Strive to complete the financial and budgetary tasks in 2021

VCN - The Ministry of Finance held an online conference to deploy financial and budgetary tasks in November 2021. Minister of Finance Ho Duc Phoc chaired the conference.
Ministry of Finance Ho Duc Phoc
Ministry of Finance Ho Duc Phoc

State budget balance in 10 months witnessed a surplus

State budget revenue in October reached VND133.2 trillion. In particular, domestic revenue reached VND116.3 trillion, revenue from crude oil reached VND3.8 trillion and revenues from import-export reached VND12.95 trillion.

Accumulated state budget revenue in tens of months reached VND1,221 trillion, equaling 90.9% of current appropriation, up 5.5% over the same period in 2020.

Regarding state budget expenditure, the Ministry of Finance said that the total state budget expenditure in October reached VND107.3 trillion. Accumulated expenses in ten months reached VND1,149.4 trillion, equaling 68.1% of current appropriation. Accordingly, development investment expenditures reached VND257.39 trillion, equaling 53.9% of the estimate decided by the National Assembly; interest payment reached VND85.37 trillion, equaling 77.6% of current appropriation; recurrent expenditure reached nearly VND798.1 trillion, equaling 77% of current appropriation.

According to the Ministry of Finance, in terms of state budget balancing, the overall state budget balance in ten months witnessed a surplus as the expenditure schedule was lower than the revenue schedule. However, while the central budget balance is overspending, local budgets experienced a large surplus.

The Ministry of Finance has actively managed the issuance of Government bonds to both effectively use the state budget, ensure payment sources, pay due to principal debts, and contribute to directing the development of the market development, public debt restructuring.

Till October 28, 2021, VND253.86 trillion of Government bonds were issued with an average term of 13.34 years, an average interest rate of 2.27%/year.

In October, the Ministry of Finance continued to closely monitor market price movements, coordinate with ministries, agencies, and localities to carry out appropriate solutions to stabilize market prices to remove difficulties, promote production - business, ensure social security in association with the requirements set out on pandemic prevention and control.

With the implemented solutions, in the first ten months of 2021, market prices were basically kept stable, without abnormal fluctuations, contributing to controlling inflation following the target set for 2021 (the average CPI growth rate was not more than 4%).

Also, in the first ten months of the year, the state capital was divested in 13 enterprises with a book value of VND287 billion, earning VND2,166.4 billion.

Regarding the stock market, due to the complex situation of Covid-19 in many localities, the market's activities were affected in October. By the end of October 28, 2021, the VN-Index reached 1,438 0.01 points, increasing by 7.1% from the end of last month (up 30.3% compared to the end of 2020).

Striving to increase revenue from import and export activities

Speaking at the conference, Director General of Vietnam Customs Nguyen Van Can say that on the basis of September's import-export turnover, after loosening social distancing in southern provinces, the total import-export turnover increased by approximately 2%, leading to an increase in revenue from import and export activities in October compared to September, reaching VND28 trillion.

From now until the end of the year, with many different solutions, the Customs sector would strive to exceed the estimate of revenue from import-export activities that were reported to the National Assembly (VND331,500 billion).

Regarding anti-smuggling and against trade fraud, Director General Nguyen Van Can say that in the meeting of the third quarter of the National Steering Committee 389, the Steering Committee assessed that in nine months, the number of seizures of the police, border guard, coast guard all decreased by about 300% compared to last year. In particular, the results of the Customs sector decreased by 12% including the number of seizures, the number of goods, exhibits, and the number of criminals. In recent years, in the border area, the Customs force has been very active and highly appreciated by the Steering Committee.

Director General Nguyen Van Can also said that in October, the whole sector prosecuted seven criminal cases, including the case of importing medical equipment, used gloves, and medicines, especially importing live pigs without completing customs procedures.

The Customs sector has also directed units in the whole industry to review the backlogged containers showing signs of a legal violation. At present, they have discovered dozens of containers containing banned goods. Hence, from now until the end of the year, the customs authority will continue to review to ensure revenue collection.

At the conference, Mr. Cao Anh Tuan, Director General of Taxation, said that, in terms of revenue collection solutions, on November 1, Deputy Minister Tran Xuan Ha chaired the meeting and assessed the situation of revenue collection in ten months and discussed solutions for revenue collection management in the last two months of the year. The General Department of Taxation was closely coordinating with units of the Ministry to advise the Ministry of Finance on the operating scenario for the last two months of the year.

According to Cao Anh Tuan, October’s revenue increased by about 10% compared to August and September. In November and December, the unit will review to increase year-end revenue, such as PIT due to real estate transfer, mergers and acquisitions.

Regarding the Scheme on Electronic Invoice (E-Invoice), after piloting in six provinces (accounting for 60% of enterprises and 70% of the country's invoices), the work was being implemented on schedule, currently preparing to issue an activation command for e-invoice systems in those six localities.

Efforts to complete a huge amount of work

Speaking at the conclusion of the conference, Minister Ho Duc Phoc affirmed that in the past ten months, amid the pandemic with many difficulties and great challenges, the whole finance sector had strived to fulfill the assigned tasks. In particular, the Finance sector has actively implemented fiscal policies to support economic recovery.

The Ministry of Finance advised the Government on many mechanisms and policies, especially fiscal policies such as funding for pandemic prevention, relaxation and tax reduction, completing the task of developing legal documents, completing projects assigned by the Government to support compatriots in provinces, establishing a vaccine fund for Covid-19 prevention and control.

Since October, the country has loosened social distancing measures and is operating production and business, recovering the economy, the task of both fighting the pandemic and developing the economy is the most important today.

"With the huge workload of a multi-sectoral ministry, the Finance sector has made great efforts to complete the assigned tasks, recognized by the Government," Minister Ho Duc Phoc said.

Praising the efforts and sense of responsibility of the units in the industry, the Minister suggested that in the future, the units under the Ministry of Finance must regularly check the work progress; make every effort to fulfill the financial and budgetary tasks in 2021.

Along with that, it is necessary to take the initiative, complete the task of elaborating legal documents, immediately report problems in the process of developing legal documents; promptly reply to comments of ministries and sectors; advising on fiscal policy to the Government.

In November and December, the Minister emphasized a number of key tasks including preparing the contents of the 2nd session of the 15th National Assembly on issues such as budget estimates related to rates of regulatory and allocation of central budget; answering questions from members of parliament on issues related to the Finance sector.

Focusing on completing and submitting development strategies in areas of the sector to the Government such as tax, customs, treasury, securities, insurance, public debt, reserves; formulate a decision on the implementation of the estimate, assign and publicize the 2022 budget estimate; complete the decentralization project to ensure the leading role of the central budget and the initiative of local budgets.

The Minister also asked the units to coordinate in preparing for the signing of a cooperation agreement between the Ministry of Finance and the Ministry of Information and Communications on tax administration on digital platforms and e-commerce. At the same time, speeding up the deployment of e-invoices, building an e-invoice data center and managing it with artificial intelligence.

Along with that, strictly manage the corporate bond market, including private placement bonds, control the manipulation of securities; manage ODA loans effectively; issue government bonds to cover overspending; definitively solve the recording of revenue and expenditure of grants.

By Hoài Anh/Thanh Thuy

Related News

Cat Lai Port sees over 1,000 export shipments cleared by customs each day

Cat Lai Port sees over 1,000 export shipments cleared by customs each day

VCN - The volume of goods exported through Cat Lai port is showing signs of increasing sharply in the last months of 2024.
Quang Ninh Customs collects 85.75% of the budget revenue through the seaport area

Quang Ninh Customs collects 85.75% of the budget revenue through the seaport area

VCN - In the first 9 months of 2024, Quang Ninh Customs Department collected VND 13,885.23 billion in revenue collection, reaching 111.08% of the assigned estimate (VND 12,500 billion), reaching 106.81% of the target assigned by Quang Ninh province (VND 13,000 billion), an increase of 8.67% over the same period in 2023
Growth of customs broker agents: Ongoing obstacles

Growth of customs broker agents: Ongoing obstacles

VCN - The Hanoi Customs Department currently manages about 300 customs broker agents, accounting for about 24% of the total number of customs broker agents nationwide. However, the management still faces many difficulties, from ensuring legal compliance to maintaining the effectiveness of the agents' business operations.
Import and export rose by more than US$81 billion by the end of September

Import and export rose by more than US$81 billion by the end of September

VCN - The latest preliminary statistics of the General Department of Vietnam Customs show that the total import and export turnover of Vietnam in the second period of September (September 16-30) reached US$36.45 billion, an rise of 27.7% (equivalent to an increase of US$7.91 billion) compared to the first period of September 2024.

Latest News

Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.

More News

State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
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.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.
Ensure timely and effective management and use of public asset

Ensure timely and effective management and use of public asset

VCN – In order to promptly and effectively implement public asset management and use, ensuring compliance with legal regulations, the Ministry of Finance has just issued an official dispatch requesting ministries, branches and localities to comply with regulations in the Government’s Decree No. 114/2024/ND-CP dated September 15, 2024.
Accelerating decentralization in public asset management

Accelerating decentralization in public asset management

VCN - Amending the Law on Management and Use of Public Assets aims to improve regulations on accelerating decentralization and improving efficiency in management and use of public assets, and promoting financial resources, ensuring that the unified application the Law on Management and Use of Public Assets and other legal documents.
Difficulty in finding banks eligible to receive compulsory transfers

Difficulty in finding banks eligible to receive compulsory transfers

VCN - Reporting to the National Assembly, the State Bank of Vietnam (SBV) said that one of the difficulties in restructuring the credit institution system is the long process of finding and negotiating banks eligible to receive compulsory transfers.
Businesses can choose a suitable electronic invoice model generated from the cash register

Businesses can choose a suitable electronic invoice model generated from the cash register

VCN - The Ministry of Finance said that individual business households can choose a suitable model to apply electronic invoice solutions from cash registers, depending on the number of invoices used in the year, in the month and the current status of software solutions and technical infrastructure.
Read More

Your care

Latest Most read
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigne
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

According to the report of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Mobile Version