State budget revenue ups 14.6% in seven months

State budget revenue is estimated to at VND1,188.1 trillion (US$47.28 billion) in January-July period, equal to 69.8 percent of this year's plan, and up 14.6 percent year-on-year, reported the Ministry of Finance.

Focus on budget collection in the sprint period

According to the General Department of Taxation (GDoT), domestic revenue in the first nine months of 2023 was 76.3% of the ordinance's estimate. This revenue represents a significant challenge for the entire Tax sector in the final months of the year. To complete the assigned budget collection task, Mai Xuan Thanh, Director General of the GDoT, has directed the entire sector to focus resources on drastically and effectively implementing tax management, timely collecting tax sources arising into the State budget, and emphasizing combating tax loss.

Financial Sector strives to achieve the Net Zero goal by 2050

Minister of Finance Ho Duc Phoc stated at the seminar "Net Zero - Green Shift: Opportunities for Leaders" that many fiscal policies have been issued in the past few years to concretize guidelines on green economic development, thereby facilitating the mobilization and attraction of investment resources towards green growth.

Budget management in the challenging context

Concerning the implementation of the state budget and financial tasks in 2023, Deputy Minister of Finance Nguyen Duc Chi stated at a recent seminar that the budget revenue has so far met the estimate, albeit with a slight decrease compared to the same period last year. However, it is forecasted that ensuring budget revenue to be in line with estimates is difficult and thereby a significant challenge for the financial sector.

Renovation to decentralization mechanism and local budget allocation: Delegate central and local responsibilities

To meet the needs of upcoming development, many localities have recently proposed to increase the ratio of division between the central budget and the local budget. According to the draft scheme on the Renovation of the Management Decentralization Mechanism and local budget allocation, renovation to decentralization mechanism and budget allocation will be in the direction of clearly defining roles and authority between the central and local levels.

The budget balance needs to go hand in hand with business "health"

The Standing Committee of the National Assembly expressed concern at a recent meeting that the expansion of tax remission policies will have a negative impact on budget revenues, especially in the face of the difficult revenue collection situation. The Committee requests that revenue not be reduced as estimated and that deficit not be increased in 2023. This is also the focus of the management of the Ministry of Finance, which must ensure that the state budget is met while also implementing policies to assist individuals and businesses.

Budget discipline has been gradually improved

The Standing Committee of the National Assembly highly appreciates the Government's efforts in managing within the context of the pandemic's severe impact. It is imperative to implement policies on tax exemption, relaxation, and reduction, as well as to support businesses and people. However, overall budget revenue exceeded the estimate by 12.7%, budget expenditure overall ensured the tasks, and budget discipline has been gradually improved.

PM applauds USAID’s increased development budget for Vietnam

Prime Minister Pham Minh Chinh applauded the US Agency for International Development (USAID) for continuing to increase development budget for Vietnam while receiving USAID Administrator Samantha Power in Hanoi on March 10.

Cautious budget landscape expected for 2023

With a view to making a financial disclosure of the state budget, the Ministry of Finance (MoF) has publicised its report on Vietnam’s budget situation estimates for 2023. This shows some caution in formulating budget estimations amid lingering difficulties at home and abroad.

HCM City: Nearly 71 trillion VND of public investment in 2023

Ho Chi Minh City has been allocated nearly 71 trillion VND (more than 3 billion USD) of public investment for 2023, including 15.293 billion from the central budget and 55.225 billion from the local budget.
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