The Minister of Finance works with Son La province on finance and State budget

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Mr. Dinh Tien Dung speaks at the meeting.

Increase revenues impressively

Mr. Hoang Van Chat said that the economic growth in 2017 increased by 9.59%. Of which, agriculture and forestry increased by 4.11%; industry - construction increased by 18.02%; services increased by 6.47%; Product tax minus product subsidy increased by 7.32%. Total development investment reached more than VND 14.5 trillion, an increase of 10.5% compared to 2016.

Budget revenues in Son La province reached VND 4.5 trillion; an increase of 12.6% compared to 2016; an increase of 21% compared to the budget assigned by the Ministry of Finance, an increase of 11% compared to the estimate assigned by the People's Council and People's Committee. Tax debt management and enforcement of tax debt collection achieved positive results. Accordingly, the total tax debts to 31 December 2017 reached VND 393.6 billion with bad debts of VND 151.2 billion and 238.5% of debts as liabilities. Excluding the bad debts, the tax debts by the end of 2017 shall be equal to 5% of the total State budget revenues, ensuring the Ministry of Finance's allocation.

Local budget expenditure in 2017 reached VND 12,313 billion, of which expenditures for investment and development were VND 1,616.3 billion; and regular expenditures were VND 9,315.2 billion.

With regard to the fight against smuggling and trade fraud, the Provincial People's Committee has established, strengthened and enhanced the organization and operation of the Steering Committee 389. In 2017, the provincial competent forces checked 7,584 cases, an increase of 2,261 cases compared to 2016; and handled 4,261 cases with total fines of VND 41.5 billion.

The proposal to send to the Government, Ministry of Finance, and Son La province to balance the capital shortage of the project of population stabilization for socio-economic development in the area of Da river to build the Hoa Binh hydropower plant for the period 2011-2017. With regard to the project on resettlement of Son La hydropower project in Son La province, the Ministry of Finance shall consider and submit to the Prime Minister for allocation of the outstanding capital of this project.

In order to stabilize the life and production of people when moving, to achieve the objectives and guidelines set by the Party and the State of the Stabilization and Resilience Program for Socio-economic Development of Son La (phase 2), the Ministry of Finance shall continue to consider, recommend and report to the Prime Minister for early approval of the Scheme in balancing capital for some urgent projects in 2018-2020.

Take advantage of the locality

A number of leaders from the Ministry exchanged ideas at the meeting. According to the General Director of Taxation, Mr. Bui Van Nam, in 2017, the Taxation Department of Son La Province has successfully completed its assigned tasks and in the first two months of 2018, domestic revenues reached 18.8% of the estimate, higher than the projected level. However, the tax debts were still high, so the local tax authorities should strengthen the inspections, examination and recovery of tax debts.

The Director General of the General Department of Vietnam Customs, Mr. Nguyen Van Can said that Son La Customs Branch of Dien Bien Customs Department was not active in import-export activities, the revenues of the whole sector were not high, but the number of surpluses was impressive, 10 times compared to the assigned budget. According to the Director General, the products which have been registered with the Son La trademark were great advantages for the province. In the coming time, the province should actively propagandize and provide investors with information on projects and products, especially trade advantages when carrying out procedures for export and import in the area. Currently, with the Customs sector implementing many modernization programs, Single Window mechanism, automated Customs clearance system, enterprises can accomplish procedures electronically. This is what the province in general and local Customs in particular should take the initiatives to promote trade.

The Minister of Finance expressed his excitement when the economic growth of Son La was quite high last year. Along with that, the economic structure shifted effectively, the per capita income of more than VND 34 million per person is good news.

In particular, in 2017, Son La had a breakthrough in attracting investment, licensing and exploiting many large projects, launching new local product brands, facilitating trade especially key exporting products of Dien Bien. In addition, the industrial sector and hydropower were also prosperous. State budget revenues and the fight against smuggling and trade frauds operated well.

Together with the task of collecting State budget exceeding 5.9% of the assigned plan, for the first time in 10 years, the deficit has been managed within the scope of the National Assembly, together with effective debt restructuring; financial market, stock market growth, increasing investment capital return to the economy. In addition, the Finance made efforts to reform the administrative procedures, modernize and create favourable conditions for people and businesses.

According to the Head of the Finance, the above results derive from the efforts of the cadres and civil servants of the Finance, especially the coordination of the Party committees and local authorities.

For local proposals, Minister Dinh Tien Dung said that the Ministry of Finance would fully recognize and commit to maximum support within its jurisdiction.

On this occasion, Bao Viet Group donated 7 houses of gratitude to the revolutionary people in Son La, worth VND 500 million.

Minister Dinh Tien Dung: Dien Bien needs to be more active in mobilizing resources VCN- On the morning of 13 March 2018, the Ministry of Finance's delegation led by Minister Dinh ...

After the work, the delegation came to burn incense at the Memorial House of Son La prison; and visited Son La administrative area. The Minister of Finance also had a talk with officials and civil servants of the financial system of Son La province on key tasks of the financial sector in the coming time.