Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc on October 31 urged the financial sector to mobilise and effectively use capita resources in order to increase potential for the national economy.

PM Phuc, who is also Chairman of the Central Council for Emulation and Rewards, made the request while addressing the fifth patriotic emulation congress of the financial sector for the 2020-2025 period that was held online by the Ministry of Finance.  

Party General Secretary and State President Nguyen Phu Trong, National Assembly Chairwoman Nguyen Thi Kim Ngan and President of the Vietnam Fatherland Front Central Committee Tran Thanh Man also sent baskets of flowers to the congress.

PM Phuc said suitable financial mechanisms would help to optimise resources and create momentum for economic development.

The Government leader asked the sector to further boost financial, insurance and audit markets, expand the network of investors and step up administrative reforms.

“The Government and the Ministry of Finance have to take responsibility for using tax revenues in the most effective and practical way,” he stressed.

 

Minister of Finance Dinh Tien Dung reported at the congress that despite a range of difficulties, the sector has rolled out synchronous solutions in support of businesses and people affected by the COVID-19 pandemic.

He cited nearly 100 trillion VND (4.31 billion USD) worth of tax and fee exemptions, reductions and extensions offered to more than 128,600 businesses and over 56,200 business households by the end of October.

The accumulative budget collection in the past five years reached about 6.7 quadrillion VND, a 1.58-fold increase as compared with the 2011-2015 period, Dung said.

Domestic budget collection is expected to account for over 84 percent of the total amount this year, and 81.6 percent for the 2016-2020 period.

Local budget collection has also expanded, with the figure in 2016-2020 represents a 1.87-fold rise from the amount recorded in 2011-2015, the minister said./.