechanisms in the implementation; it is not possible to synchronize and promptly implement specific financial mechanisms and policies for the development of defence and security industries to meet new development requirements.

In addition, the stock and corporate bond markets still have many limitations and shortcomings; the use of budget and public investment capital is sometimes wasted, lost, and inefficient.

At the conference, the discussions focused on exchanging and discussing the achieved results, limitations, weaknesses and causes; at the same time, analyzing and forecasting the context of the domestic and international situation in the coming time, thereby proposing tasks and solutions that need to focus on implementing, contributing to the successful and comprehensive implementation of the Resolution.

Speaking at the conference, Minister Ho Duc Phoc said that in the context of new situations appearing in many aspects such as military war, ethnic religion, epidemics, economic and financial fields appeared non-traditional issues such as virtual currency, digital currency, digital citizenship; tax policy after signing the FTAs… it requires the Finance sector to take the initiative to go first; constantly innovating, proactively serving economic development, social security, national defence and security to meet the new situation.

Mr. Tran Tuan Anh, Chairman of the Central Committee's Economic Commission made a speech at the conference

Speaking at the conference, Mr. Tran Tuan Anh recognized, praised and highly appreciated the efforts, determination and great achievements that the Finance sector has achieved in the 10-year implementation of the Resolution of the 8th meeting of the 11th Central Committee.

Emphasizing that the Finance sector has made great efforts to overcome difficulties and challenges, accomplish the tasks assigned by the Party, State and people, pioneering in reform, innovation and integration, Mr. Tran Tuan Anh said that finance has really opened up the lifeblood of the economy, promoted and paved the way for fast and sustainable economic development, gradually transforming the country's growth model from the width to depth; making an important contribution to fulfilling the goal of stabilizing the macro-economy, ensuring the major balances of the economy, making positive contributions to the industrialization and modernization of the country.

According to Mr Tran Tuan Anh, the state budget - finance and public debt management have made important and decisive contributions to socio-economic development, ensuring national defence and security, implementing social progress and justice, handling urgent issues of natural disasters and epidemics, protecting the environment, respond to climate change and promote international economic integration.

Directing several key tasks in the coming time, Mr. Tran Tuan Anh suggested that the Ministry of Finance should thoroughly grasp and strictly implement the Central's resolutions, directives, conclusions and regulations on developing and reorganizing the Party and political system in association with continuing to build and perfect the Socialist rule of law state of Vietnam in the new period following Resolution No. 27-NQ/TW dated November 9, 2022, of the 6th Plenum of the XIII Central Committee.

Along with that, building a sustainable, modern and integrated national financial system, contributing to promoting growth, enhancing the resilience of the economy, ensuring macroeconomic stability and national financial security, promoting industrialization and modernization of the country, and strengthening the work of ensuring economic security in the financial sector.

He emphasized that it needed to improve institutions and prioritize allocating financial resources for the industrialization and modernization of the country, building and developing a self-reliant and modern defence and security industry, accelerating digital transformation and proactively integrating into the international economy in the financial sector.

Comrade Chairman of the Central Committee's Economic Commission believed that in the new development period, the Finance sector would continue to innovate, create, unite, promote emulation movements, successfully implement programs and plans as set, making a worthy contribution to national development and protecting the country.