It's time to tighten fiscal policy and prepare resources for salary reform.

Minister of Finance Ho Duc Phoc speaks at the conference on July 15. Photo: Organizing Committee/Huu Tho

Resources need to be prepared for salary reform.

On July 15th, the Ministry of Finance held a conference to review the work of the first six months of the year and to implement tasks for the last six months of 2024.

According to the Ministry of Finance, state budget revenue in the first six months of the year reached VND 1,038.1 trillion, equivalent to 61% of the projected target, an increase of 17.7% compared to the same period in 2023.

State budget expenditure is estimated at VND 803.6 trillion, equivalent to 37.9% of the projected budget, approximately the same as the 2023 figure; of which: development investment expenditure is estimated at 29% of the budget approved by the National Assembly , a decrease of 8.8% (VND 16.4 trillion) compared to the same period; the disbursement rate is estimated at 29.39% of the plan assigned by the Prime Minister (in the same period of 2023, disbursement reached approximately 30.49% of the plan assigned by the Prime Minister); interest payment on debt is estimated at 49.7% of the projected budget; recurrent expenditure is estimated at 43.7% of the projected budget.

Speaking at the conference, Minister of Finance Ho Duc Phoc stated that to ensure public financial security, the coming period should see a new cycle of implementing a tight fiscal policy. He emphasized the need to strengthen public finance capacity, focusing on increased investment in infrastructure and large-scale projects with ripple effects, such as investments in ports and airports. Maintaining a tight fiscal policy is crucial to ensuring public financial security and securing resources for salary reform.

In the long term, more fundamental solutions are needed to support businesses and accelerate the disbursement of public investment capital, in order to promote growth, develop businesses, and thereby generate revenue for the state budget.

Striving to exceed budget revenue targets.

To strive to achieve and surpass the assigned state budget revenue targets, the Minister requested the entire sector to participate and resolutely implement state budget revenue collection, strengthen revenue management, combat revenue loss, and handle outstanding tax debts. Strengthen the fight against smuggling and trade fraud, and protect domestic production. At the same time, strengthen inspection and supervision, and promptly resolve difficulties and obstacles in the disbursement of public investment (especially regarding land, site clearance, procedures for ODA projects, and preferential foreign loans...).

The Minister particularly emphasized the need to accelerate digital transformation, apply information technology, modernize tax collection, expand the deployment of electronic invoices, strengthen the management of revenue collection from e-commerce transactions and foreign suppliers, etc.; striving to achieve the highest possible revenue target to ensure resources for implementing socio -economic development goals.

The Minister directed that focus be placed on organizing the preparation of the 2025 budget estimates and the 3-year financial plan (2025-2027) and the 5-year financial plan (2026-2030) at the local level, closely adhering to the main requirements and contents of the Prime Minister's directives and the guidance of the Ministry of Finance.

In particular, the Minister suggested that, in the coming period, the legal framework and inspection mechanisms should be further improved to ensure the stable and safe operation of the financial market, the stock market, and corporate bonds, in order to ensure that the financial market develops transparently and efficiently, attracting resources for development.

Source: https://laodong.vn/kinh-doanh/den-luc-that-chat-chinh-sach-tai-khoa-chuan-bi-nguon-luc-cai-cach-tien-luong-1366510.ldo