"The financial sector can complete the yearly revenue estimate"

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The Deputy Prime Minister Vuong Dinh Hue speaks at the conference. Photo: Hong Van.

Regarding Vietnam's economy in the first 6 months of 2018, the Deputy Prime Minister said that the data showed that the country closely followed Resolution No. 01 / NQ-CP 2018 of the Government on the main solution to implement the plan on the socio-economic development and national defense in 2018. Accordingly, 2018 Vietnam's economy will have a good achievement as it did in 2017, with a growth rate of 7.08% and inflation of less than 4%.

In particular, the Deputy Prime Minister stressed that to achieve this result, there were important contributions of the financial sector.

The Deputy Prime Minister congratulated and praised the results achieved in the first 6 months of 2018 of the Ministry of Finance and the whole financial sector. With 49.4% of target in the first half of the year, he believed that the financial sector could complete the annual revenue estimate.

However, the Deputy Prime Minister also noted the potential risks in completing the plan for 2018 when 20 localities had less than 50% of revenue target, including Hanoi. As a result, the financial sector must strengthen the management of revenues against the loss of state budget, anti-erosion of the tax base, especially the informal sector.

"The Ministry of Finance should tighten discipline by spending on the right targets, especially paying attention to reception expenses, conferences, festivals and foreign work. The Ministry of Finance also needs to advise the Prime Minister so that the Government can actively and timely adjust the sources of public investment capital," said the Deputy Prime Minister.

Deputy Prime Minister noted that the Ministry of Finance should overcome the central shortage of revenue while the local revenues have far surpassed. To do so, it has to closely monitor the tax administration data, review them to get reasonable rates, avoid excessive deficit or over-collection.

In particular, the Deputy Prime Minister Vuong Dinh Hue encouraged the Minister of Finance to assign regular expenditure estimates in line with the assigned staff. This stimulated the staff reduction under Resolution No. 18-NQ / TW dated 25 October 2017, the sixth plenum of the Central Committee of the 12th Party Central Committee on some issues on the continuation of renovation and Resolution 19-NQ / TW 2017 on improving the quality of public service delivery.

The Prime Minister requested the Ministry of Finance to ensure overspending and public debt levels are kept stable. According to the Deputy Prime Minister, in recent years, one of the successes of the Ministry of Finance was to tighten control and restructure public debts.

"We have extended the maturity of Government bonds, converting short-term debt into long-term, converting high-interest loans into low-interest loans, thereby reducing the pressure on public debts. Therefore, the Ministry of Finance should find the ways to manage public debt well but still ensure the development," the Deputy Prime Minister stressed.

The Deputy Prime Minister Vuong Dinh Hue said that the Ministry of Finance should study the tax law. The property tax should continue to be studied, in line with the reality of Vietnam. Along with that, a variety of tax laws must also be implemented in the spirit of the proper nature of the taxes. For example, it is necessary to clarify what is excise tax, personal income tax in the spirit of nurturing revenues and ensuring the power of people.

Regarding market prices, Deputy Prime Minister praised the Ministry of Finance on strictly controlling prices.

"On this basis, the Ministry of Finance should be more active, especially for the items regulated by the State. Local authorities also have the responsibility to advise the People's Council and People's Committee on adjusting the prices of services, especially health and education, materials and equipment of the educational sector. In addition, it is necessary to strictly control essential goods, especially in the natural calamities and floods, and must strive to control inflation below 3.7-3.9 % during this year," the Deputy Prime Minister said.

For the capital and securities markets, the Ministry of Finance must direct the stock market and respond more quickly; diversify the products of the derivatives market, strictly handle the negativeness in the market, ensure strong market development and stability. Promote restructuring of the stock market to reduce transaction costs for investors.

With regard to the national Single Window mechanism and the opening of trade, the Deputy Prime Minister suggested the Customs sector should take the lead in reducing the inspection procedures.The Ministry of Finance should also prepare and coordinate with the State Bank of Vietnam to hold a national conference on financial market and monetary market in the industrial revolution era of 4.0.

The Deputy Prime Minister Vuong Dinh Hue requested the Ministry of Finance to organize drastic implementation of the Resolutions of the Central, including Resolution No. 04-NQ / TW on enhancing the Party building to prevent "self-evolving" and "self-transformation" in staff.

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"The financial sector also needs to continue implementing Resolution No. 18-NQ / TW dated 25 October 2017, the Sixth Conference of the Central Committee of the XIIth Party Central Committee on some issues to continue renovation, promote the organizational structure of the political system, in line with Resolution 19-NQ / TW 2017 on the performance of public service delivery agencies. Therefore, the Ministry of Finance should have a plan to do good ideological work for staff, civil servants and workers, and at the same time urge the ministries and sectors to do well," the Deputy Prime Minister emphasized.