The Finance sector is determined to keep the budget deficit within the allowable range.

Attending the event were Prime Minister Nguyen Xuan Phuc, Deputy Prime Minister Vuong Dinh Hue, and representatives of central ministries, departments, and agencies. At Nghe An bridge, Comrade Le Xuan Dai - Member of the Provincial Party Committee Standing Committee - Permanent Vice Chairman of the Provincial People's Committee chaired.

Panorama of the conference at Nghe An bridge. Photo: Quang An

In 2017, the entire Finance sector strictly managed the budget, gradually restructured and improved the sustainability of public debt. Price management and operation actively contributed to controlling inflation. Social security policies were fully and promptly implemented, creating social trust in the leadership of the Party and Government. Regarding State budget revenue, by December 31, 2017, the State budget balance reached 1.2 million VND. Regarding State budget expenditure, the Ministry of Finance implemented flexible and tight management, ensuring compliance with the estimate, meeting the requirements for implementing economic and political tasks of the units using the State budget. Financial discipline was strengthened, efficiency in the use of the State budget was achieved, keeping the State budget deficit within the estimate decided by the National Assembly.

In 2018, the estimated budget revenue is over 1.3 million 300 trillion VND; budget expenditure is over 1.5 million 500 trillion VND. The Finance sector will resolutely cut unnecessary and slow-to-implement expenditures; limit transferred expenditures; limit advances to next year's budget estimates; and keep the State budget deficit within the scope decided by the National Assembly.

Tax officers handle work. Illustrative photo

Appreciating the achievements of the entire Finance sector in implementing the financial and budgetary tasks in 2017, Prime Minister Nguyen Xuan Phuc said that in 2018, the economy still faces many difficulties and challenges, and this is also a pivotal year of great significance in implementing the goals of the 5-year socio-economic development plan 2016 - 2020. Therefore, the Finance sector needs to continue to implement a tight fiscal policy, coordinate synchronously with monetary policy to support production and business development, contribute to stabilizing the macro economy, and controlling inflation according to the set targets.

The Prime Minister requested the Finance sector to accelerate administrative procedure reform, contributing to improving the business environment, encouraging start-ups, developing enterprises, improving productivity, quality, efficiency and competitiveness. Continue to closely monitor fluctuations in the world financial, monetary and trade markets to the State budget revenue to have proactive solutions in management.

Develop financial policies that are consistent with development trends, stable and geared towards taxpayers’ interests. Strengthen price and market management, contributing to controlling inflation and stabilizing the macro-economy. Manage and use thoroughly to save and effectively use state budget resources, in parallel with maximizing the mobilization of other financial resources to promote socio-economic development.