MoF supports businesses in economic recovery and development programme

The Ministry of Finance (MoF) will support businesses when implementing the socio-economic recovery and development programme, Finance Minister Hồ Đức Phớc said.

Last year, the General Department of Customs completed regulations to shorten customs clearance time and reduce costs for enterprises. Photo nangluongsachvietnam.vn

The Ministry of Finance (MoF) will support businesses when implementing the socio-economic recovery and development programme, Finance Minister Hồ Đức Phớc said.

Specific areas will include accessing markets, capital, labour and infrastructure as well as open administrative procedures.

MoF will accompany firms with supportive solutions so that the domestic business community can overcome difficulties to restore and develop production. Thereby they can contribute to the economic recovery and development.

Minister Hồ Đức Phớc was addressing a forum on "Fiscal policy to support the socio-economic recovery and development programme" that was held on Thursday in Hà Nội by the Thời báo Tài chính (Vietnam Financial Times) and the Đầu tư (Investor) Magazine.

The ministry has listened to opinions from the businesses and then reported to authorities to remove obstacles to business development. At the same time, it also promulgates policies to achieve financial development goals, ensure strong and harmonious economic development, and improve national competitiveness, according to Phớc.

Đặng Ngọc Minh, deputy director of the General Department of Taxation, said the general department had built drafts of two decrees on extending the deadline for tax and land rent payments. They included the decree on extending payment of value added tax, corporate income tax, personal income tax, and land and water surface rent in 2022 and the decree extending the deadline for excise tax payment for domestically manufactured or assembled cars.

For these two drafts, the General Department of Taxation had collected opinions from ministries, agencies, and people's committees of provinces and cities. At the same time, it also had coordinated with the Việt Nam Federation of Commerce and Industry to organise an online seminar on those drafts.

The ministry was finalising the drafts to send to the Ministry of Justice for appraisal before submitting them to the Government for consideration of issuance in April 2022.

If they were approved, the total amount of tax, land rent and water surface rent extended payment would reach about VND132 trillion to VND137 trillion, said Minh.

The extension would be of great significance to businesses and inpiduals because they could have more financial resources for production, promoting economic growth, said Minh.

Meanwhile, the customs sector has also continuously implemented reforms to create more favourable conditions for businesses. Hoàng Việt Cường, deputy director of the General Department of Customs, said that the General Department of Customs had proactively implemented solutions to create favourable conditions for trade activities, helping businesses and people in recovery and development of production, imports and exports.

Last year, it completed regulations to shorten customs clearance time and reduce costs for enterprises.

By reviewing, amending and supplementing core documents in customs procedures and guiding circulars, the General Department of Customs had proposed to reduce documents, orders and procedures that are not necessary to simplify administrative procedures and handle problems.

In addition, the general department had strengthened research for modernising equipment to support customs inspection and supervision, and carried out specialised inspections for imported and exported goods.

It had also promoted simplification and automation of customs procedures, and implementation of the national single window, ASEAN single window and the application of information technology for online public services.

In the future, Việt Nam would continue to promote administrative reform in an extensive and comprehensive manner to reduce the time for customs clearance of goods, creating favourable conditions for businesses, and meeting the requirements of State management.

I would focus on reviewing and evaluating the implementation of the Law on Customs; redesigning the information technology system of the customs sector based on the latest technology.

It would also promote electronic document exchange via the ASEAN Single Window; review the implementation of administrative procedures via the National Single Window; and reform specialised inspections.

Especially, the customs sector would coordinate with ministries, sectors and businesses to reform customs clearance procedures for import and export goods, creating favourable conditions for the businesses to cut costs and save time, and improve national competitiveness, Cường said. VNS

Source: VNA
vietnamnews.vn

Related News

Recurrent spending seriously controlled: Deputy PM and MoF Ho Duc Phoc

Recurrent spending seriously controlled: Deputy PM and MoF Ho Duc Phoc

VCN - According to Deputy Prime Minister and Minister of Finance Ho Duc Phoc, in the recurrent spending structure, the spending on salaries and salary allowances accounts for a large proportion but is difficult to cut, so it is necessary to encourage savings on other expenditures such as spending for business travel, conferences, etc.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
AEOs make great contributions to Vietnam’s trade development

AEOs make great contributions to Vietnam’s trade development

VCN – Currently, there are 76 Authorize Economic Operators (AEOs) across the country. The operators have made great contributions to Vietnam’s trade in goods.
Businesses cooperate to develop advanced technology

Businesses cooperate to develop advanced technology

VCN- In order to foster development of the high-tech sector, one of factors is close cooperation between businesses to improve competitiveness and promote innovation.

Latest News

VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.

More News

Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

VCN - Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures. This has created significant bottlenecks in accessing these markets.
Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

VCN - Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected. This requires more efforts from businesses for the results of the whole year 2024.
Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Cooperation in the Halal industry can help Vietnamese products reach nearly 2 billion Muslim consumers worldwide, representing over 24% of the global population, according to Malaysia’s Minister of Investment, Trade, and Industry Zafrul Abdul Aziz.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Read More

Your care

Latest Most read
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - Mr. Nguyen Hoai Nam, Deputy General Secretary, Vietnam Association of Seafood Exporters and Producers (VASEP), said that the advantage that UKVFTA brings is that the main products of the seafood industry enjoy 0% import tax to the UK, especially key
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN - E-commerce platforms have emerged as crucial distribution channels, enabling goods to reach consumers quickly and conveniently.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Mobile Version