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Strengthening coordination between the financial sector and ministries

12:11 | 11/01/2022

VCN - Speaking at a Conference to review the financial and state budget work in 2021 of the Ministry of Finance, leaders of the State Audit and the Ministry of Planning and Investment highly appreciated the efforts of the Ministry of Finance as well as coordination between sectors in recent years.

Coordination in anti-smuggling achieves positive results Coordination in anti-smuggling achieves positive results
Flexible and effective coordination of policies for economic recovery Flexible and effective coordination of policies for economic recovery
Financial sector has made important developments, making a decisive contribution to the country's success Financial sector has made important developments, making a decisive contribution to the country's success
Deputy Auditor General Nguyen Tuan Anh speaks at the conference.
Deputy Auditor General Nguyen Tuan Anh speaks at the conference.


Deputy Auditor General of State Audit Nguyen Tuan Anh:

The State Audit's activities have always been closely associated with financial management as well as budget revenue and expenditure management. The results and achievements of the State Audit today are also thanks to the close attention, support and coordination of agencies and units specialized in financial work across the country, especially the Ministry of Finance.

The audit results in the past and especially in 2021 showed great efforts of the Ministry of Finance in perfecting the policy mechanisms for financial management.

I appreciated the Finance sector for its achievements in areas such as perfecting the fiscal policy institution, proactively removing problems for businesses, strictly controlling public debt, price management, public asset management, external finance, and international integration.

2021 was a difficult year, so the results of economic growth are very encouraging. That is thanks to the efforts of all levels and agencies, especially the advice of the Ministry of Finance to the Prime Minister and the direct management of budget revenue and expenditure with the efforts of thousands of financial officers in the implementation of solutions set out.

In particular, I am impressed with the e-invoice policy that has been implemented in the past year in six provinces and cities and will be expanded nationwide in 2022. This has positively affected all people, businesses and especially tax management and audit. This is an important prerequisite for the State Audit to reform audit procedures.

In 2022, I suggest that the Ministry of Finance pay attention to handling outstanding problems in the past year, especially those related to administrative reform, financial discipline, inspection and supervision, publicity and transparency in budget revenue and expenditure management.

In coordination with the State Audit, in order to further enhance efficiency, the Ministry of Finance is requested to coordinate in the preparation and audit of state budget finalization reports and public debt reports, and consult the State Audit on the state budget estimate and allocation in 2023 to report to the National Assembly in 2022.

In particular, the financial sector must work more closely with the Audit agency in the urging, inspection and supervision of the State Audit's conclusions; and implement regulations on coordination and information exchange between the two units in the future.

Mr. Tran Quoc Phuong, Deputy Minister of Planning and Investment speaks at the conference.
Mr. Tran Quoc Phuong, Deputy Minister of Planning and Investment speaks at the conference.

Deputy Minister of Planning and Investment, Tran Quoc Phuong:

would like to congratulate Financial sector for the results achieved in all aspects in 2021. In 2021, the Covid-19 pandemic affected the socio-economy, made people's resilience, and businesses decline significantly, affecting the implementation of socio-economic development goals.

Under the drastic management and timely policies of the Government and the Prime Minister on the implementation of Resolution 128, the transition to safe, flexible adaptation and effective control of the Covid-19 pandemic, Vietnam has achieved encouraging results in all fields.

Accordingly, the GDP growth rate reached 2.58% compared to 2020 and saw a strong recovery in the "V" shape, inflation was controlled, creating conditions for the implementation of policies to support people and businesses amid the pandemic.

Fiscal, monetary and other policies are operated flexibly in implementing macroeconomic stability, focusing on areas for economic recovery and development. Budget revenue exceeded the estimate, the State focused on using contingency, financial reserves, saved recurrent expenses and resources as prescribed to meet pandemic prevention and control requirements, ensure national defense and security requirements and support people and businesses.

The achievements have been contributed by the finance sector. In 2021, the Planning and Investment sector and the Finance sector have worked closely together to realize resolutions of the Central Committee, the National Assembly, the Government, the directions of the Prime Minister and the Deputy Prime Minister on the solutions for social-economic management, public debt management and budget management.

The two sectors have coordinated to develop a 10-year financial strategy for the 2021-2030 period; evaluate the performance of the medium-term public debt plan for the 2016-2020 period, develop a medium-term public debt plan for the 2021-2025 period; assess the performance of the national five-year financial plan for the 2016-2020 period; and orient the national five-year financial plan for the 2021-2025 period; public debt repayment plan for 2021-2025; pilot specific mechanisms and policies with a number of localities; advise and propose monetary and fiscal policies to support socio-economic recovery and development and report to the Government for submission to the National Assembly.

Along with that, the two sectors have coordinated in advising and directing the national macro-economy and finance, proposing policy solutions to successfully realize the dual goals; perfecting institutions and policies on finance, budget, public investment, public debt management, and national credit rating.

In 2022, it is forecast that the socio-economic situation will have advantages, difficulties and challenges intertwined. The Planning and Investment sector will continue to work closely with the Financial sector to propose timely and effective advice to the Government and the Prime Minister on mechanisms and policies in the management of the macroeconomy, state budget, and solutions on mobilizing resources to support economic growth, especially program of socio-economic recovery and development, contributing to successfully implement the goals of the approved socio-economic development and the state budget plan in 2022.

By Thuy Linh/ Huyen Trang

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