Prime Minister Nguyen Xuan Phuc speaks at the working session (Source: VNA)
Hanoi (VNA) – Newly-elected Prime Minister Nguyen Xuan Phuc had a working session with the Ministry of Finance (MoF) on April 21, focusing on measures to tackle state revenue loss and state budget woes.

He ordered the MoF to build specific and effective solutions to revenue loss, which were mostly caused by commercial fraud and tax-related violations.

Regulations asking all commercial shops, especially in big cities like Hanoi and Ho Chi Minh City, to have invoices, and making clear the customs duty charges were measures suggested by the Government leader to solve the problem which has been exacerbated by the recent cheap price of export oil.

The MoF was also requested to speed up the equitisation of State-owned enterprises, yet had to be careful to avoid asset losses and the appearance of interest groups.

The ministry – in charge of managing the State assets worth about 3.9 quadrillion VND (174.9 billion USD) and other financial funds – has to tighten its grip and report frequently to the Government over the use of State assets and its operations of those funds, he said.

According to economists, Vietnam’s gross domestic product (GDP) growth reached only 5.46 percent in the first quarter of 2016, down from that of the same period last year.

If no drastic measures are taken, the country will be difficult to reach the set yearly target of 6.7 percent.

The PM affirmed that the Government will not adjust the GDP growth rate for 2016.

Therefore, the MoF needs to double efforts to boost production and business, with the focus on administrative procedure reform, especially in taxation and customs, to attract more investment.

The ministry was also urged to work with the State Bank of Vietnam and the Ministry of Planning and Investment on measures to curb inflation, stabilise the macro economy, and perfect the institution to achieve sustainable growth.-VNA