The Vice Premier on the Finance Sector’s ‘Keeper of the Purse Strings’ Role

On the morning of August 21, at the 1st Congress of the Party Committee of the Ministry of Finance for the term 2025-2030, Deputy Prime Minister Nguyen Chi Dung emphasized that all the country’s socio-economic achievements in the past have borne the imprint of the Ministry of Finance.

The Party Committee of the Ministry of Finance has effectively led and implemented the task of reorganizing the apparatus, streamlining some large-scale agencies with a wide scope of influence and complex structure (including large agencies such as social insurance, taxation, customs, treasury, reserves, and statistics).

The Ministry of Finance has also taken the lead in advising competent authorities on the construction and issuance of Resolution No. 68-NQ/TW on private economic development; accelerating the improvement of state management activities in the fields of taxation, customs, audit-accounting management, bidding, developing the stock market, and forming an innovative ecosystem…

“When it comes to the identity of the finance sector and the Ministry of Finance, I can summarize it in ten words: Unity, Pioneer, Innovation, Intelligence, and Bravery,” affirmed the Deputy Prime Minister, congratulating and commending the efforts and achievements of the Party Committee of the Ministry of Finance.

However, alongside the achievements, the Deputy Prime Minister also pointed out some existing shortcomings, including some economic development targets not being met as expected; slow allocation and disbursement of public investment and ODA capital; transfer pricing, tax fraud, and tax debts; and state-owned enterprise management and development remain significant challenges…

According to Deputy Prime Minister Nguyen Chi Dung, the current socio-economic context poses very high demands on the finance sector, requiring officials, party members, and employees to dare to think, dare to act, and dare to take responsibility for the common interest.

As the “purse holder” of the Government, the Ministry of Finance must make further efforts to renew its thinking and perfect mechanisms and policies to mobilize financial resources effectively, both public and private, to meet the country’s development requirements, linked to enhancing the efficiency of public spending and allocating financial resources in line with the process of economic restructuring and development.

Looking back on the past term, despite numerous difficulties and challenges, according to Minister of Finance Nguyen Van Thang, the entire sector has achieved important results in many aspects, specifically organizational restructuring; the construction of institutions has been carried out urgently and promptly; advising the Government and the Prime Minister to implement drastic solutions to contain and push back the pandemic and recover and develop the economy; advising and deploying the building of a stable, transparent, and efficient financial sector…

However, alongside the achievements, there are also limitations, such as the ratio of mobilization into the state budget compared to GDP and the proportion of domestic revenue in the total state budget revenue not reaching expectations; state-owned enterprise equitization and capital divestment from non-core businesses are slow; innovation, digital transformation, and administrative procedure reform are still in the initial stages and have not yielded high efficiency; and the progress of advising on the construction and implementation of some projects and reports in some units has not met requirements.

The Party Committee of the Ministry of Finance affirmed its determination to overcome difficulties and overcome existing shortcomings and limitations, striving to achieve more outstanding achievements in the next term. This is also the first Congress of the Party Committee of the Ministry of Finance after the process of reorganizing and rearranging the apparatus, merging the Party Committee of the Ministry of Finance and the Party Committee of the Ministry of Planning and Investment; receiving and rearranging the Party Committee of Vietnam Social Insurance, party organizations under the State Capital Management Committee at enterprises and the State Financial Supervision Commission.

At the Congress, Mr. Tran Bao Hoang, Deputy Head of the Party Committee Organization Board of the Government Party Committee, announced the decisions of the Standing Committee of the Government Party Committee on the appointment of personnel for the new term of the Party Committee of the Ministry of Finance.

The Government Party Committee has appointed 40 comrades to the Executive Committee of the Party Committee of the Ministry of Finance for the term 2025-2030 and 13 comrades to the Standing Committee. Mr. Nguyen Van Thang, Secretary of the Party Committee, Minister of Finance, was appointed as Secretary of the Party Committee of the Ministry of Finance for the term 2025-2030.

Ms. Nguyen Thi Bich Ngoc, Deputy Minister of Finance, was appointed as Standing Vice Secretary of the Party Committee of the Ministry of Finance for the term 2025-2030; Mr. Do Van Truong and Ms. Nguyen Thi Thu Lan were appointed as full-time Vice Secretaries of the Party Committee of the Ministry of Finance for the term 2025-2030.