Authorized by the Prime Minister, Minister of Finance Ho Duc Phoc presents a report. Photo: VGP

Implementing tax exemptions and reductions, thoroughly saving expenditures

At the meeting on May 20, the 7th session, authorized by the Prime Minister, Minister of Finance Ho Duc Phoc presented a report on the results of thrift practices and waste combat in 2023.

According to the Minister of Finance, the work of thrift practices and waste combat has been strengthened in many fields, contributing to mobilizing, managing and effectively using human, material and financial resources, ensuring national defense and security, foreign affairs and social welfare of the country.

Reporting specifically on some outstanding results, in 2023, the Government submitted to the National Assembly for consideration and approval of 16 laws, 29 resolutions, and giving comments on 10 bills. The Government and Prime Minister issued 92 decrees, 264 resolutions, 34 legal decisions, and 32 directives; Ministries and central agencies issued 372 circulars; local agencies issued 8,066 legal documents to focus on promoting the work of perfecting institutions and policies and removing obstacles.

State budget revenue in 2023 reached VND1,754.1 trillion, an increase of VND133.4 trillion (up 8.2% compared to the estimate). Implementing policies to exempt, reduce, and extend payment deadline of taxes, fees, charges, and land rent nearly VND194 trillion. State budget expenditure in 2023 was estimated to reach VND2,109.9 trillion, equal to 101.6% of the estimate, an increase of nearly VND74 trillion.

In particular, the management of state budget expenditures was carried out proactively and strictly according to estimates, ensuring correct policies and regimes, thoroughly saving regular expenditures, cutting unnecessary and slow spending tasks. As reported by ministries, the country saved VND83 billion of State budget in 2023. By the end of 2023, the scale of public debt/GDP was estimated at about 37%, Government debt/GDP was estimated at about 34% and the Government's direct debt repayment obligation/state budget revenue was about 19%, within the scope allowed by the National Assembly.

Total outstanding debt guaranteed by December 31, 2023 was estimated at about VND279,719 billion, equivalent to about 2.7% of GDP, down VND18,243 billion compared to 2022, within the approved limit,

Disbursement of public investment capital to implement national target programs reached VND29.3 trillion, equivalent to 83% of the plan assigned to 2023. The rate of poor households decreased to 2.93%.

The management and procurement of public assets at ministries, central and local agencies in 2023 continued to see changes, ensuring strictness and thrift. The national database on public assets continued to be updated and operated effectively. As of December 31, 2023, 2.23 million assets were updated with an original price of VND2.3 quadrillion.

Institutional reform on public investment continued to receive attention, promptly removing difficulties and obstacles in project implementation, contributing to speeding up the disbursement. Accelerating disbursement of public investment capital contributed to speeding up new construction and many key national infrastructure projects and works.

The Government and Prime Minister continue to direct innovation, improve operational efficiency and mobilize resources, promote investment and development; promote the arrangement, equitization, divestment and restructuring of state-owned enterprises.

Penalizing units and individuals for causing waste

But according to Minister Ho Duc Phoc, the results of thrift practices and waste combat in each field still have certain shortcomings and limitations. For example, the situation of outstanding debt and slow promulgation of documents detailing and guiding the implementation of laws and ordinances has not been thoroughly resolved; violations in the management and use of land, natural resources, minerals and the environment still occur; hot spots for deforestation, illegal transportation and storage of forest products still exist; the progress of equitization and divestment of state-owned enterprises is still slow.

Furthermore, the reduction of administrative procedures is sometimes slow, not timely or drastic; administrative procedures in some areas are still cumbersome and complicated, causing difficulties for people and businesses. The arrangement and streamlining of the apparatus, the reduction of focal points, and the reduction of intermediate levels still have some shortcomings.

Therefore, the Government's report stated nine key tasks and five groups of solutions for thrift practices and waste combat in 2024; in which ministries, central and local agencies are responsible for uniformly directing the implementation of thrift practices and waste combat objectives; complete relevant legal regulations; promote and improve the effectiveness of inspection and supervision of construction and implementation; strictly follow legal regulations on handling violations against heads of agencies, units and individuals for causing waste.

National Assembly delegates attend the session. Photo: Quochoi.vn

Examining this content, Chairman of the Finance and Budget Committee Le Quang Manh said that the Committee basically agrees with the Government's Report. Awareness and responsibility of thrift practices and waste combat have been improved, institutional improvement and promulgation of policies on thrift practices and waste combat have been proactively implemented, showing the inheritance and development.

To make this work more effective, the Finance and Budget Committee proposed that the Government have solutions to overcome shortcomings and limitations in implementing the three National Target Programs and public investment projects; accelerate progress to soon put into use important national works and projects, contributing to promoting economic growth and recovery. At the same time, promoting the work of rearranging housing and land; researching and offering solutions to improve the policy mechanism of equitization, divestment, and restructuring of state-owned enterprises; continuing to reduce and simplify administrative procedures and business regulations...

Along with that, there are effective solutions to increase efficiency of thrift practices and waste combat in production and business through stabilizing the monetary and credit markets; reasonably manage exchange rates and interest rates; reduce lending interest rates, remove inappropriate barriers in circulation and distribution, and remove difficulties in real estate and labor markets.