PM stresses importance of stable financial polices
Updated : Tuesday, January 09, 2018 8:57 AM (GMT+0700)

Financialpolicies must be kept stable in order to help firms feel secure whileconducting production and business activities, said Prime Minister Nguyen XuanPhuc. 

Prime Minister Nguyen Xuan Phuc speaks at a conference  on January 8 - Photo: VNA

The PM made the request at aconference held by the Ministry of Finance in Hanoi on January 8 to review thefinance-State budget work in 2017 and roll out tasks for this year. 

He asked the financialsector to take the initiative in overcoming difficulties facing Vietnam’seconomy while studying economic policies of neighbouring countries to servedomestic economic development. 

Deputy Finance Minister TranHong Ha said that in 2018, the financial sector will continue its cautiousmanagement of fiscal policies in close combination with monetary policies,further stabilise the macro economy, curb inflation and promote economicgrowth. 

Besides, more efforts willbe channeled into collecting state budget, closely controlling budget spendingand tightening financial regulations, he added, stressing that budgetcollection is expected to grow by 3 percent against the estimate assigned bythe National Assembly and budget overspending is projected to be capped at 3.7percent of GDP as set by the legislature. 

Bui Van Nam, head of theGeneral Department of Taxation, said the tax sector will propose the NA issue aresolution to scrap irrecoverable and lingering debts to strengthen thenational financial system, along with pushing the administrative reform. 

General Director of theState Treasury Nguyen Hong Ha said that State Treasury has instructed itsbranches in cities and provinces to closely coordinate with relevant agenciesto swiftly gather budget contributions, and urged investors to speed up thedisbursement process. 

By the end of 2018, publicdebt ratio is set at about 63.9 percent of GDP, Government debt at 52.5 percentof GDP and foreign debt at about 47.6 percent, with public debt structuredtowards sustainability, heard the meeting. 

Double efforts will also bemade to accelerate the restructuring and equitisation of State-own businessesand complete the legal system on price management.

A decision released recentlyby the Finance Ministry estimates State budget revenues for the year at 1.31quadrillion VND (58.3 billion USD), including 1.09 quadrillion VND fromdomestic sources, 179 trillion VND in trade surplus, 35.9 trillion VND fromcrude oil sales, as well as 5 trillion VND in international aid.

The ministry reported that2017’s total budget collection stood at 1.2 quadrillion VND, up 71 trillion VNDor 5.9 percent compared with the estimate, and 43.7 trillion VND more than thetarget set by the National Assembly. 

In the year, budget deficitwas more than 174 trillion VND, equivalent to 3.48 percent of GDP, within thelegislature’s estimate.


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