Ministry to better financial institutions

Hanoi (VNA) – The Ministry of Finance will push ahead with improving financial institutions in the years to come to realise the country’s socio-economic development plan in 2016-2020, Minister Dinh Tien Dung said in an interview with the Vietnam News Agency.

Apart from the effective use, management and distribution of financial resources in line with the socio-economic development orientations, the ministry will gradually restructure the budget and prioritise proper investment in human resources, social welfares and national defence, he said.

To realise the aforesaid goals, the ministry moves to continue implementing fiscal policies in a proactive and economical manner while increasing transparency in the field to ensure national financial safety and security and reduce State budget overspending, he added.

In addition to diversifying financial resources for development investment, the ministry plans to continue reforming the tax and fee systems, increase mobilisation of external financial resources, open the financial market in accordance with international commitments, and improve efficient use, management and distribution of public financial resources in association with economic restructuring, he noted.

The ministry will enhance the self-autonomy, self-responsibility and accountability of public service suppliers, he said.

Minister Dung shared that the sector is encountering a number of pressures such as decreasing budget revenues, unreasonable budget spending and high budget over expenditure.

Furthermore, though the public debts remain at a safe level, they are on an upward trend, he said, pointing to slow equitisation of State-run businesses, international integration impacts and fluctuating global crude oil prices.

The minister said what he is concerned most is creating favourable conditions for enterprises to develop and ensuring State budget collection as well as balancing financial resources amid increasing spending needs of all sectors and administrations, promoting thrift practice to ensure public debts are at a safe level, and increasing investment in social welfare policies.

The State will put a high premium on social welfare beneficiaries and people living under the poverty line, he said.

He called for the engagement of the whole political system along with the support of the business community and locals to overcome hurdles in realising the ministry’s aforementioned targets.-VNA