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Minister of Finance Nguyen Van Thang. |
Reporter: Minister, how do you assess the results of implementing state finance and budget tasks, as well as the improvement of institutions, mechanisms, policies, and laws in the fields of finance, investment, and state budget in the recent period?
Minister of Finance Nguyen Van Thang: The tasks of state finance and budget over the past five years have been carried out in the context of many unpredictable changes in the world and the domestic situation, posing many difficulties and challenges.
However, thanks to the efforts of the entire political system under the leadership of the Party, the National Assembly, and the Government; the synchronized involvement of ministries, sectors, and localities; and the proactive, flexible, timely, and effective direction and management of the Finance sector, the management of state finance and budget has achieved many outstanding and comprehensive results, fulfilling all key targets for the 2021-2025 period. State financial and budget resources are managed, mobilized, and utilized increasingly effectively, making a significant contribution to achieving socio-economic development goals.
Specifically:
Firstly, the Finance sector has promptly advised on and implemented plans, mechanisms, policies, and solutions for socio-economic development; promoting growth while maintaining macroeconomic stability. The average state budget deficit for the period 2021-2025 is approximately 3.1-3.2% of GDP; public debt is estimated at around 35-36% of GDP, which is well controlled, contributing to strengthening the national credit rating.
Secondly, the legal system regarding state finance and budget has been comprehensively improved. During the period 2021-2025, the Ministry of Finance submitted 32 laws and resolutions of the National Assembly and the Standing Committee of the National Assembly for promulgation; 168 decrees; and issued 436 circulars within its authority, focusing on removing bottlenecks, promoting decentralization and delegation of power, reducing administrative procedures, and meeting the development requirements of the new era.
Thirdly, revenue management has been strengthened, and the structure of state budget revenue has been focused on sustainability; the average state budget mobilization rate over the past five years has reached approximately 18.3% of GDP, while still implementing tax and fee exemptions, reductions, and extensions totaling about 1.1 trillion VND to support people and businesses in overcoming difficulties and challenges caused by the pandemic and recovering production and business after the pandemic.
Fourth, the Finance sector has increased revenue and saved approximately 1.5 trillion VND in expenditures to supplement resources for development investment, national defense, security, science and technology, salary reform, social welfare, eliminating dilapidated housing, and building schools in border areas.
Fifth, the proportion of development investment expenditure nationwide increased to approximately 32% of total state budget expenditure, with focused and targeted allocation, ensuring resources for strategic infrastructure projects with significant spillover effects.
Sixth, the investment and business environment continues to improve, strongly encouraging the development of all economic sectors. To date, the country has over 1 million active businesses, an increase of over 46% compared to 2020; total social investment capital for the period 2021–2025 is expected to reach approximately 32.2% of GDP, with the private sector and state-owned enterprises accounting for over 65%.
Secondly, Vietnam continues to be a bright spot in attracting foreign investment, ranking among the top 15 developing countries attracting the most FDI in the world; FDI contributes approximately 16% of total social investment.
Eighth, capital markets will develop in a safe, sustainable, and integrated direction, gradually becoming an important channel for mobilizing capital for the economy. By the end of 2025, the size of the bond market will reach approximately VND 3.93 trillion, equivalent to 30.7% of GDP; the market capitalization of the stock market will reach nearly VND 10 trillion, equivalent to 77.9% of GDP. By 2025, the Vietnamese stock market will have fully met the criteria and been upgraded from a frontier market to an emerging market.
Finally, the Finance sector actively promotes regional economic development, new industries, sectors, and economic models; participates in building international financial centers and free trade zones; and effectively coordinates in social welfare work, ensuring economic growth is linked to social progress and equity.
Reporter: In the coming period, what tasks and solutions will the Ministry of Finance focus on to stabilize the macroeconomic situation and promote rapid and sustainable growth?
Minister of Finance Nguyen Van Thang: In the coming period, in response to new demands and tasks, the finance sector will focus on implementing key tasks and solutions in a coordinated manner.
This includes, first and foremost, implementing a proactive fiscal policy that is reasonably expansive, focused, and targeted; consolidating the leading role of the central budget, while promoting the initiative and creativity of ministries, sectors, and localities. Fiscal policy is closely coordinated with monetary policy to maintain macroeconomic stability, contribute to double-digit growth, and transform the development model.
In managing revenue and expenditure, we will focus on improving the effectiveness and efficiency of state budget revenue and expenditure management; ensuring that revenue is collected correctly, fully, and promptly, while nurturing and developing sustainable revenue sources. We strive to ensure that the average state budget mobilization rate for the period 2026-2030 is approximately 18% of GDP; increase development investment spending to about 40% of total state budget expenditure; and strictly manage budget deficits and public debt in accordance with the economy's borrowing and repayment capacity, contributing to improving the national credit rating.
Simultaneously, we will continue to improve the institutional framework and legal system regarding state finance and budget; accelerate digital transformation, reform administrative procedures, and enhance the capacity and efficiency of management and supervision.
Reporter: Minister, could you please elaborate on the solutions for developing economic sectors as well as developing capital markets and stock markets?
Minister of Finance Nguyen Van Thang: The finance sector will focus on improving the efficiency of the state-owned economy, truly playing a leading and pioneering role in key, essential, and strategic sectors and fields.
Alongside this, there will be strong development of the private economic sector in accordance with Resolution No. 68-NQ/TW; striving to have approximately 2 million operating businesses in Vietnam by 2030; and achieving a level of technology, innovation, and digital transformation that ranks among the leading countries in ASEAN and Asia.
Developing capital markets and stock markets into important channels for mobilizing medium and long-term capital; effectively exploiting opportunities from upgrading the stock market; perfecting the legal framework for new trends such as digital assets, green transformation, and digital transformation.
For the FDI sector, the focus should be on selectively attracting FDI, prioritizing large-scale, high-tech, and environmentally friendly projects; strengthening linkages between domestic and FDI enterprises, and participating more deeply in global value chains and supply chains.
Reporter: Thank you very much, Minister!
Source: https://baobacninhtv.vn/bo-truong-bo-tai-chinh-cung-co-nen-tang-vi-mo-tao-du-dia-cho-tang-truong-nhanh-va-ben-vung-postid437753.bbg
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