Handover of duty to new Minister of Finance Ho Duc Phoc

Attending the conference were leaders of the City Party Committee, People's Committee, People's Council of Hanoi City; leaders of the State Audit; representatives of Party Committees, leaders of Ministry of Finance and leaders of units under the Ministry of Finance.

Director of State Budget Department Vo Thanh Hung spoke at the conference.

At the conference, Director of State Budget Department Vo Thanh Hung said the goals for the management and administration of State budget finance for 2016-2020 are the finance for macroeconomic stability and sustainable socio-economic development. Prioritise the completion of the State budget finance institutions according to the principle of the market under State management, promote administrative reform, modernise, create a competitive and healthy investment environment, and strengthen mobilisation, management, allocation and effectively use financial resources to promote development, restructure the economy, ensure social security, protect the environment, respond to climate change, ensure national defence and security and international integration; tighten financial discipline; restructure the state budget and manage public debt, ensure a safe and sustainable national financial system, contributing to macroeconomic stability and improving the position and reputation of Vietnam in the region and world.

Such achievements are comprehensive and positive, contributing to improving major balances, macroeconomic stability, promoting business investment and improving the fiscal policy space, creating a basis for provision of State budget finance solutions to effectively cope with natural disasters and the Covid-19 pandemic in 2020 and the driving force for the next period.

The finance sector has focused on perfecting the financial institutions synchronously as a basis for mobilising, allocating and using resources of the economy, improving the investment environment, promoting economic growth, ensuring social security, national defence and security, while maintaining the national financial security and safety, and step by step improving the fiscal space to proactively cope with major changes (such as the Covid-19 pandemic).

State budget management and administration have reached and exceeded estimates. Total State revenue for 2016-2020 hit VND 6.89 million and the average revenue is 25.2% of GDP, exceeding the target.

The finance sector has managed State budget expenditure within budget revenue range, and gradually reduced overspending. The average proportion of development investment expenditure for 2016-2020 is more than 28% of GDP (the target is 25-26%); the proportion of recurrent expenditure falls to less than 64%; the implementation of five-year socio-economic development targets for the 2016-2020, thrift and efficiency is given priority, contributing to improving budget fiscal discipline and the implementation of key policies and orientations of the Party and State are also given priority. This has restructured public debt in a more sustainable direction.

The finance sector has worked and submitted to competent agencies to complete the legal framework on financial mechanisms for non-public service delivery units as well as public services.

Management institutions for securities and insurance markets continue to be improved, ensuring sustainable development and enhancing the transparency of the markets.

Basically perfecting the legal system of prices according to the Price Law 2012. Currently, price management is implemented under market principles. The average consumer price index for 2016-2020 was 3.2%, within the inflation target range set by the Government and the National Assembly.

Developing mechanisms and policies to serve equitisation, divestment, and restructuring of SOEs to ensure transparency, according to market principles and minimising investment loss in capital transfer.

Reforming and completing the legal system on public property management. The rearrangement and handling of State-owned houses and land in agencies, organisations, units and SOEs is performed and basically completed. The property disposal process is strictly regulated.

Completing the legal framework for national reserve management under the National Reserve Law 2012. The scale of national reserves continues to be developed and improved and by the end of 2020, the total national reserve increased by 1.23 times in 2015 and about 1.67 times in 2010. The list of national reserve goods has been reviewed, supplemented and amended.

Anti-corruption, thrift and waste combat are strictly required in all fields. The law on anti-corruption is perfected. At the same time, promoting decentralisation together with enhancing transparency and creating favourable conditions for people and businesses, and strengthening regular supervision of the community, making an important contribution to preventing corruption and negative actions.

The application of IT modernisation, administrative reform in the financial sector, and modern management processes in the State budget finance management has been paid special attention to. Building a streamlined, effective and efficient apparatus; a contingent of qualified, diligence, thrift and integrity cadres, civil servants and public employees.

Member of the Politburo, Secretary of the Hanoi Party Committee, former Minister of Finance Dinh Tien Dung spoke at the conference.

At the conference, Member of the Politburo, Secretary of the Hanoi Party Committee Dinh Tien Dung sent his thanks to the Ministry of Finance’s Deputy Ministers, leaders of units, officials, civil servants and employees who have supported him during his working at the ministry.

At the same time, Dung congratulated Phoc. Dung expressed his belief Phoc will inherit the solidarity tradition of the finance sector to direct the whole sector to fulfill the task of State budget finance for 2021-2025.

Minister of Finance Ho Duc Phoc spoke at the conference.

Speaking at the conference, Minister of Finance Ho Duc Phoc said the results that the finance sector has achieved in the past period have made a great contribution from former Minister Dinh Tien Dung and Party Committee, efforts of all officials and employees of the Finance sector; close coordination of ministries, branches, central agencies, Party committees and local authorities.

Phoc said he would continue to promote the tradition of solidarity, together with the Party Committee of the Ministry of Finance strives to best fulfill tasks assigned by the Party and State.

Former Minister of Finance Dinh Tien Dung (left) presented flowers to new Minister of Finance Ho Duc Phoc (right).

Minister of Finance Ho Duc Phoc took a photo with the leaders of the Ministry of Finance.