Ten solutions to accomplish the State budget–finance tasks in 2020

	Striving to achieve highest State revenue
	State budget revenue unlikely to reach 2020 plan due to COVID-19: Minister

Prime Minister Nguyen Xuan Phuc acknowledged the efforts of the finance sector in performing tasks in the first six months of 2020 at the preliminary meeting on July 7.

To reach the highest level of socio-economic development and the state budget targets in 2020 assigned by the National Assembly, the Ministry of Finance has proposed 10 key solutions.

Firstly, continue to improve institutions, accelerate administrative reforms, remove difficulties for production and business, and increase investment attraction for economic development.

Particularly, study fiscal solutions, including tax and fee solutions, to submit to competent authorities for approval, create favorable conditions, remove difficulties, promote production and business; effectively implement fiscal and monetary solutions to support and reduce difficulties for businesses and individuals affected by Covid-19; review, amend and supplement preferential policies, encourage production and business development, create a driving force for economic growth; promote reform of administrative procedures, review, abolish, and simplify business conditions.

Second, implement tax laws and state budget collection in 2020; determine to reach the highest level of the estimate assigned by the National Assembly.

Third, implement administration and control of State budget expenditure strictly and economically according to regulations; improve the efficiency of State budget use. Ministries, sectors and localities strictly control the state budget expenditures according to the estimates. Cut a minimum of 70% of the remaining fund for conferences and domestic and foreign missions; promote disbursement of public investment; proactively use reserve funds, increase revenues, save expenditures, balance local budgets.

Fourth, strengthen management and strictly control public debt, government debt, external debt, and local government debt.

Fifth, strengthen the management of prices and markets; continue to developing various types of financial market synchronously.

Sixth, promote restructuring and equitization of state-owned enterprises, especially continue to perfect institutions and legal frameworks on the management and operation of state-owned enterprises on arrangement, equitization, divestment; deploy and develop the State-owned enterprise restructuring project for 2021-2025; promote divestment and equitization of state-owned enterprises as planned.

Seventh, review and restructure the organizational structure effectively and promote innovation of financial mechanism of public service delivery units and public service prices.

Eighth, tighten financial discipline and rules; strengthen inspection, examination, supervision and implement publicity, transparency in state budget revenues and expenditures, capital construction investment, management and use of public assets, land, natural resources and minerals; strictly implement the inspection and audit conclusions.

Ninth, proactively implement international financial cooperation and integration, continue to actively participate in regional and international financial cooperation activities. Conduct solutions of international financial integration and cooperation to strengthen the attraction of direct and indirect foreign investment, effectively attract ODA and medium and long-term capital sources to develop production and business, promote economic restructuring; implementing the roadmap for tariff reduction under signed FTAs. Proactively assess the impact of FTAs ​​on state budget revenues to proactively provide management solutions.

Tenth, prepare conditions and build socio-economic development plans and state budget estimates in 2021, 3-year state budget-finance plans for 2021-2023.

The Ministry of Finance believes that under the leadership of the Party, the supervision of the National Assembly, the drastic and close direction of the Government, the Prime Minister, the close coordination of ministries, branches, localities, great efforts and high determination of all officials and employees, the whole finance sector will overcome difficulties and accomplish the state budget-finance task in 2020 at the highest level, contributing to the successful completion of the socio-economic development plan and the 5-year financial plan 2016-2020, creating favorable conditions for the implementation of 5-year plans for 2021-2025.