In the first 6 months of the year, Vietnam ensured balanced revenue and expenditure.

On the morning of July 18, in Hanoi, the Ministry of Finance held an online conference to evaluate the implementation of financial and state budget tasks in the first 6 months of the year and plan to implement tasks in the last 6 months of the year.

At Nghe An bridge, comrade Le Minh Thong - Member of the Provincial Party Standing Committee, Vice Chairman of the Provincial People's Committee chaired with financial sectors.

Conference scene. Photo Internet

Comrade Vuong Dinh Hue - Member of the Politburo, Deputy Prime Minister chaired the conference. Also attending the meeting were Comrade Dinh Tien Dung - Member of the Party Central Committee, Minister of Finance and representatives of ministries, branches, units; and localities meeting at the bridge points.

The Ministry of Finance's report said: Total state budget revenue in the first 6 months reached 651.7 trillion VND, equal to 49.4% of the estimate, up 14.3% over the same period in 2017. Of which, crude oil revenue reached 82.4% of the estimate, import-export balance revenue reached 56.9% of the estimate. Tax authorities have urged and recovered over 17.9 trillion VND of tax arrears as of December 31, 2017.

At Nghe An bridgehead, comrade Le Minh Thong - Member of the Provincial Party Standing Committee, Vice Chairman of the Provincial People's Committee chaired. Photo: Tran Chau

The report also showed that revenue results were positive. However, revenue from three important areas was low, such as revenue from state-owned enterprises (43.7% of the estimate), revenue from foreign-invested enterprises (38.7% of the estimate), and revenue from the non-state economy (47.8% of the estimate).

Total state budget expenditure is estimated at 649.2 trillion VND, equal to 42.6% of the estimate, up 11.3% over the same period in 2017. The balance of the central budget and local budgets in the first 6 months of the year is ensured.

In Nghe An, the total state budget revenue in the first 6 months of 2018 is estimated at 6,197.5 billion VND, reaching 48.8% of the estimate, up 10.2% over the same period. Budget expenditure in the first 6 months of 2018 is estimated at 11,438 billion VND, reaching 48.1% of the estimate.

Tasks such as institutional building, administrative reform, organizational restructuring, improving the investment and business environment, promoting economic restructuring associated with growth model innovation have also been resolutely directed by the Ministry of Finance. Other tasks such as market management, prices, inflation control, ensuring social security, social welfare, financial and budgetary inspection and examination, international economic cooperation and corporate finance have also been seriously and effectively implemented.

The work of building basic institutions was basically completed according to the assigned plan, meeting the requirements of state management and in line with reality as built, submitted to the National Assembly for approval of the law on public asset management; the draft law on public debt management, submitted for promulgation or promulgated documents guiding the 2015 State Budget Law, decrees on specific mechanisms of some provinces and centrally run cities, Resolution No. 51 of the Government on implementing Resolution No. 07 on policies and solutions for restructuring the state budget and public debt to ensure safe and sustainable national finance.

Leaders of localities with large budget revenues also discussed solutions to ensure the 2018 budget revenue and expenditure estimates.

Speaking at the conference, Deputy Prime Minister Vuong Dinh Hue commended and highly appreciated the financial sector units and localities for their efforts and high responsibility to ensure the balance of state budget revenue and expenditure in the first 6 months of the year, implementing tight fiscal policies, proactively and effectively coordinating with monetary policies, tightening discipline in state financial and budget management and operation, contributing significantly to the completion of socio-economic development goals and tasks in the first 6 months of this year.

In the last 6 months of 2018, the Deputy Prime Minister agreed with the solutions proposed by the Ministry of Finance, in which he requested localities and grassroots units to adhere to the plans and action programs set out to effectively implement the main tasks and solutions to direct and implement the socio-economic plan and the State budget estimate for 2018 according to Resolution No. 01/NQ-CP/2018 of the Government. Organize the effective implementation of Tax laws and the State budget collection tasks for 2018, determined to achieve and exceed the estimate decided by the National Assembly.

Localities strive to complete and exceed this year's budget collection plan by 5-8%. Strictly manage revenue sources, expand tax bases, control tax prices for imported and exported goods; continue to improve institutions, reform administrative procedures in the tax and customs sectors; strengthen inspection, control, combat tax losses, and handle tax arrears.

In particular, manage expenditures economically, strictly, and in accordance with regulations; Strengthen management and control of public debt, government debt, foreign debt, and local government debt; Strengthen price and market management, continue to develop all types of financial markets synchronously; Promote organizational arrangement, reduce focal points, proactively integrate and cooperate in international finance.

Producing finished beer at Saigon Song Lam Brewery. Photo: Tran Chau

At the conference, Minister of Finance Dinh Tien Dung also asked delegates and localities to discuss thematic reports. These are reports on: Focusing on implementing the Law on Management and Use of Public Assets; State budget revenue management and prevention of revenue loss; Assessment of the Ministry of Finance's 6-month management, public debt situation and public debt management; Equitization and divestment of state-owned enterprises; inspection, examination and anti-corruption work in the financial sector; administrative reform...