On September 28, Member of the Party Central Committee, Vice Chairman of the National Assembly Phung Quoc Hien had a working session with the Ministry of Finance on the implementation of the national 5-year financial plan for 2016-2020 and the plan for 2021-2025.

Vice Chairman of the National Assembly Phung Quoc Hien
and Minister of Finance Dinh Tien Dung

At the working session, reporting on the implementation of the national 5-year financial plan for 2016-2020, Deputy Minister of Finance Do Hoang Anh Tuan said that the socio-economic development and budget-financial tasks in 2020 have been implemented asthe world and domestic economy was hit hard by the Covid-19 pandemic. Facing this situation, the Party, the National Assembly and the Government have promptly issued and deployed solutions to remove difficulties for businesses and people, such as exemption, reduction and extension of taxes and other revenue, increasing spending ondisease prevention and social security, towards "dual goals" – both preventing the pandemic, restoring and developing economic activities and ensuring social security.

For 2016-2020, implementing resolutions of the XII National Party Congress and the National Assembly, the Ministry of Finance has issued and submitted to competent authorities for promulgation of the volume of legal documents which accounts for over 20% of the total volume of legal documents developed by the Government, ministries and central authorities. 

The working session.

Along with improving mechanisms and policies, the Ministry of Finance has also promoted the reform and modernization of administrative procedures, especially in the areas of Tax, Customs, and State Treasury.

According to the report of theGovernment's Steering Committee for Administrative Reform, the Ministry of Finance continues to be ranked second of 17 ministries, ministerial-level agencies on the Public Administrative Reform Index in 2019. According to the Doing Business report issued by the World Bank in October 2019, Vietnam’s tax index has increased 22 places and from 131st to 109th out of 190 countries.

The structure of state budget revenue has seenpositive changes in the direction of gradually increasing the proportion of domestic revenue, gradually reducing the proportion of balanced revenues from import-export and crude oil. State budget expenditure is innovated; the state budget deficit is strictly controlled, and discipline on state budget-financehas beentightened.

For 2021-2025, the Ministry of Finance continues to implement the goal of mobilizing, allocating and using financial resources of the State and society effectively to serve socio-economic development goals according to the Resolution of the XIII National Party Congress; continuing to restructure the State budget, ensure safe and sustainable public debt, contributing to macroeconomic stability, promoting growth, solving social security issues, ensuring national defense and security; promoting the renewal of the state-owned enterprises, the public service delivery units, manage public assets, develop markets and financial services; tighten discipline and rules; strengthen administrative reform and modernization associated with the reorganization of the staff streamlining apparatus, improving the efficiency of state management.

Speaking at the working session, Deputy Chairman of the National Assembly Phung Quoc Hien highly appreciated the results in the implementation of the 2016-2020 state budget-financial plan of the Ministry of Finance, especially in perfecting fiscal and budget institutions, mobilizing and allocating financial resources that has achieved many important results; achieving and exceeding the rate of mobilization of revenue sources for the State budget, implementing State budget expenditure effectively and economically and legally; State budget revenue and expenditure structure is implemented effectively, reducing dependence on revenue from crude oil and import and export and gradually increasing expenditures for development investment and reducing recurrent expenditures; the ratio of overspending and public debt is within the limits allowed by the National Assembly; and the reform of administrative procedures has achieved remarkable results which have been appreciated by the business community and the people.

Gradually increase state budget spending on development investment, and recurrent expenditures. The ratio of overspending and public debt is within the limits allowed by the National Assembly. The reform of administrative procedures has achieved remarkable results which have been recognized and appreciated by the business community and the people.

“The Ministry of Finance has implemented the national 5-year financial plan for 2016-2020 well,” Hien said.

Vice Chairman of the National Assembly Phung Quoc Hien also oriented targets and contents in the national 5-year financial plan for 2021-2026.

According to Hien, the 10th session of the 14th National Assembly is an important session. The National Assembly will comment on the implementation of the Resolution of the National Assembly on 5-year socio-economic development for 2016-2020, the 5-year budget-financial plan and the 5-year public investment plan.

The National Assembly will also discuss, consider and evaluate the socio-economic implementation, the State budget estimate in 2020, and decide the State budget estimate, socio-economic development goals in 2021. In addition, the National Assembly will also give opinions to prepare the tasks for the 2021-2025 term on socio-economy, State budget-financial plans and medium-term public investment targets.