Finance sector takes action towards growth target of 8% or more

The content of the Plan clearly states that units within the Ministry, according to their assigned functions and tasks, closely monitor and grasp the situation, closely coordinate, and synchronously, comprehensively and effectively implement the tasks and solutions set out in all fields.

The Department of Local and Territorial Economy is assigned to urge, synthesize, monitor, evaluate the situation, implement tasks and solutions to promote GRDP growth, synthesize GRDP growth scenarios, proposals and recommendations of localities to achieve the set goals.

Photo: Financial Action towards the growth target of 8% or more (Illustration photo: KT)

The General Statistics Office closely monitors the situation, synthesizes, reviews, updates, and gives opinions on GRDP growth scenarios and local sectors and fields, and assesses the implementation of GRDP growth targets of localities.

The State Enterprise Development Department advises on the development of the Prime Minister's Directive on state-owned enterprises and directs on the assignment of an additional 8% growth target to ministries, branches, localities, and owner representatives; advises the Ministry on the assignment of targets to Groups and General Corporations represented by the Ministry of Finance.

The State Budget Department synthesizes the results of mobilization into the state budget, reports to the Ministry, and reports to competent authorities. The Tax Department and the Customs Department develop monthly, quarterly, and annual budget collection scenarios, in which specific solutions are proposed to achieve the state budget collection target in 2025 according to Resolution No. 01/NQ-CP (2025 revenue increases by 10% compared to the estimated implementation in 2024); thereby, ensuring that the mobilization rate into the state budget reaches about 16% of GDP.

The Department of Tax, Fee and Charge Policy Management and Supervision continues to research and advise on tax, fee and charge solutions to remove difficulties for businesses and people, promote growth and create additional revenue for the state budget.

The Department of Investment is in charge of developing monthly and quarterly management plans to complete the goals, including proposing specific solutions and policies on capital allocation, promoting disbursement, striving to disburse 95% of the Prime Minister's capital plan, and synthesizing and reporting to the Prime Minister on the implementation of the public investment plan.

The State Treasury and the Department of Financial Institutions develop monthly and quarterly management plans to mobilize capital for development investment, closely following the interest rate situation, demand for investment in government bonds, and foreign capital. The Department of Debt Management and Foreign Economics reviews demand, negotiates, signs foreign loans, and monitors the progress of foreign capital borrowing to mobilize according to the disbursement progress. The Department of Planning and Finance develops the Ministry of Finance's plan to achieve the disbursement target of 95% of the assigned capital plan.

The State Budget Department is assigned to preside over and coordinate with relevant units to organize the implementation of solutions to strictly manage state budget expenditures, thoroughly save regular expenditures, and strive for the regular expenditure ratio to reach below 60% of total state budget expenditures. The Finance - Economic Department of the industry urgently deploys instructions on striving to save an additional 10% of regular expenditures to increase the 2025 budget estimate compared to the 2024 budget estimate according to Resolution No. 01/NQ-CP.

The State Budget Department, the Department of Industry Finance and Economics, Department I, and the State Enterprise Development Department urge ministries, central agencies, and localities to strive to save an additional 10% of the 2025 budgeted regular expenditures compared to the 2024 budget.

In addition, the Plan also specifies a number of other tasks requiring units under the Ministry of Finance to implement.