Strive to complete assigned tasks in the last months of 2023, Finance Minister

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Minister Ho Duc Phoc delivers a speech and receives the direction of Deputy Prime Minister Le Minh Khai at the Conference.

The Minister of Finance said that during the Conference to review the work performance of the Finance sector in 2022, the Prime Minister identified that 2023 will be a year of many challenges, requiring the Government and the Finance sector to take special effort, determination, and creativity to accomplish the set goals. The fact that socio-economic situation in the country has seen no unfavorable development in the first six months of the year.

Accordingly, the production and business activities of enterprises encountered difficulties, the market shrank, orders decreased; interest rates tended to decrease but credit access was still very difficult, capital costs continued to rise, and the real estate market was quiet, and the disbursement of investment capital was low.

These factors made the economic growth in the first six months of the year lower than expected, reaching only 3.72%; import and export turnover also decreased by 15.2% year-on-year.

Facing that difficult context, from the beginning of 2023, the Ministry of Finance has requested all officials and civil servants to take the initiative, promptly advise, propose to issue and implement fiscal policies in association with monetary policy and other macro policies to support the economy and remove difficulties for businesses and people.

The Ministry of Finance has submitted to the Government to report to the National Assembly on issuing policies on exemption, reduction, and postponement of a number of taxes and fees with a total amount of nearly VND200 trillion. In which, a number of policies have greatly affected people and businesses such as a 50% reduction in environmental protection tax; a 2% reduction of value-added tax, a 50% reduction in registration tax, and a reduction of 36 types of fees... By the end of June 30, 2023, these policies helped reduce VND 70 trillion for businesses and people.

“This is a great effort of the finance sector in ensuring both revenue and expenditure balance while creating favorable conditions for businesses. Policies such as reduction of VAT, environmental protection tax, registration fee... have helped businesses recover and develop. In the context of the economic slowdown, budget revenue decreased but still reached 54% of the estimate. However, compared to the same period last year, the revenue only reached 75%, showing a very difficult situation. In the rest of the year, we must be more determined, focus on growth, and solve problems for businesses", said the Minister.

The Minister said that the Finance sector has continued to promote discipline, financial discipline, combating tax loss, smuggling, and commercial fraud. However, through monitoring of the e-invoice system, 524 businesses have been found short-selling invoices which are handled in accordance with the law...

The Ministry has come up with a solution of applying technology and using artificial intelligence in performing tasks, especially in issuing electronic invoices to detect risks early and assign tax officers to inspect, examine and handle violations immediately.

Moreover, the Minister said that public debt management has been implemented effectively, ensuring the safety targets set by the National Assembly; Vietnam's national credit has been rated at a positive and promising level; the securities and corporate bond markets are gradually stable, open and transparent; and the public assets have managed strictly and effectively...

Minister Ho Duc Phoc said that the world political economy situation in the second half of 2023 is forecast to still have many complicated developments.

In that context, the Minister requested the entire Finance sector to focus on implementing a number of key tasks such as: continuing to improve legal policies; promptly and effectively implementing fiscal and monetary policy solutions to support the socio economic recovery and development program;

Striving to exceed the task of revenue estimate to contribute to completing and exceeding the set economic growth target in 2023; strengthening financial discipline, inspecting important areas to prevent revenue loss; stabilizing the development of financial and securities markets.

In addition, promoting the role of the Price Steering Committee in price management and inflation control according to the target, stabilizing the macro-economy; controlling expenditures, overspending of the state budget and public debt tightly, safely, and sustainably; ensuring resources to support the recovery Program, key and urgent tasks; and ensuring national defense and security, and stabilizing people's lives.

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The Minister affirmed that, despite the increasingly large and heavy workload of the Finance sector, in response to the trust of the leaders of the Party, the State, the National Assembly, and the Government, the attention, coordination, and sharing of ministries, central and local agencies, and the Finance sector will continue to better promote the tradition of solidarity and strive to succeed in the assigned tasks.

At the conference, Minister Ho Duc Phoc said that the Ministry of Finance will closely follow the directions of Deputy Prime Minister Le Minh Khai and comments of local agencies to have specific solutions to complete the assigned tasks well in the remaining months of the year.