Tighten fiscal discipline and improve the efficiency of public investment.

In explaining the issues of concern to National Assembly deputies regarding the public investment plan, financial plan, and borrowing and debt repayment plan for the period 2026-2030, Minister of Finance Ngo Van Tuan affirmed that in the coming time, the entire process and procedures for disbursing public investment capital will be reviewed; and several related laws will be amended and supplemented… to improve the efficiency of public investment and meet the requirement of double-digit growth.

Báo Đại biểu Nhân dân•22/04/2026

Minister of Finance Ngo Van Tuan gives an explanation at the session. Photo: Pham Thang

Speaking at the afternoon session of the National Assembly on April 21, Minister of Finance Ngo Van Tuan stated that, summarizing 84 opinions expressed in committee meetings and 18 opinions from National Assembly deputies in the plenary session today regarding the state financial plan, public investment plan, and public debt borrowing and repayment plan for the period 2026-2030, it shows that all opinions are in strong agreement and consensus with the contents presented by the Government to the National Assembly.

In addition, National Assembly delegates also conducted in-depth and detailed analyses of the shortcomings and limitations of related issues, while contributing many responsible opinions on solutions to ensure the most effective mobilization and utilization of resources, meeting the requirements of double-digit growth in the coming period.

Taking seriously the opinions of the National Assembly deputies, Minister Ngo Van Tuan clarified a number of points.

Regarding revenue policy, the Minister stated that in the coming period, the demand for investment and development is very high, so the first priority should be paid to revenue collection policies. These policies need to be reviewed to ensure accurate, sufficient, timely, and comprehensive revenue collection; and more importantly, to support and encourage economic development, especially for small and medium-sized enterprises, encouraging domestic businesses to participate in global value chains and link with foreign direct investment (FDI) enterprises to improve productivity and growth quality.

To fulfill this requirement, the Minister stated that tax policies must be reviewed to be simple, easy to understand, easy to implement, easy to apply, easy to inspect, and transparent. At the same time, the policy must ensure the most effective collection costs, meaning the costs for the tax administration and compliance costs for taxpayers are kept to a minimum; and be flexibly adjusted to suit the practical situation.

For example, during the period 2021-2025, Minister Ngo Van Tuan stated that, in light of the difficult developments of the pandemic and geopolitical conflicts around the world, the Government submitted to the National Assembly a proposal to reduce and defer over 400,000 billion VND in tax obligations for businesses.

According to the Minister, at this very first session, the National Assembly also approved the Government's submission and adoption of a resolution on reducing taxes on petroleum products; and at the same time, considered raising the threshold for personal income tax and special consumption tax for small and medium-sized enterprises.

Delegates attending the session. Photo: Quang Khánh

Regarding budget expenditures, the Minister noted that National Assembly deputies paid particular attention to this issue, with some emphasizing that "we are not worried about the source of funds, but most concerned about the efficient use of those funds."

The Minister of Finance stated that planned recurrent expenditures have been reduced to approximately 46% of total spending, demonstrating the significant efforts of relevant agencies and departments. Recurrent expenditures must still ensure the operation of the government apparatus, national security and defense, social welfare, education, healthcare, and especially the promotion of innovation in the coming period. Therefore, to achieve more effective savings, in addition to a 10% reduction in recurrent expenditures in the 2026 state budget, Prime Minister Le Minh Hung has directed a further 5% reduction to allocate resources for development investment.

Regarding investment expenditure, the Minister stated that total investment expenditure throughout the period increased to 8.2 million billion VND, of which central government expenditure was 3.8 million billion VND and local government expenditure was 4.42 million billion VND. Therefore, improving the efficiency of public investment is a mandatory requirement, demanding a reduction in the ICOR coefficient from 6.4 to approximately 4-4.5.

To achieve this goal, in the coming period, the Prime Minister will chair a national conference to review all processes and procedures for disbursing public investment capital. At the same time, regarding administrative procedures related to investment preparation, based on the implementation of Conclusion No. 18-KL/TW of the 2nd Plenum of the 14th Central Committee, the Government has assigned relevant agencies to review and finalize the consolidation of the Law on Public Investment and the Law on State Budget; and to review the Construction Law, standards, and norms… in order to minimize preparation time, aiming to “select the right projects with spillover effects,” and “ensure rapid implementation” to bring projects into operation early, thereby regenerating new production capacity for future development.

In response to feedback from some National Assembly deputies regarding the current bidding process, which takes 6 to 12 months, along with numerous obstacles related to land clearance, standards, norms, construction material prices, payment and settlement procedures, warranties, and maintenance, the Minister affirmed that these issues will be reviewed and addressed in accordance with the spirit of Conclusion No. 18-KL/TW of the 2nd Plenum of the 14th Central Committee. Accordingly, central government funds will be allocated 10% to transitional projects and urgent works; and 75% will be used to implement projects in the Action Program implementing the Resolution of the 14th Party Congress, especially infrastructure, logistics, and energy projects in the new phase.

Regarding local development investment capital (4.42 trillion VND), according to the Minister, it will be allocated in accordance with the principle of "local authorities decide, local authorities implement, and local authorities are responsible." Therefore, close supervision by National Assembly representatives and elected bodies is needed during the disbursement process; at the same time, decentralization and empowerment of leaders should be strengthened, ensuring that those who decide to implement projects are ultimately held accountable.

Source: https://daibieunhandan.vn/siet-ky-luat-tai-khoa-nang-hieu-qua-dau-tu-cong-10414461.html