 | The return of Resolution 02: High expectations for business environment reform |
| The Financial Inspectorate carries out “focus and emphasis” to improve work efficiency |
 |
| According to the Ministry of Finance, in the first quarter of 2024, the basic domestic market prices remained stable. (Image: H.Anh) |
In the report on the implementation of tasks related to building, improving institutions, and enhancing the effectiveness of the organization in enforcing laws, ensuring financial discipline in the state budget sector, the Ministry of Finance stated that in March, it actively implemented projects assigned according to the plan outlined in Resolution 01/NQ-CP and the program for drafting legal normative documents in 2024 issued by the Government.
So far, the Ministry of Finance has submitted to the Government, Prime Minister for issuance 4 decrees and 2 decisions, such as: Decree No. 02/2024/NĐ-CP on the transfer of state-owned power projects to Vietnam Electricity Group; Decree No. 05/2024/NĐ-CP on the Special Preferential Import Tax Schedule of Vietnam implementing the bilateral trade promotion agreement between the Government of Vietnam and Cambodia for the period 2023-2024; Decree No. 11/2024/NĐ-CP regulating reasonable interest rates, profits, payment methods, and settlement of investment projects under BT contracts…
At the same time, the Ministry of Finance has submitted to the Government, Prime Minister for consideration and issuance 18 decrees; and issued 17 circulars within the state budget financial management sector.
Regarding the review of Special Consumption Tax (SCT), Value Added Tax (VAT), Corporate Income Tax (CIT) laws, so far, the Ministry has studied and proposed the drafting of amended VAT law, amended SCT law, and amended CIT law to be included in the legislative program of the National Assembly as stipulated.
Furthermore, the Ministry of Finance has drafted guiding decrees for implementing Resolution No. 107/2023/QH15 on the application of supplementary CIT according to the provisions of preventing base erosion and profit shifting (BEPS) and the amended Decree No. 132/2020/NĐ-CP regulating tax management for enterprises with related-party transactions. Currently, the Ministry of Finance is drafting these decrees for feedback from relevant ministries, central agencies, and local authorities before submitting them to the Government for consideration and issuance.
In addition, concerning the guidance on implementing the 5% reduction and savings in regular expenditures of the state budget as stipulated in Directive No. 01/CT-TTg of the Prime Minister and Resolution No. 01/NQ-CP of the Government, the Ministry of Finance has also issued documents to gather opinions from ministries, central agencies, and local authorities regarding the draft proposal to the Government on the 5% reduction and savings in regular expenditures of the state budget for 2024. Based on the feedback from ministries, central agencies, and local authorities, the Ministry of Finance is refining the draft resolution to submit to the Government.
According to the report from the Ministry of Finance, the cumulative state budget revenue in the first quarter of 2024 reached 539.5 trillion VND, equal to 31.7% of the estimate, an increase of 9.8% compared to the same period in 2023.
Additionally, the total balanced state budget expenditure in the first quarter reached 393.5 trillion VND, equal to 18.6% of the estimate, an increase of 8.3% compared to the same period in 2023. The budget expenditures for the first quarter of 2024 were implemented according to the plan, meeting the requirements of economic and social development, national security and defense, state management, and settling due debts, ensuring funds for pandemic prevention, social security tasks, caring for beneficiaries of salaries, pensions, and social allowances from the state budget…
According to the Ministry of Finance, the central budget and local budgets have been balanced in the first quarter. As of March 27, 2024, nearly 80.2 trillion VND worth of government bonds have been issued, with an average term of 11.53 years and an average interest rate of 2.24% per year.
Regarding the financial market, according to the Ministry of Finance’s report, the stock market fluctuated with alternating sessions of increases and decreases in March but overall followed an upward trend.
As of March 27, 2024, the VN-Index reached 1,283.09 points, up 2.3% compared to the end of the previous month and up 13.6% compared to the end of 2023; the market capitalization of the stock market reached about 6.66 quadrillion VND, up 12.2% compared to the end of 2023, equivalent to 65.2% of the estimated GDP for 2023.
The Ministry of Finance is continuing to refine major projects related to the strategic development of the stock market, restructuring the stock market, and establishing a capital trading platform for innovative startup enterprises…
Furthermore, the Ministry of Finance continues to enhance the management, supervision, inspection, and examination of public companies and securities trading organizations to ensure the healthy development of the market; it has issued 116 penalty decisions, with a total penalty amount of about 20.1 billion VND.
Regarding price stability, according to the assessment of the Ministry of Finance, in the first quarter of 2024, the basic domestic market prices remained stable, following the price management scenarios set by the Price Steering Committee. In March 2024, prices of various commodities were relatively stable.
Regarding petroleum prices, the Ministry of Finance has closely monitored the world oil price movements in coordination with the Ministry of Industry and Trade to adjust domestic petroleum prices appropriately in line with the market situation…