Innovation in financial mechanisms and policies

(Baonghean.vn) - On June 26, in Hanoi, the Ministry of Finance held a conferenceReview the implementation of tasks in the first 6 months of 2015 and deploy tasks for the last 6 months of 2015.Comrade Dinh Tien Dung - Member of the Party Central Committee, Minister of Finance attended and directed the conference.

The Ministry of Finance’s assessment of the implementation of the state budget and financial tasks in the first 6 months of 2015 shows that, although there are signs of recovery, the economy still faces many potential difficulties. In that context, there must be unity in will and action, and determination in direction and management to have a solid foundation for successfully completing the state budget and financial tasks in 2015.

Conference overview

Reporting at the Conference, Deputy Minister Vu Thi Mai said that in the first 6 months of the year, the entire Finance sector has strived and synchronously implemented many solutions to strive to complete assigned tasks. In the first 6 months of the year, the Ministry of Finance has submitted to the Government and the Prime Minister for promulgation 9 Projects, in which, in particular, the revised State Budget Law project was approved by the National Assembly on June 25. The research and development of financial mechanisms and policies have closely followed the Party's guidelines and policies; meeting the requirements on content and progress under the direction of the Government and the Prime Minister.

In the state budget collection, in the first 6 months of 2015, the state budget revenue is estimated at 446.12 trillion VND, equal to 49% of the estimate, up 6% over the same period in 2014. Of which, domestic revenue is estimated at 328.18 trillion VND, equal to 51.4% of the estimate, up 15.4% over the same period in 2014, quite good compared to the same period in recent years. It is estimated that 52/63 localities have ensured revenue progress of 50% or more of the estimate. Budget revenue from import-export activities is estimated at 125.5 trillion VND, equal to 48.3% of the estimate, up 5.1% over the same period in 2014.

Regarding state budget expenditure, thanks to the strengthening of direction and implementation of important solutions, the management of state budget expenditure has ensured thrift, strictness and efficiency. Accumulated state budget expenditure in the first 6 months reached 545.18 trillion VND, equal to 47.5% of the estimate, up 8.2% over the same period in 2014. The accumulated state budget deficit in the first 6 months is estimated at nearly 1 trillion VND, equal to 43.8% of the year's estimate. Deputy Minister Vu Thi Mai also said that as of June 24, 2015, nearly 100 trillion VND of government bonds (G-bonds) had been issued, including 1 billion USD of G-bonds equivalent to 21,458 billion VND issued to the Bank for Foreign Trade of Vietnam to offset the state budget deficit and for development investment, equal to about 36.8% of the plan.

In addition, the Ministry of Finance continues to consistently implement the policy of price management according to the market mechanism with state regulation for the prices of some important and essential commodities such as electricity, coal, gasoline, milk, public services according to the roadmap with appropriate adjustment levels and time, ensuring the goal of controlling inflation. The organization and implementation of the task of ensuring social security and welfare has been actively and proactively deployed when in the first months of 2015, nearly 58,434 tons of rice from the national reserve were issued to provide relief to people in areas suffering from hunger and crop shortages and to support students in disadvantaged areas according to Decision 36 of the Prime Minister, contributing to the effective implementation of social security policies.

In addition, in the first 6 months of the year, the Ministry of Finance has also achieved many important results in restructuring the economy, transforming the growth model (restructuring public investment, restructuring the financial market, restructuring state-owned enterprises), consolidating and developing the stock market, insurance and accounting and auditing services; state asset management, foreign financial affairs, international cooperation, innovation of financial mechanisms for public service units, public service prices, administrative reform; enhancing the effectiveness and efficiency of financial inspection and examination to ensure financial discipline.

Speaking at the conference, Minister of Finance Dinh Tien Dung affirmed: Although the initial results have been positive, the economy still has many limitations and faces many challenges such as the difficult production and business situation which will continue to affect the implementation of financial and budgetary tasks. To successfully implement the financial and budgetary tasks in 2015 assigned by the National Assembly and the Government, Minister Dinh Tien Dung emphasized 10 key tasks in the last 6 months of 2015. Accordingly, it is necessary to focus on directing the development and research of key projects and policy mechanisms; continue to implement tight and effective fiscal policies. Strengthening market control, price management, continuing to consolidate and synchronously develop market types need to be carried out in parallel with strict public debt management, ensuring debt repayment capacity, promoting the restructuring of state-owned enterprises, innovating the financial mechanism of public service units, and public service prices.

In addition, the whole sector must focus on promoting administrative reform and modernization; strengthening financial discipline, practicing thrift, and combating waste; focusing on developing the 5-year financial - state budget plan for the period 2016-2020 and performing well the internal management work - Minister Dinh Tien Dung emphasized.

Red River