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At the 80th anniversary of the financial sector on August 8, General Secretary To Lam requested that in the coming time, the financial sector needs to make institutional breakthroughs, completely resolve bottlenecks, and build a new growth model based on science and technology to improve productivity, quality, and competitiveness of the economy .
According to the General Secretary, the financial sector must manage finance and budget in a modern and effective manner, closely following the domestic and international economic situation. Along with that, state budget and financial discipline need to be strengthened, ensuring correct and sufficient collection.
Regular expenditures need to be thoroughly saved, while revenue needs to be increased, focusing on investing in developing a number of large projects that are transformational and turn around the situation, as required by the General Secretary .
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| General Secretary To Lam speaks at the 80th Anniversary of the Finance Sector's Traditional Day, August 8. Photo: VGP |
This year, the Government aims for GDP growth of over 8%, creating a foundation for double-digit growth in the coming period. Vietnam aims to complete 3,000 km of expressway, 1,000 km of coastal road, inaugurate phase 1 of Long Thanh International Airport, and start construction of the Hanoi - Lao Cai - Hai Phong railway line this year...
To achieve this goal, development investment spending must be large. However, Vietnam's regular spending accounts for nearly 70%, with just over 30% for development investment and social security. Meanwhile, this ratio in other countries accounts for nearly half of the budget expenditure.
Since the beginning of the year, Prime Minister Pham Minh Chinh has assigned the target of increasing the state budget revenue by at least 10% in 2025 compared to last year. At the same time, units must "thoroughly save on expenditures, especially regular expenditures, to reserve resources for development investment and social security".
According to calculations, in the 2021-2025 period, if disbursed public investment capital increases by 1%, GDP can increase by 0.058 percentage points. This is considered one of the important solutions and driving forces to help restore and promote socio-economic growth.
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| General Secretary To Lam, Prime Minister Pham Minh Chinh and delegates attend the 80th anniversary of the financial sector, August 8. Photo: MOF |
General Secretary To Lam also raised the issue of developing the capital and securities markets, mobilizing and effectively using resources. This is to increase the attraction of domestic and foreign capital, creating a better channel for mobilizing resources for businesses, especially the private sector.
In addition, the Ministry of Finance is also assigned to promote the disbursement of public investment capital, focusing on strategic infrastructure projects such as transportation, renewable energy and digital transformation. They need to continue to improve the investment environment, reduce administrative procedures to attract high-quality FDI capital, effectively manage and use public assets, increase transparency and efficiency in exploiting and using state capital in enterprises.
According to the Ministry of Finance, budget revenue and expenditure have achieved good results in recent years. Total national budget revenue in 2024 exceeded VND 2.1 million billion. The budget revenue-to-GDP ratio has remained at 18-20% in recent years; public debt, national debt, and government debt are under control. For the capital market, securities have become an important mobilization channel, with capitalization reaching over 90% of GDP by 2024.
Minister of Finance Nguyen Van Thang affirmed that the financial sector will advise and perfect economic and financial institutions, promptly and thoroughly remove bottlenecks, and promote and develop resources of economic sectors.
Fiscal policy continues to be operated in a reasonable, focused, and synchronous manner with monetary and other macroeconomic policies. This aims to maintain macroeconomic stability, control inflation, promote high economic growth, and ensure major balances of the economy.
The financial sector also aims to promote the development of the stock and insurance markets to become effective medium- and long-term capital mobilization channels for the economy and attract international investment funds, people and businesses.
According to vnexpress.net
Source: https://baoapbac.vn/kinh-te/202508/tong-bi-thu-tang-thu-tiet-kiem-chi-de-dau-tu-du-an-lon-xoay-chuyen-tinh-the-1047914/
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