Finance banking sector fulfills 2022 goals minister

Illustrative image (Photo: VNA)

Minister of Finance Ho Duc Phoc has said the finance-banking sector accomplished its set goals for 2022, with State budget collection surpassing the estimate by nearly 20% amid unfavourable changes in the country and the world.

As of December 15, revenues to the State budget exceeded the estimate by 19.8%, 78 trillion VND higher than the figure reported at the National Assembly’s fourth meeting in October and November. This ensures resources for socio-economic recovery and the development programme, Phoc told Vietnam News Agency in a recent interview.

As of late 2022, public debts were about 43-44% of GDP, Government debts roughly 40-41% of GDP, the country’s foreign loans are 40-41% of GDP. The Government’s direct debt repayment obligations were from 18-19% of the total State budget revenue, within the scope permitted by the legislature.

Phoc said in the near future, the Ministry of Finance will continue closely monitoring the situation to suggest measures for this year, such as extending deadlines for tax and land rent payment, reducing preferential import taxes on raw and input materials for production as well as environment protection taxes on petrol products.

In the long term, the ministry will continue consulting with competent authorities to fine-tune tax policies up to international standards, and contribute to creating a favourable and fair business environment for sustainable economic development.

Reforms will be underway in all aspects, including improving the effectiveness and efficiency of apparatus, stepping up administrative reform; modernising the financial sector, especially in taxation and customs, toward improving national competitiveness, he said.

Minister of Finance Ho Duc Phoc (Photo: VNA)

In order to fulfill 2023 goals, Phoc said the ministry will continue with measures to support citizens and businesses, revise tax-related laws under the tax system reform strategy till 2030, fine-tune laws on price management and flexibly manage prices based on supply-demand forecasts with energy, construction materials, iron and steel.

At the same time, it will closely and effectively manage expenditures, maintain strict control of overspending and public debts to keep them within the permitted level, develop an open, transparent, safe and sustainable capital market to unlock mid-term and long-term capital for investment and development, and improve the efficiency of legal enforcement to create trust among investors, he added./.