Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc on October 31 urged the financialsector to mobilise and effectively use capita resources in order to increasepotential for the national economy.

PM Phuc, who is alsoChairman of the Central Council for Emulation and Rewards, made the request whileaddressing the fifth patriotic emulation congress of the financial sector for the2020-2025 period that was held online by the Ministry of Finance.  

Party GeneralSecretary and State President Nguyen Phu Trong, National Assembly ChairwomanNguyen Thi Kim Ngan and President of the Vietnam Fatherland Front CentralCommittee Tran Thanh Man also sent baskets of flowers to the congress.

PM Phuc said suitablefinancial mechanisms would help to optimise resources and create momentum foreconomic development.

The Government leaderasked the sector to further boost financial, insurance and audit markets, expandthe network of investors and step up administrative reforms.

“The Government andthe Ministry of Finance have to take responsibility for using tax revenues in themost effective and practical way,” he stressed.

Minister of Finance DinhTien Dung reported at the congress that despite a range of difficulties, thesector has rolled out synchronous solutions in support of businesses and peopleaffected by the COVID-19 pandemic.

He cited nearly 100 trillionVND (4.31 billion USD) worth of tax and fee exemptions, reductions and extensions offered to more than 128,600 businesses and over 56,200 business households by the end of October.

The accumulative budgetcollection in the past five years reached about 6.7 quadrillion VND, a 1.58-foldincrease as compared with the 2011-2015 period, Dung said.

Domestic budgetcollection is expected to account for over 84 percent of the total amount thisyear, and 81.6 percent for the 2016-2020 period.

Local budgetcollection has also expanded, with the figure in 2016-2020 represents a 1.87-foldrise from the amount recorded in 2011-2015, the minister said./.