Minister of Finance discusses reviewing large revenues in Hanoi's revenues

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Minister Dinh Tien Dung speaking at the meeting.

Revenue is expected to reach 91% of the estimate

Hanoi is the economic, political and cultural centreof the country. The city's State budget revenue contributes about 17% of the total state budget revenue of the country; in which domestic revenue (excluding crude oil) of the city accounts for 21% of the total domestic revenue of Vietnam.

The annual revenue growth rate and domestic revenue structure of Hanoi are quite sustainable (domestic revenue from the State sector accounts for 22%, the FDI sector accounts for 10%, the non-State sector accounts for 18%, and individualincome tax account for 10% andland use levy collection accounts for 14%).

The city's budget revenues have maintained a decent growth rate, so the city has resources to arrange spending assignments. Investment expenditure accounts for 40.8% (nationally 26.8%), contributing to meeting the requirements of socio-economic development, ensuring security and order in the city.

According to the assessment, it is estimated the State budget revenue for the whole 2020 of the city will reach 91% (the whole country: 93-95%) of the estimate. Ofwhich, domestic revenue reached 90% (94-95% nationwide) of the estimate.

This is the first week of December, the remaining time in the year is limited, but not too short, so the Ministry of Finance hopes local authorities will continue to drastically direct solutions and measures to increase revenue, promptly remove difficulties for production, support markets andincrease the disbursement rate of public investment capital, contributingto the goal of promoting the overall socio-economic development of the country, creating a basis for State budget revenue.

On the side of the Ministry of Finance, the ministry isactively reviewing large revenues, such as dividends received after tax from State-owned commercial banks, Vietnam Engine and Agricultural Machinery Corporation, and Government bond sales, foreign currency, capital sales, fees and charges, some revenues under the Inspector and Audit agency and a majority of these will be reflected in Hanoi’s revenues.

The Minister answered many recommendations of the Hanoi City Party Committee.

Exploiting potentials, strengths and competitiveness of the city

To promote the achievements achieved in recent yearsandsuccessfully implement the Resolution of the Seventh City Party Congress, the financial-budget tasks in 2020 and beyond,the Ministry of Finance proposed the city focus on implementing a number of major contents.

Firstly, develop and submit to the competent authority for approval the five-year financial plan of the city in accordance with the general orientation; to restructure the budget expenditure in accordance with the Politburo's Resolution 7 and the resolutions of the Central Conference 6 and 7 (Session XII), and Resolutions No. 97 and 115 of the National Assembly.

Secondly, continue to have effective solutions to improve the investment and business environment, exploit the city's potential, strengths and competitiveness to attract more investment, especially investment in high technology associated with the operation of research and development centres, creating a basis for a sustainable increase of State budget revenues.

Thirdly, promote decentralisation of management for departments, branches and districts; take the initiative in the conditions of human resources and material facilities for the pilot implementation of the urban government of Hanoi; promote administrative procedure reform associated with modernisation of information technology, reorganise the organisational apparatus, and supplement a number of regulations on communal cadres and civil servants and part-time workers at the commune level, as well as in villages and in residential groups.

Fourthly, continue to innovate the public non-business sector, increase the autonomy of non-business units associated with the roadmap for price adjustment and public non-business service fees, gradually reducing the number of public employees receiving salaries directly from the State budget. Step up the socialisation of public services in localities.

Fifthly, coordinate with all levels and branches to promote the reorganisation and equitisation of SOEs in accordance with the plan decided by competent authorities; improve business performance to integrate; have a mechanism to monitor and prevent financial mistakes of the enterprise; implementation of cost reduction and cost reduction measures.

Sixthly, direct relevant units to strengthen the inspection and control of prices in the area; focus on closely monitoring market developments and price fluctuations; ensure supply and demand of goods, manage and combat speculation and price increases, especially during the holidays or social isolation according to epidemic prevention requirements.

Seventhly, tighten discipline and discipline of financial-budget management, especially in the fields of natural resources, land and public services; direct to step up inspection and examination, fight smuggling, trade fraud, fight fraud in tax declaration, payment, tax refund, handle tax arrears.Manage budget-finance closely and effectively, thoroughly implement thrift, fight waste and corruption, at the same time ensure that there isno congestion ortroubles affecting people and businesses.

Eighthly, pay attention and direct all levels and branches to implement the proposals of the Ministry of Finance on land allocation and working offices of agencies in the financial sector in the capital area, creating conditions for this agency and unit successfully completed the assigned tasks, serving the general development of the industry and the city.