At a ceremony on August 8 marking the finance sector's 80th anniversary, Party General Secretary To Lam urged the sector to achieve institutional breakthroughs, decisively address bottlenecks, and build a new growth model based on science and technology to enhance the economy's productivity, quality, and competitiveness.
According to the general secretary, the finance sector must manage finances and the budget in a modern and efficient manner, closely monitoring domestic and global economic conditions. He emphasized the need to strengthen financial discipline and ensure proper and full revenue collection.
The general secretary also called for minimizing regular expenditures while increasing revenue collection to focus on investing in major projects capable of transforming and turning around the economic situation.
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Party General Secretary To Lam speaks at the 80th anniversary of the finance sector's traditional day, 8/8. Photo: VGP |
Party General Secretary To Lam speaks at the 80th anniversary of the finance sector's traditional day, 8/8. Photo: VGP
The general secretary also addressed developing the capital and stock markets to effectively mobilize and utilize resources. This aims to attract domestic and foreign investment, creating better resource mobilization channels for businesses, especially in the private sector.
The Ministry of Finance (MOF) has been tasked with accelerating public investment disbursement, focusing on strategic infrastructure projects such as transport, renewable energy, and digital transformation. The MOF needs to continue improving the investment environment, reducing administrative procedures to attract high-quality foreign direct investment (FDI), and managing and effectively using public assets to increase transparency and efficiency in the exploitation and use of state capital in enterprises.
According to the MOF, budget revenue and expenditure have achieved positive results in recent years. Total state budget revenue in 2024 exceeded 2.1 quadrillion dong. The budget revenue to GDP ratio has been maintained at 18-20% in recent years; public debt, national debt, and government debt are under control.
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Party General Secretary To Lam, Prime Minister Pham Minh Chinh, and other delegates attend the 80th anniversary of the finance sector, 8/8. Photo: MOF |
Party General Secretary To Lam, Prime Minister Pham Minh Chinh, and other delegates attend the 80th anniversary of the finance sector, 8/8. Photo: MOF
The capital and stock markets have become important mobilization channels, with market capitalization reaching over 90% of GDP in 2024.
Finance Minister Nguyen Van Thang affirmed that the finance sector will consult and improve economic and financial institutions, promptly and decisively remove bottlenecks, and unlock and promote the resources of all economic sectors.
Fiscal policy will continue to be managed in a reasonably expansive manner, with focus and synchronization with monetary and other macroeconomic policies. This aims to maintain macroeconomic stability, control inflation, promote high economic growth, and ensure the major balances of the economy.
The finance sector also aims to promote the development of the stock and insurance markets to become effective medium- and long-term capital mobilization channels for the economy and attract international investment funds, individuals, and businesses.
Phuong Dung
