Time to tighten fiscal policy, prepare resources for wage reform

Need to prepare resources for salary reform

On July 15, the Ministry of Finance held a conference to review the work of the first 6 months of the year and deploy tasks for the last 6 months of 2024.

According to the Ministry of Finance, state budget revenue in the first 6 months of the year reached 1,038.1 trillion VND, equal to 61% of the estimate, up 17.7% over the same period in 2023.

State budget expenditure is estimated at VND 803.6 trillion, equal to 37.9% of the estimate, approximately equal to the 2023 implementation level; of which: development investment expenditure is estimated at 29% of the estimate decided by the National Assembly , down 8.8% (VND 16.4 trillion) over the same period; disbursement rate is estimated at 29.39% of the plan assigned by the Prime Minister (in the same period in 2023, disbursement reached about 30.49% of the plan assigned by the Prime Minister); debt interest payment is estimated at 49.7% of the estimate; regular expenditure is estimated at 43.7% of the estimate.

Speaking at the Conference, Minister of Finance Ho Duc Phoc said that to ensure public financial security, according to the Minister, in the coming time, we should enter a new cycle, implementing a tight fiscal policy. It is necessary to strengthen the capacity of public finance, focusing on increasing investment in infrastructure, large projects with spillover effects, such as investment in ports and airports. Maintain a tight fiscal policy to ensure public financial security; have resources for implementing salary reform.

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

Strive to exceed budget revenue

In order to strive to achieve and exceed the assigned State budget estimate, the Minister requested the entire sector to join in, resolutely implement the State budget collection work, strengthen collection management, prevent revenue loss, and handle tax arrears. Strengthen the fight against smuggling and trade fraud, protect domestic production. At the same time, strengthen inspection and supervision work, promptly remove difficulties and obstacles in public investment disbursement (especially regarding land, site clearance, procedures for ODA projects, foreign preferential loans...).

The Minister especially emphasized promoting digital transformation, applying information technology, modernizing tax collection, expanding the implementation of electronic invoices, strengthening the management of collection of e-commerce transactions, foreign suppliers...; striving to complete the assigned revenue estimates at the highest level to ensure resources to implement socio -economic development goals.

The Minister directed to focus on organizing the development of the 2025 budget estimate and the 3-year State budget - financial plan for 2025-2027 and the 5-year financial plan for the period 2026-2030 at the local level, closely following the requirements and main contents in the Prime Minister's Directives and instructions of the Ministry of Finance.

In particular, the Minister suggested that in the coming time, we continue to improve the legal framework and inspection mechanism to ensure the stable and safe operation of the financial market, stock market, and corporate bonds, in order to ensure the financial market develops transparently and effectively, 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