On December 31, the Ministry of Finance held a conference to review the state financial and budget work in 2024 and deploy tasks for 2025, marking a year with many remarkable achievements in the field of national finance, while also posing challenges and solutions for the following year.
State budget revenue reached 2,025.4 trillion VND
2024 will witness a spectacular recovery of the Vietnamese economy with a growth rate of about 7%, exceeding the target set by the National Assembly. Accordingly, the confidence of businesses, investors and people will be strengthened. State budget revenue will exceed the estimate, reaching VND 2,025.4 trillion (equal to 119.1% of the estimate, up 15.5% compared to 2023), mobilization into the state budget will reach 17.8% of GDP.
To achieve the above results, the Ministry of Finance has drastically implemented the task of collecting and spending the State budget, reviewing revenue sources, preventing revenue loss and striving to increase revenue. This unit also advised and proposed to the Government and the National Assembly to issue policies on exemption, reduction and extension of taxes, fees, charges and land rents in 2024 with a total scale when issuing policies expected to be about 191 trillion VND. The implementation results (including policies implemented from 2023, continuing to reduce state budget revenue in 2024) are estimated at about 197.3 trillion VND.
State budget expenditure management was strictly implemented, saving 5% of regular expenditure (about 5 trillion VND) for temporary housing for poor households. State budget expenditure reached 1,830.8 trillion VND (86.4% of the estimate), development investment expenditure reached 78.1% of the estimate, disbursement reached 77.5% of the plan. Accordingly, budget balance at all levels was ensured. Government bond issuance reached 330.4 trillion VND (equal to 82.59% of the plan) with an average interest rate of 2.52%/year, ensuring the source of principal repayment.
The Ministry of Finance has submitted and implemented the 2024 Public Debt Loan and Repayment Plan, the 2024-2026 Public Debt Management Program, and strictly controlled public debt. Specifically, public debt is maintained at a low level of 36%-37% of GDP, government debt is 33%-34% of GDP, and direct debt repayment obligations are 20%-21% of state budget revenue. Thanks to that, the national credit rating is consolidated at a positive and sustainable level. (S&P, Fitch both rated at BB+, Moody's rated at Ba2, stable outlook)
9 key solutions
2025 is the final year to implement the goals of the Socio-Economic Development Plan, striving to achieve the highest results in the goals and targets of the 5-year financial plan 2021-2025 and implementing the policy of innovation, restructuring the organizational structure, and streamlining the apparatus according to Conclusion 09-KL/BCĐ dated November 24, 2024 of the Central Steering Committee. This is also the year to develop socio-economic development plans and the state budget for the period 2026-2030 and conduct local delegates at all levels towards the 14th National Congress of the Party.
According to the Ministry of Finance, the world and regional economic and political situation is forecast to remain complicated and unpredictable. In the country, in addition to favorable factors, the economy still faces many difficulties and challenges, inflationary pressure, rising exchange rates, internal problems and natural disasters, epidemics, climate change, etc. These factors will greatly affect the implementation of socio-economic development and state finance and budget tasks in 2025.
At the 8th Session, the National Assembly approved the Socio-Economic Development Plan for 2025 with the target of economic growth reaching about 6.5% - 7% and striving for about 7% - 7.5%, controlling inflation within 4.5%, estimated state budget revenue of 1.97 million billion VND and state budget expenditure of 2.5 million billion VND, state budget deficit of 471.5 thousand billion VND, equivalent to about 3.8% of GDP.
In that spirit, the Ministry of Finance affirms its determination, proactiveness, flexibility and sets out 9 main solutions and tasks in direction and administration.
One is to maintain the foundation of macroeconomic stability, control inflation, ensure major balances, and sustainably develop socio-economic sectors. Specifically, to enhance the capacity to accurately and promptly forecast changes in the world and domestic economic situation in order to propose solutions for proactive, flexible, reasonably expanded fiscal policy management, with focus and key points, and to coordinate synchronously, closely, and smoothly with monetary policy and other policies to effectively handle arising issues.
Second, strictly implement the law on state budget collection and management, focus on implementing solutions to strengthen state budget collection management, strive to complete the assigned revenue estimates at the highest level to ensure resources to serve socio-economic development goals.
Third is to strengthen financial discipline and order, improve the efficiency of management, allocation and use of the state budget in conjunction with the goals of economic restructuring and sustainable development.
Fourth is to effectively control state budget deficit, public debt, and contingent debt obligations.
The fifth is to promote administrative reform and digital transformation; innovate and reorganize the apparatus, streamline the payroll to improve the effectiveness and efficiency of the political system, and innovate the financial mechanism of public service units.
Sixth is restructuring, equitization, divestment of state capital in enterprises, building a reasonable ownership structure, focusing on key and core sectors and fields for the state economy.
Seven is to strengthen price and market management; ensure stable and safe operation of financial markets and financial services, and promote fair competition among economic sectors.
Eight is to actively and proactively integrate into international finance and improve the effectiveness of foreign affairs.
Ninth is to focus on managing state financial and budget tasks during the 2025 Lunar New Year.
VN (according to Vietnam+)Source: https://baohaiduong.vn/9-giai-phap-thuc-hien-nhiem-vu-tai-chinh-ngan-sach-nha-nuoc-nam-2025-401941.html
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