Hanoi (VNA) – Minister of Finance Ho Duc Phoc has said that the financial banking sector has achieved its set targets for 2022 Survey of the state budget Surpassing estimate by nearly 20% amid unfavorable country and world changes.
On December 15, revenue for the state budget exceeded the estimate by 19.8%, VND78 trillion more than the figure reported at the fourth session of the National Assembly in October and November. This secures resources for socioeconomic recovery and the development program, said Phoc Vietnamese News Agency in a recent interview.
At the end of 2022, the national debt was around 43-44% of GDP, the national debt was around 40-41% of GDP, and the country’s foreign borrowing was around 40-41% of GDP. The government’s direct debt repayment obligations amounted to 18-19% of total state budget revenues, within the limits allowed by the legislature.
Phoc said the Ministry of Finance will continue to monitor the situation closely in the near future to propose measures for this year, such as protective taxes on petroleum products.
In the long term, the Ministry will continue to consult with relevant authorities to align tax policy with international standards and help create a favorable and fair business environment for sustainable economic development.
Reforms are being carried out in all aspects, including improving the effectiveness and efficiency of the apparatus, accelerating administrative reform; Modernizing the financial sector, especially in taxation and customs, to improve national competitiveness, he said.
To meet the 2023 targets, Phoc said the ministry will continue with measures to support citizens and businesses, revise tax-related laws as part of the 2030 tax system reform strategy, refine price management laws, and manage prices flexibly based on supply . Demand forecasts with energy, building materials, iron and steel.
At the same time, it will manage spending accurately and effectively, strictly control overspending and government debt to keep them within allowable levels, and develop an open, transparent, safe and sustainable capital market to free up medium- and long-term capital for investment and development and to improve law enforcement efficiency to instill confidence among investors, he added./.