Financial sector must try to free up resources for national development: PM
The financial sector needs to renovate more strongly to free up resources to meet the country’s development objectives, Prime Minister Nguyen Xuan Phuc told an online meeting to review financial sector and State budget performance in 2020 and define tasks for 2021.
Prime Minister Nguyen Xuan Phuc speaks at the meeting (Photo: VNA)
Hanoi (VNA) - The financial sector needs torenovate more strongly to free up resources to meet the country’s developmentobjectives, Prime Minister Nguyen Xuan Phuc told an online meeting to reviewfinancial sector and State budget performance in 2020 and define tasks for 2021.
The government leader said the financial sector had comprehensively fulfilled itsmissions in the past five-year term, especially last year.
With complicated developments expected in the world situation in 2021, he said Vietnammust continue with reform efforts and take more drastic actions so as torealise its growth target.
The PM suggested the sector continue to innovate its strategicthinking to ensure the smooth flow of the economy’s blood line, creating thefoundation and favourable conditions for the country’s socio-economicdevelopment.
He asked the financial sector to follow the Government’s motto of action inarranging for the synchronous and effective implementation of relevant Governmentresolutions, and to continue to work closely with relevant agencies in conductingfiscal and monetary policies to ensure macroeconomic stability and controlinflation and major balances in the economy.
Also underlined was the importance of ensuring that the budget is spenteconomically and effectively, with the PM adding that the Statebudget deficit should be controlled to 4 percent of GDP or lower.
The restructuring and equitisation of State-owned enterprises (SOEs) and the disbursementof overseas development assistance (ODA) capital need to be sped up, he said.
At the meeting (Photo: VNA)
According to Finance Minister Dinh Tien Dung, despite the difficulties in 2020,the budget balance was guaranteed.
About 185,000 taxpayers were given extensions on payments, while over 6 millionenjoyed tax and fee exemptions and reduction policies, with total value of some130 trillion VND (over 5.6 billion USD), he said.
The sector collected over 1.5 quadrillion VND for the State budget in 2020,equivalent to 98 percent of the estimate.
Meanwhile, over 18 trillion VND was spent on preventing COVID-19 and supportingpeople affected by the crisis, Dung noted./.
Prime Minister Nguyen Xuan Phuc on October 31 urged the financial sector to mobilise and effectively use capita resources in order to increase potential for the national economy.
More than 1.48 quadrillion VND (64.2 billion USD) was collected for the State budget in 2020, equivalent to 98 percent of the target, according to the Ministry of Finance.
The financial sector expects to collect over 1.343 quadrillion VND (58.4 billion USD) for the State budget in 2021, equivalent to 15.5 percent of the country’s gross domestic product (GDP), said the Ministry of Finance.
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Prime Minister Nguyen Xuan Phuc speaks at the meeting (Photo: VNA) 
At the meeting (Photo: VNA) 
