2024: Agile Fiscal Policy Management, Total Budget Revenue Surpasses 17.4%
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Developing and Enhancing Legal Policies
According to the Ministry of Finance’s report: Based on resolutions and directives from the Party, National Assembly, and Government, the Ministry of Finance promptly formulated action plans to implement socio-economic development plans and state budget estimates. Fiscal policies were adjusted accordingly, focusing on addressing challenges faced by businesses and citizens, promoting growth, and safeguarding social welfare.
Additionally, rigorous inspection, supervision, and progress monitoring were conducted across localities to ensure public investment disbursement and the execution of national target programs. The Ministry of Finance submitted and provided feedback on several crucial bills to the National Assembly, including amendments to the Securities Law, Accounting Law, and laws pertaining to budget and taxation. They also adjusted the value-added tax policy, reducing tax rates by 2% for certain goods and services to support businesses.
Concurrently, the Ministry issued over 80 guiding circulars and presented numerous decrees and decisions to the Government and Prime Minister to refine the legal framework for finance and budget sectors.
In alignment with the Government’s 2024 Work Program, the Prime Minister’s directives, and Resolution No. 01/NQ-CP on key tasks and solutions for implementing the socio-economic development plan and state budget estimates for 2024, As of December 27, 2024, the Ministry of Finance had completed 63 out of 72 assigned projects (87.5%). This included 38 projects and tasks assigned during the steering process. By December 31, 2024, the Ministry of Finance is expected to accomplish 70 out of 71 assigned projects (98.6% of the planned tasks)…
Overall, the research and development of financial mechanisms and policies closely followed the Party’s guidelines and directives. It addressed content and timeline requirements set by the Government and the Prime Minister and tackled significant and complex issues facing the nation amid economic challenges. These efforts contributed to macroeconomic stability, inflation control, sustainable economic development, effective social issue resolution, administrative procedure reform, improved business environment, enhanced national competitiveness, and continued restructuring of the state budget.
Total Budget Revenue Surpasses Estimate by 17.4%
In 2024, total state budget revenue reached 1,997.3 trillion VND, exceeding the estimate by 17.4%. Specifically, domestic revenue attained 115.2% of the estimate, while revenue from crude oil and trade balance reached 126.2% and 134.2%, respectively.
The tax exemption, reduction, and extension policies, with a total value of 197.3 trillion VND, provided much-needed support to businesses and citizens, enabling them to overcome difficulties and maintain production and business operations. These measures also played a role in curbing inflation and ensuring macroeconomic stability.
State budget expenditure for 2024 is estimated at 1,830.8 trillion VND, equivalent to 86.4% of the estimate, including development investment expenditure at 7.1% of the estimate and regular expenditure at 94.5%, ensuring timely response to emerging tasks.
Furthermore, the Ministry of Finance saved 5 trillion VND from regular expenditure to supplement essential social programs such as providing permanent housing for the poor, improving the transportation system, and addressing the aftermath of natural disasters.
Based on the revenue and expenditure outcomes, the budget deficit for 2024 was maintained at 3.4% of GDP, lower than the estimate. The government bond issuance mobilized 330.4 trillion VND at an average interest rate of 2.52%/year, contributing to the stability of the financial and monetary market. In the coming year, the Ministry of Finance will continue to focus on administrative reform, enhance digitalization in financial and tax management, and accelerate public investment disbursement to drive sustainable economic growth.
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Previously, in an interview with the press, the government leader emphasized: In 2024, the Vietnamese economy faced numerous challenges due to external factors such as tax, interest rate, exchange rate, inflation, and conflict issues. Domestically, our economy is highly open and susceptible to external influences. These factors significantly impacted fiscal and monetary policy management in 2024. However, under the leadership of the Party and the Government, with the steering of authorities at all levels, and the efforts of businesses and citizens, we have successfully accomplished the socio-economic development tasks for 2024. This is evident in the economic growth indicators, all of which met or exceeded the set targets. |
– 21:45 30/12/2024
