Ministry of Finance deploys the construction of the state budget estimate for 2025

The conference was chaired from Hanoi by Comrade Ho Duc Phoc - Member of the Party Central Committee, Minister of Finance. Also attending were representatives of ministries, central agencies and 63 provinces and cities.

At Nghe An bridge, comrade Trinh Thanh Hai - Member of the Provincial Party Committee, Director of the Department of Finance chaired the conference. Also attending were representatives of provincial departments and branches.

On behalf of the leaders of the Ministry of Finance, Minister Ho Duc Phoc acknowledged the efforts of the General Departments, Departments and Offices under the Ministry of Finance and localities in completing the budget collection target for the first 6 months of 2024; at the same time, requested the entire sector and localities to continue to strive to exceed the budget collection target for the last 6 months of the year.

The head of the Finance sector has analyzed a number of legal and practical factors that can increase budget revenue as well as factors that can influence the increase in revenue or increase in state budget expenditure. Through that, the entire finance sector as well as the local budget management level can be proactive.

Next, the leaders of the Department of Public Asset Management, Ministry of Finance reported in detail the analysis of factors and requirements that may affect the budget management in 2025; methods for building estimates of state budget revenue sources, the structure of main budget revenue items in 2025, in which it is expected that revenue items may increase or decrease due to policy changes; revenue from granting land use rights, dividends; factors that may affect after the 2023 Land Law takes effect...

The Ministry of Finance also forecasts major expenditures in the 2025 budget, including expenditures for development investment, security and defense, and notably a budget for salary adjustments and increases in social subsidies, pensions, etc.

At the conference, representatives of the General Department of Taxation and the General Department of Customs, based on the analysis and evaluation of tax collection results in the first 7 months of the year and the expected last 5 months of 2024, presented a number of plans and solutions to contribute to increasing revenue for the 2025 budget, including: Continuing to effectively issue electronic invoices and invoices generated from cash registers; strengthening the management of e-commerce activities to prevent tax losses, actively collecting mineral taxes, strengthening inspections to recover tax arrears; revenue from oil and gas activities, revenue from import and export activities; foreign exchange rate and gasoline price indicators affecting revenue sources...

Representatives of the People's Committees of provinces and cities also assessed and analyzed the impact of the real estate market and land fund exploitation auctions on local budget revenue; after the new Land Law took effect, there were a number of methods for determining land prices and no longer issued land price lists, affecting the revenue from land taxes and fees such as land use fees, land rents, etc.

Based on the comments and suggestions of the General Departments, Departments and Divisions under the Ministry of Finance and localities, Minister of Finance Ho Duc Phoc concluded, accepted and requested the General Departments, Departments, Divisions and localities to closely follow the provisions of the Budget Law and the direction of the Government and ministries and branches to develop the most realistic state budget collection plan for 2025; requested the local Finance sector to urgently develop estimates to submit to the Provincial People's Committee for approval and send to the Ministry of Finance; strive to achieve a revenue increase of 5-7% compared to the 2024 budget revenue with the highest determination.

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At the conference, the report of Nghe An Provincial People's Committee said that, based on the budget revenue target assigned by the Provincial People's Council in 2024 of 15,904 billion VND; in the first 6 months of 2024, it is estimated to achieve 11,897 billion VND, reaching 74.8% of the estimate assigned by the Provincial People's Council, equal to 140.2% of the same period in 2023. Of which, domestic revenue is estimated at 11,052 billion VND, reaching 76% of the estimate and equal to 139.9% of the same period in 2023; revenue from import-export activities is 836 billion VND, reaching 64.3% of the estimate, equal to 144.2% of the same period in 2023. Excluding land use fees and lottery fees, domestic revenue in the first 6 months of the year is 6,480 billion VND (reaching 65.2% of the estimate and equal to 115.2% of the same period in 2023). Currently, the province is implementing solutions to exceed the 2024 budget revenue target and build the 2025 budget revenue estimate to submit to competent authorities.