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Ho Chi Minh City
Wednesday, January 20, 2021

State budget revenue meets 98.3% of target, higher than expected

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HCMC – Despite the impact of Covid-19, the State budget revenue reached nearly VND1,500 trillion this year, meeting 98.3% of the target and much higher than the previous forecast, said Minister of Finance Dinh Tien Dung at an online conference between the Government and localities on December 29.

Dung said the revenue was VND148-150 trillion higher than the figure predicted in August-September, the local media reported.

This year, State management agencies have saved 70% of costs for conferences, workshops and local and foreign business trips and 10% of regular expenses.

The high State budget revenue together with the gross domestic product growth of 2.91% have proved that Vietnam has stood firm in the face of difficulties caused by the pandemic and natural disasters as well as confirmed the Government’s statement that the country has successfully achieved the dual goals of fighting the pandemic and ensuring stable socioeconomic development in 2020, the minister added.

He said the finance sector would employ various solutions next year to support enterprises to overcome difficulties and maintain the momentum of economic recovery. The Ministry of Finance set a target to increase the State budget revenue in 2021 by at least 3% over the figure assigned by the State.

Depending on the reality, the ministry will propose the Government and other competent agencies exempt and reduce taxes and fees for enterprises.

It will also ask agencies and localities to continue saving costs for meetings and business trips and limiting the purchase of cars and other expensive equipment.

Next year, the equitization of State-owned enterprises should be accelerated, while the banking sector should be restructured. In addition, the ministry will also look into loss-making projects.

Assessing socioeconomic development targets in 2021, Minister of Planning and Investment Nguyen Chi Dung said it is necessary to speed up the restructuring of the economy and the development of new economic models, such as sharing, the night-time and digital economy.

However, Covid-19 prevention and control must be the top priority, Dung stressed.

The minister urged the relevant agencies to come up with a plan to develop an international financial center in HCMC and submit it to the Politburo and the Government for approval.

He also called for the development of new business models, public services and national innovation centers and digital transformation support for enterprises.

 

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