Business

Foundation for economic growth comes from fiscal policy: Economists

The Government's drastic directions in financial and monetary management, and growth support in the first quarter of 2024 are a foundation helping Vietnam's economy overcome difficulties and achieve impressive growth amidst a variety of challenges of the world economy, according to economists.
Foundation for economic growth comes from fiscal policy: Economists ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) - The Government's drastic directions in financial andmonetary management, and growth support in the first quarter of 2024 are afoundation helping Vietnam's economy overcome difficulties and achieveimpressive growth amidst a variety of challenges of the world economy,according to economists.

Minister of Finance Ho Duc Phoc said thatthe financial sector has continued to solve a "difficult problem" ofimplementing a reasonable expansionary fiscal policy to both promote theeconomy and ensure macro-economic stability, control inflation, and ensurenational financial safety. Accordingly, the Ministry of Finance (MoF) has operated the fiscal policyflexibly and effectively.

Economists assessed that in anunprecedented context, the MoF has researched and submitted to competentauthorities to maintain solutions to implement policies on exemption,extension, and reduction of taxes and fees, such as reducing the value-addedtax rate by 2 percentage points from the 10% rate.

Economist Dinh Trong Thinh said that thesepolicies have received applauses and appreciation from businesses and people.

Sharing the same view, To Hoai Nam, Standing VicePresident and General Secretary of the Vietnam Association of Small and MediumEnterprises, said that these policies have helped enterprises promoteproduction and business activities, reduce production costs and product prices, andstimulate domestic consumption, which benefits people.

The MoF always determinesto accompany and stand side by side with firms through solutions to support thebusiness community to overcome difficulties, quickly recover and develop productionand business activities, thereby contributing back to the economy and the budget,and nurturing a stable and long-term revenue source, affirmed Phoc.

In the coming time, the ministry will focuson operating the fiscal policy proactively, reasonably, flexibly andeffectively; and combine the fiscal policy and other economic policies tomaintain the macro-economic foundation, control inflation, ensure majorbalances, and promote growth and sustainable development of socio-economic fields.

In addition, the MoF will continue to improveinstitutions, laws and policies on state budget revenue, keep a close watch onsocio-economic developments, and research appropriate tax policies to help enterprisesdeal with difficulties, he added./.
VNA
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