Complete the financial plan for the period 2021-2025

The 2021-2025 period is an important pivotal period in the financial strategy of Quang Ninh province, aiming to ensure resources for development investment, salary reform and other key tasks. With many synchronous, flexible and drastic solutions, up to now, the province has basically completed the goals set out in the 5-year financial plan (2021-2025), creating a solid foundation for the 2025-2027 planning period.

Loading and unloading goods at Con Ong - Hon Net port area.

According to the report of the Provincial People's Committee, the total state budget revenue in the area in the period of 2021-2025 is expected to reach over 276,000 billion VND, equal to 110% of the central budget estimate (an increase of 24,905 billion VND), equal to 103% of the provincial budget estimate (an increase of 7,482 billion VND), an increase of 130% compared to the period of 2016-2020 (an increase of 63,661 billion VND). The contribution rate of revenues (excluding land use fees) to GRDP growth is about 13% on average. Of which, domestic revenue is expected to reach 195,756 billion VND, accounting for about 71% of total revenue, clearly reflecting the trend of stable and sustainable development and not depending on revenue from land or import tax.

Total local budget expenditure for the 2021-2025 period is estimated at VND 136,865 billion, equal to 126% of the central budget estimate, 94% of the provincial budget estimate, and 111% compared to the 2016-2020 period. Of which, development investment expenditure is expected to be over VND 70,000 billion, accounting for over 50% of total expenditure, with clear priority given to key areas such as: Transport infrastructure, education , health care, and administrative reform.

According to the leader of the Department of Finance, the completion of the 5-year financial plan shows the province's flexible management ability and serious financial discipline, ensuring harmony between increased revenue, saved expenditure and reasonable balance between resources.

To achieve the revenue targets in the 5-year financial plan, the Tax sector has implemented solutions to prevent revenue loss, increase revenue from the private economic sector, services, tourism, trade and potential areas. The Customs sector modernizes customs clearance procedures, applies technology, shortens customs clearance time and accompanies and supports import-export enterprises. In the period of 2021-2025, Customs revenue from import-export activities is expected to reach 78,420 billion VND, making an important contribution to the local budget balance. Mr. Ha Van Truong, Director of the Quang Ninh Provincial Tax Department, said: We aim to collect correctly, fully and promptly, but always accompany businesses, not letting tax policies become barriers to development.

Import and export activities at Bac Luan II Bridge Border Gate.

In order to proactively mobilize resources and promptly respond to the new development stage, the Provincial People's Committee has just developed a 3-year medium-term financial budget plan for 2025-2027. The revenue plan for this period is estimated at VND 195,390 billion (VND 57,330 billion in 2025; VND 68,189 billion in 2026; VND 69,870 billion in 2027). Of which, domestic revenue is estimated at VND 139,922 billion, accounting for 71.6% of total revenue, reflecting efforts to continue developing sustainable economic sectors, gradually reducing dependence on land revenue and import and export. Local budget expenditure in this period is estimated at VND 106,146 billion (VND 31,773 billion in 2025; VND 36,920 billion in 2026; VND 37,453 billion in 2027), of which development investment expenditure is estimated at VND 53,871 billion, accounting for 50.7% of total expenditure, demonstrating high priority for infrastructure investment, key projects of regional connectivity and supporting the development of mountainous and island areas.

Mr. Pham Hong Bien, Director of the Department of Finance, said: The unit has appropriate growth scenarios for each situation. Proactive and flexible medium-term financial planning helps the province not to be passive in the face of economic fluctuations.

Quang Ninh continues to improve public financial management towards transparency and efficiency, closely combining planning, budgeting and public spending. Promoting digital transformation in budget management, transparency of expenditures and evaluation of public investment efficiency after projects are highlights in the upcoming medium-term plan.

Completing the financial plan for the 2021-2025 period is an important step forward, affirming the province's effective and transparent financial and budgetary management capacity. With the right orientation, close coordination between functional sectors and high political determination, Quang Ninh is proactively building a sustainable public finance system, creating a solid foundation for a new period of stronger and more sustainable development.

Manh Truong

Source: https://baoquangninh.vn/hoan-thanh-ke-hoach-tai-chinh-giai-doan-2021-2025-3369809.html