Next-decade Finance Strategy to boost economic recovery
It is urgent for Vietnam to develop financial and budgetary solutions to stablise the macro-economy and boost economic recovery and development post-COVID-19, Deputy Finance Minister Vo Thanh Hung told the Vietnam Finance Forum 2021 on November 16.
The Vietnam Finance Forum 2021 takes place in Hanoi on November 16. (Photo: VNA)
Hanoi (VNA) – It is urgent for Vietnam todevelop financial and budgetary solutions to stablise the macro-economyand boost economic recovery and development post-COVID-19, Deputy Finance MinisterVo Thanh Hung told the Vietnam Finance Forum 2021 on November 16.
This year’s event was themed “Finance Strategy for the 2021 –2030 period: Solutions for Economic Recovery and Development in Vietnam.”
Also speaking at the event, Dr. Nguyen Nhu Quynh, DeputyDirector of the Ministry of Finance’s National Institute for Finance (NIF) saidaccording to the next decade’s Finance Strategy, the national finance policy plays apioneering role in effectively mobilizing, distributing and using both domesticand foreign resources, and directing the resources into fulfilling prioritysocio-economic development goals in each certain period of time.
It is important for the country to focus more on improvingpolicies to effectively mobilise resources for development, enhancingbusiness climate and accelerating the mobilization of non-State resources,Quynh said.
He also emphasized the need to tighten control of Statebudget deficit, properly manage public debts and step by step provide morefiscal space for heightening the national finance’s resilience.
Vice Chairman of the National Financial SupervisoryCommission Dr. Vu Nhu Thang said to develop a healthy and efficient financialmarket and minimise impacts of systemic crises, Vietnam must reform thefinancial sector through facilitating fair competition and stability of thebanking system.
He further urged for the improvement of financialinfrastructure to enable the country to keep up with the ever-changing fintechtrends./.
About 118 trillion VND (5.16 billion USD) worth of taxes, land rent, fees, and charges are expected to be reduced or have payment deadlines extended in 2021 to assist enterprises and people affected by the coronavirus pandemic.
The revenue to the state budget in the first 9 months of this year amounted to 1,084.7 trillion VND, representing 80.75 percent of the projection and an increase of 10.75 percent over the figure recorded in the same period last year, according to the Finance Ministry.
Total state budget collection in the first ten months of 2021 fulfilled about 90.9 percent of the estimate and was up 5.5 percent year-on-year, showed data released by the Ministry of Finance’s Department of State Budget.
Minister of Finance Ho Duc Phoc on November 12 answered National Assembly deputies’ questions related to fiscal policies, State budget collection, public debts and budget overspending.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
The Vietnam Finance Forum 2021 takes place in Hanoi on November 16. (Photo: VNA)
