Financial sector makes an important contribution to country’s overall achievements, says Prime Minister Pham Minh Chinh

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Prime Minister Pham Minh Chinh delivered a keynote speech at the Conference to review the financial and state budget tasks in 2021 and deploy tasks for 2022.

All the country’s activities and new developments in 2021 such as the Covid-19 pandemic and major events such as the 13th National Party Congress; the election of the 15th National Assembly and People's Councils at all levels for the term 2021 - 2026 are closely related to the financial sector.

The financial sector had to balance the budget to cover these activities, said Prime Minister Pham Minh Chinh at the conference to review the financial and state budget tasks in 2021 and deploy tasks for 2022 of the Finance sector held on January 6.

He highly appreciated the Ministry of Finance for its advice and proposals to the Government on the establishment of the Vaccine Fund for Covid-19 prevention and control. This fund has not only contributed to gathering resources but also demonstrated great national unity amid difficulties.

Moreover, inflation has been kept under control, the money market has been stable, the budget deficit has been lower than the target assigned by the National Assembly, major balances have been ensured, revenue has covered expenditures, the labor market has recovered quickly, and social security has been guaranteed.

Regarding social security, the Prime Minister said, we have never completed social security as well as in the past. Accordingly, the Ministry of Finance has issued an unprecedented amount of rice (more than 253,300 tons), spent more than VND70 trillion to support about 43 million people over a short time.

Vietnam recorded more than US$660 billion in trade and became one of the 20 economies with the largest global trade in the world, saw a surge in rice exports and ensured energy security.

These are numbers showing the great efforts of the Ministry of Finance in the country’s overall achievements, said Prime Minister Pham Minh Chinh. He asked the Financial sector to research and apply solutions in its operations to perform assigned functions and tasks.

According to the Prime Minister, in 2022, besides opportunities, there will still be difficulties and challenges, so the financial sector should identify such challenges to prepare conditions and internal resources to implement goals, tasks, feasible and effective solutions.

He also requests the Ministry of Finance to study the allocation of revenue and expenditure reasonably; based on the assigned functions and tasks to concretize the Resolution of the 13th Party Congress and the Government's directives; stick to the actual situation to actively adapt; give strategic advice to Party, State and Government leaders about financial and budgetary issues such as market development trends, prices, import and export markets, and listen to the opinions of other ministries, agencies and provinces and cities to flexibly improve institutions in accordance with reality.

“It is necessary to coordinate fiscal and monetary policies. These are two very important policies to run the economy. The policies need to support each other for common interests,” said the Prime Minister.

He requests the financial sector to implement measures to increase revenue, reduce expenditure, and practice thrift from the beginning of the year; control overspending, manage public debt; issue fiscal policies that must create a new driving force for the economy; manage public properties in the equitization of enterprises; work with the State Capital Management Committee to improve the efficiency of the financial market, to restructure and improve the performance of SOEs, to take advantage of opportunities to accelerate capital divestment along with anti-negativity and anti-loss of state property; and control the issuance of corporate bonds.

The financial sector is required to strengthen market management to ensure supply and demand, stabilize prices; coordinate monetary policy to control inflation and stabilize the macroeconomy, strengthen financial discipline and inspection; and coordinate with other authorities against smuggling, trade fraud and counterfeit goods, especially during the upcoming Tet holiday.

At the same time, the financial sector should accelerate reform, cut and simplify administrative procedures, focus on investing in digital transformation, especially in budget collection, and create favorable conditions for businesses and people.

In 2022, the Prime Minister said, it is necessary to actively integrate international financial cooperation, improve the efficiency of external finance; monitor and implement FTAs, promote the positive sides, assess the impact to limit negative issues; and actively participate in regional financial cooperation and enhance Vietnam's position.

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The Prime Minister believes that, with the achieved results, the financial sector will achieve higher results in 2022 and follows the motto of "industriousness, thrift, integrity, uprightness, public-spiritedness and selflessness". According to the Prime Minister, this is both a desire and a task assigned to the financial sector.