He asked the financial sector to take the initiative in overcoming
difficulties facing Vietnam’s economy while studying economic policies
of neighboring countries to serve domestic economic development.
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PM Nguyen Xuan Phuc addressing the conference. Photo: hanoimoi.com.vn
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Deputy Finance Minister Tran Hong Ha said that in 2018, the
financial sector will continue its cautious management of fiscal
policies in close combination with monetary policies, further stabilize
the macro economy, curb inflation and promote economic growth.
Besides, more efforts will be channeled into collecting state
budget, closely controlling budget spending and tightening financial
regulations, he added, stressing that budget collection is expected to
grow by 3 percent against the estimate assigned by the National Assembly
and budget overspending is projected to be capped at 3.7 percent of GDP
as set by the legislature.
Bui Van Nam, head of the General Department of Taxation, said the
tax sector will propose the NA issue a resolution to scrap irrecoverable
and lingering debts to strengthen the national financial system, along
with pushing the administrative reform.
General Director of the State Treasury Nguyen Hong Ha said that
State Treasury has instructed its branches in cities and provinces to
closely coordinate with relevant agencies to swiftly gather budget
contributions, and urged investors to speed up the disbursement process.
By the end of 2018, public debt ratio is set at about 63.9 percent
of GDP, Government debt at 52.5 percent of GDP and foreign debt at about
47.6 percent, with public debt structured towards sustainability, heard
the meeting.
Double efforts will also be made to accelerate the restructuring
and equitization of State-own businesses and complete the legal system
on price management.
A decision released recently by the Finance Ministry estimates
State budget revenues for the year at VND 1.31 quadrillion (USD 58.3 billion), including VND 1.09 quadrillion from domestic sources, VND 179
trillion in trade surplus, VND 35.9 trillion from crude oil sales,
as well as VND 5 trillion in international aid.
The ministry reported that 2017’s total budget collection stood at
VND 1.2 quadrillion, up VND 71 trillion or 5.9 percent compared with the
estimate, and 43.7 trillion VND more than the target set by the
National Assembly.
In the year, budget deficit was more than VND 174 trillion,
equivalent to 3.48 percent of GDP, within the legislature’s estimate.
Source: VNA