Ministers highlight economic difficulties at NA’s seventh session hinh anh 1At the working session (Photo: VNA)

Hanoi (VNA)
– Minister of Finance Dinh Tien Dung and Minister of Planning and Investment Nguyen Chi Dung pointed out difficulties and shortcomings facing the economy in their reports presented at the 14th National Assembly’s seventh session in Hanoi on May 31.

Minister of Finance Dinh Tien Dung said budget collection has fallen short of the estimate as domestic businesses have faced a range of challenges.

More than 131,000 new enterprises were established in 2018, but the number of firms which were dissolved or halted their operations amounted to 107,000, he said.

Besides, most of the newly-established businesses were micro, small and medium-sized enterprises which have received tax incentives and contributed a small part to the State coffers, the minister elaborated.

Regarding tax management and tax loss prevention, he reported that the work has reaped significant achievements, helping to increase State budget collection and improve the business environment.

Last year, tax agencies conducted many inspections and proposed collecting additional 19 trillion VND (817 million USD) and reducing losses worth 40.9 trillion VND (1.75 billion USD). Meanwhile, customs agencies carried out nearly 7,000 post-customs clearance inspections and coordinated with competent forces to detect more than 15,000 cases of smuggling, trade fraud and fake commodities.

The minister also informed legislators about the building of a decree on using public assets to pay for investors of build-transfer (BT) projects.

During the morning session, Minister of Planning and Investment Nguyen Chi Dung pointed out limitations in infrastructure, especially in the transport sector, science-technology, restructuring of economic sectors and management work.

Therefore, the growth model has failed to drive the national economy, the minister said.

He said it is necessary to take solutions to promote traditional cultural values and prevent moral degradation and social bad deeds, which are of public concern.

The minister also emphasized socio-economic achievements Vietnam recorded in 2018, with the economy growing 7.08 percent, the highest pace over the past decade.

Vietnam’s position in the international arena has been improved significantly, helping protect national sovereignty, territorial integrity and other interests of the nation, the minister said.

Concluding the working session on the country’s socio-economic situation and State budget, Vice Chairman of the National Assembly Phung Quoc Hien suggested the Government pay more attention to completing institutions and implementing the Planning Law and the Law on Support for Small-and Medium-sized Enterprises.

More efforts should be made in streamlining administrative procedures and speeding up the disbursement of public investment in major national projects and transport projects, he said, adding that the private sector should be encouraged to participate in projects.

Hien urged the Government to employ drastic solutions to control diseases among animals and poultry, and deal with bottlenecks in terms of land.

Apart from the upcoming high school graduation and university entrance exams, Hien also emphasized the need for government agencies to well tackle issues like black credit, bad debt, sexual abuse against children and crimes.-VNA