Prime Minister attends and directs online conference to summarize the Finance sector

On the morning of January 6, 2022, the Ministry of Finance held an online conference to summarize the Finance sector. Attending and directing the Conference were comrade Pham Minh Chinh - Politburo member, Prime Minister; comrades of the Party Central Committee: Le Minh Khai - Deputy Prime Minister, Ho Duc Phoc - Minister of Finance.

The conference was also attended by representatives of leaders of a number of Party and National Assembly agencies; representatives of leaders of the Government Office; representatives of a number of ministries, branches and central agencies; representatives of leaders of localities and the participation of the Finance sector at all levels.

Perform well the "dual" task

Overcoming many storms and difficulties caused by the pandemic, the Finance sector has focused on implementing the work of perfecting institutions, policies, and projects in the field of state budget finance, improving the effectiveness and efficiency of state management, and tightening financial discipline. The Ministry of Finance has submitted 4 resolutions to the National Assembly Standing Committee for approval and 29 decrees to the Government, including many important resolutions on supporting people and businesses to overcome difficulties caused by the pandemic.Covid-19 epidemicwith support amount of 144,000 billion VND, tax reduction of 24.6 thousand billion VND.

Prime Minister Pham Minh Chinh attends and directs the Finance Sector Review Conference. Photo: VOV

The Finance sector has proactively and effectively managed fiscal policies, supporting the economy and ensuring social security.

Regarding budget revenue, in 2021 it reached VND 1,564,000 billion, domestic tax exceeded the estimate by 14.5%, the highest ever. Positive revenue results in the context of the pandemic.

Budget expenditure reached 1,979,000 billion VND, of which 74,000 billion VND was spent on Covid-19 prevention and control.

The Ministry of Finance has strictly controlled public debt and continued to restructure public debt towards sustainability.

Along with that, direct the reduction of regular expenditures to supplement the work of epidemic prevention and control; establish a Covid-19 vaccine fund with an amount of 8.8 trillion VND...

The Ministry of Finance focuses on solutions to combat commercial fraud; in addition to implementing electronic invoices, it is at the top of the rankings in information technology application.

Comrade Le Hong Vinh - Member of the Provincial Party Standing Committee, Permanent Vice Chairman of the Provincial People's Committee chaired at Nghe An bridge. Photo: Tran Chau

Under the leadership and direction of the Government, good coordination with local ministries and branches, and the efforts of businesses and people, the Finance sector has successfully completed its tasks.

Continue to "tighten your belt"

Directive statement ofPrime Minister Pham Minh Chinhstated: In the special context of 2021, the role of the Finance sector is quite comprehensive in all fields. The Finance sector is closely related to all tasks, has performed well in its advisory role with ministries and branches to help the Government complete the dual task of both preventing the epidemic and ensuring social security.

The Prime Minister affirmed that the 2021 results of the Ministry of Finance are very important for 2022 to be a pivotal year for better implementation of the 2021-2025 plan. The Prime Minister highly appreciated the advisory role of the Finance sector, especially in social security policies, vaccine funds, vaccination for people and economic recovery policies.

The Prime Minister requested that in 2022, the Finance sector continue to perform well its strategic advisory role, closely follow reality, adjust tasks in performing tasks that cannot be predicted, proactively adapt, ensure the safety of the national financial system, ensure social security, develop financial markets; besides, effectively overcome limitations.

The Finance sector needs to listen to the opinions of ministries, branches, localities, and enterprises, promote institutions, and have accompanying policies to effectively promote resources and serve the development task. In the difficult context, continue to advise on "belt tightening" to balance finances and tighten financial discipline.

Exporting goods at Cua Lo port. Photo: Van Hai

2022 is an important year, creating a foundation for implementing the 5-year plan goals for 2021-2025. The world economic situation is forecast to slow down, inflationary pressure will increase; the pandemic will continue domestically, there is a risk of new complicated variants appearing, and the economy will still recover slowly. To achieve the socio-economic development plan with economic growth reaching 6-6.65%, controlling inflation within 4%, the industry needs to be determined to implement synchronous solutions.

Accordingly, it must be operatedfiscal policyflexible, cautious, closely following the development of the epidemic, closely coordinating with monetary policy and other macroeconomic policies.

Second, focus on building and perfecting the State budget financial policy institutions, streamlining the apparatus, operating effectively and efficiently, promoting administrative reform, and accelerating the construction of a digital government.

Third, sustainable development and safe operation of the financial market. Along with that, it is necessary to promote restructuring, equitization, divestment of state capital in enterprises, and improve the operational efficiency of corporations.