Prime Minister Pham Minh Chinh has just signed and issued Official Dispatch No. 71 on key tasks and solutions to promote growth, control inflation, and stabilize the macro-economy in July and the third quarter of 2024.

In the telegram, the Prime Minister requested ministers, heads of ministerial-level agencies, government agencies, and chairmen of provincial and municipal People's Committees to resolutely and effectively implement resolutions and conclusions of the Central Committee, Politburo, National Assembly, Government, and Prime Minister, especially the tasks and solutions set forth.

In particular, the Prime Minister requested the Ministry of Finance to effectively implement policies on extending tax and land use fee payment deadlines, reducing value-added tax rates, and reducing fees and charges that have been issued.

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The Prime Minister requested to complete the decree on car registration fees in July. Photo: Nguyen Hue

In particular, the Ministry of Finance needs to urgently study the impact, complete and propose to the Government a Decree on registration fee collection for domestically manufactured and assembled cars in July 2024.

Along with that, the Prime Minister also requested the Ministry of Finance to resolutely implement digital transformation, regulations on electronic invoices, especially promoting the application of digital transformation in budget revenue and expenditure, improving the effectiveness and efficiency of state budget revenue and expenditure management; ensuring correct, full and timely collection, expanding the collection base and preventing tax losses, especially from e-commerce to compensate for the reduction in revenue due to the implementation of support policies, completing the assigned revenue estimate at the highest level.

In addition, the Prime Minister also assigned the Ministry of Finance to preside over and synthesize data on regular spending savings of the central and local budgets in 2024.

The Ministry of Finance shall preside over and coordinate with ministries, agencies and localities to closely monitor the situation, proactively forecast, calculate and update inflation scenarios to develop an overall price management scenario.

In the draft decree of the Government on the registration fee for domestically manufactured and assembled cars, the Ministry of Finance proposed that from August 1, 2024 to January 31, 2025, the registration fee for domestically manufactured and assembled cars will be equal to 50% of the fee prescribed in Decree No. 10/2022 of the Government regulating registration fees and current resolutions and decisions of the People's Council/People's Committee of provinces and centrally run cities on the registration fee at the local level and amendments, supplements and replacements (if any).

From February 1, 2025 onwards, the registration fee collection level will continue to be implemented according to the previous regulations.

In this dispatch, the Prime Minister requested the State Bank of Vietnam to effectively use management tools to regulate exchange rates and interest rates, in accordance with the developments of the macro-economic situation and the set goals, to meet capital needs for the economy; to strengthen inspection, examination, and control of bad debt risks, effectively implement measures to handle bad debt, and improve credit quality.

Regarding public investment, the Prime Minister assigned ministries, agencies and localities to thoroughly grasp and consider public investment disbursement as a key political task; closely follow the detailed disbursement plan and targets for each project to focus on direction; be more proactive and drastic in implementing national target programs in the area; promptly transfer capital from tasks and projects that are not eligible for disbursement or disbursement is slow to supplement tasks and projects that are capable of disbursement quickly and need additional capital according to regulations; urgently complete investment preparation work for projects expected to start construction at the end of 2024; overcome shortcomings to disburse faster and use ODA capital more effectively; resolutely handle cases of intentional delay in progress of capital assignment, implementation, disbursement, negativity, corruption, loss and waste.

The Ministry of Finance is concerned about risks when proposing to reduce registration fees for domestically produced cars . The Ministry of Finance does not want to reduce registration fees for domestically produced cars due to concerns about violating international commitments. In a recent document, the Ministry is still preparing a draft Decree to submit to the Government for decision and foresees the risk of violating international commitments.