General Secretary To Lam: The financial sector is a pioneer in innovation and national economic development.

Also attending were: Former General Secretary Nong Duc Manh; Politburo member, Prime Minister Pham Minh Chinh; former Politburo member, former National Assembly Chairwoman Nguyen Sinh Hung, Nguyen Thi Kim Ngan.

Also attending were Politburo members: Permanent Deputy Prime Minister Nguyen Hoa Binh; Director of the Ho Chi Minh National Academy of Politics, Chairman of the Central Theoretical Council Nguyen Xuan Thang; Minister of Public Security, General Luong Tam Quang; Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen; Party Central Committee Secretaries, Party Central Committee members, former Party Central Committee members; leaders of the Government, National Assembly, central and local departments, ministries, branches; leaders, former leaders of the Finance, Planning and Investment sectors of different periods; representatives of a number of international financial organizations in Vietnam.

Finance Industry - 80 years of construction and growth

At the ceremony, comrade Nguyen Van Thang - Member of the Party Central Committee, Minister of Finance reviewed the glorious tradition of 80 years of formation and development of the industry.

On August 28, 1945, President Ho Chi Minh signed the Decree establishing the Provisional Government of the Democratic Republic of Vietnam, consisting of 13 Ministries, including the Ministry of Finance. Since then, August 28 has become the traditional day of the Finance sector.

Over the past 80 years, despite going through many difficult historical periods, the Finance sector has always been steadfast, matured and affirmed its central role in strategic consulting, operating and managing national financial resources, making an important contribution to the cause of building and defending the Fatherland.

In particular, after nearly 40 years of Doi Moi, with the wise leadership of the Party, the joint efforts of the political system, the consensus of the people and businesses, Vietnam has gradually transformed strongly. The scale of the economy has grown rapidly, from more than 5 billion USD (in 1986) to over 476 billion USD in 2024. Vietnam has become the fourth largest economy in Southeast Asia and the 34th in the world.

That result is partly due to the financial sector's contribution. If in 1946, the Independence Fund only had about 20 million Indochinese piastres, by 2024, the total budget revenue had exceeded 2.1 million billion dong, an increase of nearly 100,000 times compared to the early period of the country's founding. The tax policy system is increasingly being improved, in line with international practices, creating conditions for reasonable mobilization of resources for development.

At the same time, the reform of State-owned enterprises has achieved positive results. The mechanisms for managing State capital in enterprises have been improved, promoting publicity and transparency in equitization and divestment, while at the same time, strengthening supervision to prevent and combat loss of public assets. The health insurance coverage rate reached over 94% of the population, contributing significantly to the comprehensive social security system.

Minister Nguyen Van Thang said that from March 1, 2025, the Finance sector will enter a new development phase with a consolidated organizational model: Merging the Ministry of Finance and the Ministry of Planning and Investment, merging Vietnam Social Security, and taking over the functions of the State Capital Management Committee at enterprises. This is a strategic change to improve the efficiency of macro management and operation, while at the same time, creating a basis for the synchronous implementation of financial - budgetary, planning and public investment policies.

Accordingly, the Finance sector needs to continue promoting its professional capacity, management ability, and reform spirit, becoming a solid coordination center of the economy and a reliable support for the nation in all situations.

General Secretary To Lam: Finance must continue to be the pioneering force

In his encouraging and directing speech at the Commemoration Ceremony, General Secretary To Lam emphasized that in every historical period, the Finance sector has always played a strategic and comprehensive advisory role on socio-economics, while at the same time mobilizing, managing, and allocating resources, ensuring the tasks of resistance for national liberation, national unification, socio-economic development, national defense, security and social security.

On behalf of the Party and State leaders, the General Secretary acknowledged, commended and highly appreciated the contributions and efforts of all cadres, civil servants, public employees and workers in the entire Finance sector. The Finance sector is not only a pillar in the country's financial policy but also a pioneer in innovation and national economic development, highly appreciated by the Government, the business community and domestic and foreign investors.

The General Secretary emphasized that the new context places high and urgent demands on the Finance sector. Whether our country's economy can make a breakthrough and grow strongly or not depends on the extremely important role of the Finance sector.

The General Secretary suggested that the Finance sector should focus on thoroughly resolving bottlenecks and bottlenecks in development institutions; adjusting economic space, expanding development space, enhancing decentralization, decentralization, allocation and combination of economic resources. Establishing a new growth model with science and technology, innovation and digital transformation as the main driving force to create strong changes in productivity, quality, efficiency and competitiveness of the economy.

Building and perfecting the State financial and budgetary institutions and policies; improving the effectiveness and efficiency of law enforcement with the view that institutions are "breakthroughs of breakthroughs", institutions are resources and driving forces for development. Pioneering in realizing important policies and resolutions of the Party, especially Resolution No. 68 on private economic development; Resolution No. 57 on breakthroughs in science, technology, innovation and national digital transformation, contributing to the achievement of the double-digit growth target in the coming period.

Review and continue to improve institutions and policies for the State economy, including State-owned enterprises, promote decentralization and delegation of power along with enhancing accountability, improving operational efficiency and governance capacity to maximize the role and resources that State-owned enterprises are holding to lead and create momentum for the economy as well as implement State policies and orientations.

The General Secretary emphasized the need to closely follow and correctly assess the domestic and world economic situation; proactively analyze and assess the impact of fiscal and monetary policies to promptly advise the Government on proactive scenarios and solutions in managing State budget revenue and expenditure; strengthen State financial and budgetary discipline; strictly manage State budget revenue, ensure correct, sufficient and timely collection; strictly and effectively manage State budget expenditure; thoroughly save on regular expenditures, increase revenue and save on expenditures to focus on development investment, on a number of large projects that are transformational and turn around the situation.

The General Secretary requested that there be solutions and measures to mobilize resources more effectively for development in the financial market, capital market, stock market, economic resources among the people... to increase capital attraction both domestically and internationally, creating better capital mobilization channels for enterprises, especially private enterprises; promote disbursement of public investment capital, focusing on strategic infrastructure projects such as transportation, renewable energy and digital transformation; at the same time, improve the investment environment, reduce administrative procedures to attract high-quality FDI capital; effectively manage and use public assets, increase transparency and efficiency in exploiting and using State capital in enterprises.

The General Secretary pointed out that it is necessary to continue to focus on and maintain solutions to ensure social security and improve people's lives, so that along with economic development, people's lives must be better and more comprehensive in all aspects.

Our country is entering a new era of development, with a glorious tradition of 80 years of construction and development, the General Secretary believes that the collective leadership, cadres, civil servants and workers of the Finance sector will continue to promote the spirit of solidarity, unanimity, and strive to better perform assigned tasks, contributing to realizing the aspiration to bring the country to prosperous development, prosperity and happiness. The Finance sector must continue to be a pioneering, dedicated and innovative force for a prosperous and powerful Vietnam.

On this occasion, on behalf of the Party and State, General Secretary To Lam awarded the First Class Independence Medal to the Finance sector for its great achievements and contributions to the cause of national construction and defense.

Prime Minister Pham Minh Chinh awarded the First Class Labor Medal to Comrade Nguyen Van Thang - Member of the Party Central Committee, Minister of Finance.