That is one of the solutions proposed by National Assembly deputyTran Quang Chieu (Nam Dinh), Standing member of the Finance and Budget Committee of the National Assembly, when participating in a discussion on the morning of November 5.

National Assembly Deputy Tran Quang Chieu. 

Need very high determination

According to Mr. Chieu, in 2020, we will both successfully fight the pandemic and also have the highest GDP growth in the region, so we are respected and admired by the whole world.

Although GDP only reached 45% of the plan, state budget revenue still reached nearly 90% of the yearly estimate; stable social security; while the people's confidence in the Party's leadership was confirmed. Those are the miracles in our national history.

The deputy of Nam Dinh province also expressed a high consensus with the socio-economic targets, the 2021 budget estimate, and the 5-year financial plan for2021-2026 submitted by the Government.

Besides, for the 2016-2020 term, the Finance sector has mobilized 23.5% of GDP from taxes, fees and the state budget, exceeding the target of the 12th Party Congress and the National Assembly by not less than 23%. But the scale of GDP is only 15-16%.

Meanwhile, in the task of state budget revenue in the next five years, the Government strives to mobilize from 20% to 21% of the GDP, fees and state budget, but according to the current GDP calculation method, it must reach 28-30%.

Therefore, to complete this difficult task, Mr. Chieu said that the National Assembly and the Government need a very high determination, focusing on a number of solutions.

In terms of policies, it is necessary to soon revise revenue policies in general and tax laws in particular; to expand the tax base, ensure coverage of the state budget's contents fully and have a stronger mechanism for tax law violations.

In addition, in organizing and directing implementation, it is necessary to be more drastic in the inspection, examination, handling, anti-transfer pricing, price cancellation, tax evasion, tax delay, tax debt, tax arrears. Thus, Vietnam hopes to fulfill the target of mobilizing 20-21% from taxes, fees and the state budget.

Failure to fulfill this target will directly affect other macro-financial indicators, budget deficit, public debt, government debt, annual debt repayment obligations on total state budget revenue. But these macro-financial indicators are directly related to national financial security and safety.

The focus is on support for business

Also related to fiscal policy, delegate Nguyen Nhu So (Bac Ninh), mentioned the need tosupport businesses.

According to Mr. So, Vietnam has achieved great success as it is the only country in Southeast Asia to maintain a growth rate of over 2% and second in Asia-Pacific in terms of economic recovery rate after the pandemic.

However, resuming production after Covid-19 is not easy. Business resources have been eroded by the impact of the pandemic. At this time, with businesses, understanding and nurturing is very necessary.

The delegates suggested that in the future, enterprise support must be identified as a key task, a breakthrough, creating a driving force for socio-economic development. In which, three main solutions are needed.

Firstly, to quickly and effectively deploy fiscal and monetary policies support to help enterprises recover. Quickly review, cut procedures, loosen conditions accordingly and deploy the second support packages. They not only need to be big enough, strong enough but also fast to be effective.

“It is necessary to choose the right subjects to focus on for support. It is necessary to classify the commodity groups to give the appropriate level of supportand reduce the burden on the budget. This is the time to revive businesses that play a key role in linking businesses, have a spillover effect, have the ability to supply large quantities of goods and create jobs for the relevant supply chain. Healthy leading businesses will create motivation for small businesses in the chain,” Mr. So said.

Secondly, increasing the competitiveness of businesses through removing barriers in institutions and policies. It is necessary to break through business conditions, move strongly to post-checks, strongly promote and resolve administrative procedures on a digital basis to save time and costs.

This is also a prerequisite to contribute to FDI attraction in the context of multinational corporations looking for safe destinations to establish post-pandemic production facilities, which Vietnam promises to become a bright spot when the disease was controlled.

Thirdly, it is necessary to improve the quality of human resources, support workers in training courses on career skills and restructure the professional training system, follow the actual needs and place orders of enterprises, helping employees have more suitable job opportunities and enterprises also have better quality and more productive human resources.