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| Deputy Prime Minister Le Minh Khai delivered a speech to direct the conference. Photo: Duc Minh. |
Advising on a variety of policies to aid the economy
Speaking at a conference to review financial affairs and the State budget in the first six months of the year and to implement tasks for the last six months of 2023, which took place on the morning of July 13, Deputy Prime Minister Le Minh Khai stated that, in the context of the global and domestic economic difficulties, the Financial sector has made great efforts and has proactively implemented the proposed solutions; has promptly advised and proposed macroeconomic policies to support the economy; thereby, contributing to controlling inflation, promoting growth, ensuring national defense and security, and developing a plan to ensure management and balance the budget in the last 6 months of the year.
"I highly appreciate the results of the Financial sector's first six months. This result has fully and comprehensively demonstrated the efforts of the Financial sector over the past time. On behalf of the Government and the Prime Minister, I warmly commend the efforts, creativity, and striving of ministries, branches, and localities, as well as all cadres, civil servants, and officials of the Financial sector," emphasized the Deputy Prime Minister.
In addition, Deputy Prime Minister Le Minh Khai said in a statement that, in the past half year, the Ministry of Finance (MoF) has advised the promulgation of a large number of legal documents in a quality, strict and practical manner, particularly legal documents related to financial policies to support individuals and businesses such as tax exemption, tax remission, and fees and charges reduction, totaling up 200 trillion VND.
Although different types of taxes and fees must be exempted or reduced in difficult economic conditions, the Financial sector has made a determined attempt at specific professional measures to meet the requirements of the estimate (54% of the yearly target was obtained in the first six months, and it is expected for the whole year to meet the estimate); maintain the State budget's balance. Deputy Prime Minister Le Minh Khai highly appreciated this result.
In terms of budget expenditures, the Financial sector has strictly controlled and met the arising expenditure tasks following the implementation schedule and estimates assigned by budget users. In the context of challenging State budget revenues, slow disbursement, and the requirement to accelerate the disbursement of public investment capital, the Financial sector advised the Government to request ministries, central and local agencies to reduce the central budget expenditures assigned in the estimate of the beginning year but not allocated until June 30, 2023.
Simultaneously, the MoF has advised the Government and the Prime Minister to deal with arising issues such as allocating funds to purchase vaccines for the expanded immunization program; actively coordinating and participating in urging the disbursement of public investment (disbursement rate reached 30.49% of the Prime Minister's assigned plan, 43.4% higher than the same period last year).
"The results of those initiative efforts and endeavors have contributed to building the trust of the citizens and businesses in the leadership and direction of the Party, the State, and the Government," said Deputy Prime Minister Le Minh Khai.
According to the Government leader, the Financial sector has maintained tight control over public debt, has continued to restructure toward safety and sustainability, and has strengthened financial discipline.
The Financial sector has also actively and promptly provided solutions, has operated prices and markets under the actual situation, has removed obstacles to production and business, thereby controlling inflation, stabilizing citizens' lives; has strengthened disciplines, State management, and has restored investors' confidence in the stock market, corporate bonds, and insurance. The stock market has resumed its upward trend in the first six months of the year.
Strengthening the financial discipline
According to the Deputy Prime Minister, the forecast for the second half of 2023 suggests that there are still a lot of difficulties and challenges that will have a significant impact on the achievement of the entire year's socioeconomic development goals, including the goals of the Financial sector.
As a result, the Deputy Prime Minister has just proposed that ministries, branches, and localities maintain their resolve, contribute to and closely coordinate with the Financial sector, consistently implement the Government's operating motto, and strive to achieve the highest socioeconomic development goals by 2023.
Furthermore, the MoF should continue to review, study, develop, amend, supplement, and complete the legal system on State budget revenues and expenditures, equitization and divestment of public capital at businesses, financial autonomy mechanism of public service units, management and use of public assets, and practice of saving against waste under the National Assembly and Government's law-making programs.
Simultaneously, the MoF continues to study and propose policies and solutions on fiscal support without jeopardizing the safety of the country's public debts, Government debts, and foreign debts associated with the effective use of capital; soon reports to the Government and the Prime Minister to submit to competent authorities on the application of the OECD's global minimum tax; and submits to the Prime Minister for promulgation a decision to reduce 30% of land restitution.
Another task is to focus on the effective implementation of fiscal policies that have been issued, particularly policies to extend and reduce taxes, fees, charges, and land rents; combine with monetary policies and other macroeconomic policies to support the economy and remove barriers to businesses and people; control inflation, maintain macroeconomic stability, and ensure large economic balances; and strive to fulfill the set economic growth targets in 2023.
In particular, the Financial sector needs to drastically perform the tasks of State budget revenue and expenditure, and strictly control the deficit based on the National Assembly's budget.
Regarding price management, the Deputy Prime Minister requested the MoF to effectively implement measures and solutions on price management and administration, price and market stabilization, especially for essential consumer goods and services priced by the State; to focus on information and communication to provide timely and transparent information, contributing to creating social consensus for price management, and stabilize consumer psychology.
The MoF must also improve financial discipline in the field of public finance; strengthen inspection, supervision, and transparency of the use of the State budget and property, particularly in areas prone to corruption and waste; and enhance inspection against smuggling, trade fraud, and counterfeiting.
At the same time, it is essential to review, reduce, and simplify administrative procedures, particularly in management and specialized inspection, in order to reduce costs, speed up customs clearance of goods for businesses, and accelerate the refund of value-added tax for businesses and individuals. The corporate bond trading floor must be operational immediately in July 2023.
Deputy Prime Minister Le Minh Khai has specifically asked the MoF to continue promoting digital transformation in the Financial sector, particularly in the management of electronic invoices, to ensure transparency, publicity, and fairness./.
