Hanoi (VNA) - Amid increasingly complex global economic fluctuations in 2025, the finance sector reaffirmed its role as the economy’s “lifeblood” by safeguarding macroeconomic stability while driving institutional reform, organisational restructuring, and mobilising strategic resources to help usher in a new era of development.
Entering 2025, the sector faced a heavy workload - ensuring a balanced budget and control of inflation while delivering breakthroughs in institutions and financial infrastructure. Looking back, the 10 major highlights announced by the Ministry of Finance offer a comprehensive picture of a dynamic, decisive, and strongly innovative economic–technical sector.
New organisational model – foundation for comprehensive reform
The most significant milestone - laying the groundwork for all subsequent developments in the sector - was the Ministry of Finance’s official operation under a new model from March 1, 2025, pursuant to Resolution No. 18-NQ/TW. The merger of the MoF with the Ministry of Planning and Investment, together with the integration of Vietnam Social Security and state capital management functions, established a unified “resource coordination hub” model.
The new structure has been substantially streamlined, cutting thousands of intermediate units while markedly enhancing governance effectiveness. The “one task–one focal point” principle has enabled financial, public investment, and social security policies to be implemented in a coordinated and seamless manner, generating new momentum for sustainable development.
Strong institutionalisation of strategic resolutions
In 2025, the financial sector played a pivotal role in institutionaliaing the Party’s major policy orientations. The ministry proactively advised on and implemented seven strategic resolutions of the Party Central Committee, including Resolutions No. 57-NQ/TW, 59-NQ/TW, 66-NQ/TW, 68-NQ/TW, 70-NQ/TW, 71-NQ/TW, and 72-NQ/TW, while introducing unprecedented policy initiatives.
The sector also submitted 15 important draft laws and resolutions to the National Assembly, focusing on key areas such as state budget, taxation, and public debt management.
Notably, the establishment of a legal framework for the International Financial Centre has opened up broader financial integration and enhanced Vietnam’s position in the global financial value chain. At the same time, acting as the standing body of the Steering Committee 751, the ministry reviewed over 4,200 pending projects, directly resolving bottlenecks and unlocking resources for the economy.
Improving financial institutional framework for two-tier local administration model
As part of administrative reform, the finance sector continued to lead digital transformation efforts, promote national data connectivity, and streamline its organisational apparatus toward greater modernity and efficiency. It also took the lead in refining the financial institutional framework to serve the two-tier local administration model, officially put into operation on July 1, 2025.
A wide range of regulations on the State budget, public finance, public investment, and taxation were reviewed and amended to remove grassroots-level obstacles.
Large-scale nationwide training programmes were simultaneously launched, directly supporting thousands of communes and wards. After five months, the system operated well, reaffirming the sector’s role in ensuring budgetary resources, advancing digital transformation, and enhancing the efficiency of local administrations.
Comprehensive digital transformation – pillar of sustainable development
Recognising science, technology, and digital transformation as key drivers of sustainable development, the Ministry of Finance issued a digital transformation strategy to 2030, aiming to comprehensively modernise public financial management through the application of AI and Big Data on “clean” and “live” data systems.
So far, the first phase of the national financial database project has been completed, ensuring seamless connectivity with the National Data Centre and sharing 27 critical indicators for governance and policy management.
In particular, the launch of the Intelligent Operations Centre (IOC) version 1.0, together with a governance index set comprising 235 indicators covering key areas such as taxation, customs, treasury, and public investment, marked a breakthrough in public financial governance.
The operation of IOC and its comprehensive performance indicators has enhanced management effectiveness while significantly improving service quality for citizens and businesses, reinforcing the finance sector’s leading role in building a modern, transparent, and efficient digital governance system.
Launch of international financial centre, stock market status upgrade
The year 2025 marked a significant milestone as the International Financial Centre in Ho Chi Minh City and Da Nang city officially commenced operations. At the same time, Vietnam’s stock market status was upgraded by FTSE Russell, generating strong momentum for long-term international capital inflows.
After 25 years of development, the stock market achieved many records: the benchmark VN-Index rose nearly 40%, average trading value reached 29 trillion VND per session, and market capitalisation accounted for 84% of GDP. Notably, the number of accounts surpassed 11 million. These results have played a crucial role in mobilising resources for economic development and enhancing the transparency of the financial market.
Proactive fiscal policies to drive high growth
Financial and investment policies in 2025 continued to serve as a key pillar supporting the goal of GDP growth of over 8%. Through the issuance of Decree No. 254/2025/ND-CP and financial mechanisms for Public–Private Partnership (PPP) and Build-Transfer (BT), the Ministry of Finance removed institutional bottlenecks, strengthened decentralisation, and streamlined administrative procedures.
Improved mechanisms for public investment, PPP, and strong decentralisation have accelerated disbursement progress, unlocked resources for key infrastructure projects, and maintained a stable evironment for attracting domestic and foreign investors.
Public investment disbursement reached a record high of nearly 1 quadrillion VND, facilitating infrastructure development including 455 km of expressways and the inauguration of Terminal T3 at Tan Son Nhat International Airport in Ho Chi Minh City.
Meanwhile, a stable macroeconomic environment contributed to an 8.9% increase in disbursed FDI - the highest in the past five years. Outbound investment by Vietnamese enterprises also surged, rising 2.5 times year-on-year.
Tax administration reform and record budget revenue
In implementing Resolution No. 68-NQ/TW of the Politburo, the finance sector made a historic breakthrough in 2025 by officially launching a roadmap to phase out the lump-sum tax regime for business households. To modernise tax administration and promote greater transparency in the private sector, the ministry approved a plan to transition to a self-declaration and self-payment mechanism from early 2026.
A nationwide “60-day peak campaign” successfully completed the transition process, enhancing transparency and fairness while laying the foundation for business households to evolve into formal enterprises.
By December 30, 2025, 100% of business households had completed the transition away from the lump-sum tax regime. In parallel, the ministry submitted amendments to the Law on Tax Administration and the Law on Personal Income Tax to further refine the legal framework.
In 2025, state budget revenue set a new record, significantly exceeding projections and creating fiscal space for wage reform, higher development investment spending, and strengthened social security.
As of December 15, 2025, total revenue had reached 2.46 quartrillion VND, 29.9% above the estimate, bringing the revenue-to-GDP ratio to 19.9%.
Flexible fiscal policies helped maintain budget balance, stabilise the macroeconomy, and strengthen national financial foundations, providing important policy space for subsequent years and supporting sustainable economic growth.
Proactive allocation of budget reserves
In 2025, the Ministry of Finance managed budget expenditures flexibly and prudently, prioritising resources for strategic objectives such as wage reform and public investment to sustain GDP growth above 8%.
In response to adverse natural disasters, the ministry proactively advised on allocating contingency funds to assist localities in overcoming damage, stabilising livelihoods, and restoring production. By the end of November 2025, approximately 6.8 trillion VND in central budget reserves had been allocated to provinces to address flood consequences.At the same time, 27,900 tonnes of rice and emergency supplies from national reserves were promptly distributed to 18 localities.
The coordinated efforts once again affirmed the finance sector’s role as a steadfast pillar of national stability under all circumstances./.
