The breakthroughs of the Financial Strategy in the new stage

An important goal of the Finance Strategy to 2030 also determines to build a regular and modern Vietnam Customs, on par with the customs of developed countries in the world. Photo: Q.Hùng

Building a sustainable and modern national financial system

According to Mr. Nguyen Nhu Quynh, Director of the Institute of Financial Strategy and Policy (Ministry of Finance), the overall goal set out in the Financial Strategy to 2030 is the sustainable and integrated development of the national financial system, contributing to promoting growth, strengthening the resilience of the economy, ensuring macroeconomic stability and national financial security.

Additionally, implementing reasonable incentive policies, improving fiscal space, creating favorable conditions for effective mobilization, allocation and use of financial resources, and harmoniously solving problems of economic development, society and environment, ensuring national security and social security in association with the goals and tasks of the 10-year socio-economic development strategy for 2021-2030.

To realize the above goals, in the Financial Strategy for the 2021-2030 period, the Government has planned seven specific goals and tasks, in which, the Ministry of Finance plays the leading role and other ministries and local agencies shall coordinate in implementation. In particular, the main goal and task of the Finance sector in the next 10 years is to ensure financial and budgetary resources to contribute to the implementation of socio-economic development goals and tasks, as well as national security.

Accordingly, the rate of mobilization into the state budget in the 2021 – 2025 period on average is not lower than 16% of GDP and about 16 - 17% of GDP in the 2026 – 2030 period.

Along with that, the next important goal is to effectively manage state budget expenditures; continue to restructure state budget expenditure towards sustainability; prioritize spending on development investment and ensure resources for debt repayment, increase state budget resources for national reserves, increase spending on human development investment and ensure social security.

In the 2021-2030 period, the Government also prioritizes allocating the state budget to strengthen the national reserve potential, in line with the state budget's ability in order to be ready to respond quickly and effectively in unexpected and urgent situations as well as fulfilling the tasks assigned by the Government and the Prime Minister; gradually reduce the state budget deficit; strictly manage public debt, ensure public debt safety and national financial security.

The Government also aims to develop the financial market and financial services synchronously, transparently and sustainably. At the same time, speeding up the renovation of the financial mechanism for the public non-business sector; restructuring and improving the operational efficiency of state-owned enterprises. Accelerating the implementation of the price management and administration mechanism following the market mechanism with the State's regulation.

Building Vietnam Customs on par with developed countries

Along with the Financial Strategy, the Finance sector also continues to concretize its tasks through eight sectoral strategies including the Tax system reform strategy to 2030; Customs development strategy up to 2030; State Treasury Development Strategy to 2030; public debt strategy to 2030; Vietnam's insurance market development strategy to 2030; stock market development strategy to 2030; national reserve development strategy to 2030; and accounting - auditing strategy to 2030.

Regarding strategic breakthroughs in the financial sector, Mr. Nguyen Nhu Quynh said the Financial Strategy to 2030 has proposed three breakthroughs in improving institutional quality; human resource development, digital finance platform; open and develop financial potential.

Accordingly, the first breakthrough is to accelerate the completion and improvement of the quality of financial institutions to ensure completeness, synchronization and integration; renovate the mechanism of decentralization of management and allocation of the state budget to ensure the leading role of the central budget and the initiative of the local budget; restructuring the state budget, developing a modern, transparent and sustainable financial market.

The second breakthrough is renovating financial mechanisms and policies for human resource development, science and technology and innovation; promoting modernization and development of a digital financial platform on the basis of information technology associated with digital transformation. The third breakthrough is to open up and promote the financial potential for the development of socio-economic infrastructure; prioritizing resources to carry out the tasks of economic recovery and development.

Regarding breakthroughs in digital finance, among 11 solutions proposed to implement this strategy, one important solution is to promote the application of information technology (IT) and establish a digital financial foundation, improve high efficiency in state management, in line with national digital transformation requirements.

The specific task is to actively apply the results of the Industrial Revolution 4.0, research and apply a number of core technologies capable of creating strong breakthroughs such as artificial intelligence (AI), blockchain, big data, and virtual/augmented reality (VR/AR), facilitating the application of advanced digital technologies in the implementation of e-finance towards digital finance.

Furthermore, building intelligent management platforms to provide financial services to smart government, actively participating in the development of the digital economy. Building electronic finance and basically establishing a modern, public, transparent digital financial platform based on big data, open data, and a digital financial ecosystem, ensuring efficiency and comprehensive information safety.

Besides building an integrated, public, transparent and effective tax management information system, serving people and businesses, ensuring synchronization in the direction of e-Government and digital transformation, the Finance Strategy to 2030 also determines to build a regular and modern Vietnam Customs, on par with the customs of developed countries in the world, leading in implementing Digital Government, with a Smart Customs model to facilitate legal trade activities, that ensures security and social safety and protects national interests.

In this period, the Finance sector also centralized, modernized and automated customs inspection, supervision and control; deploy a smart border model, green customs; building a centralized, intelligently integrated customs IT system to ensure the requirements of system information security with a digital platform, in line with the e-Government and digital government architecture.

Along with that, developing IT systems to implement the National Single Window, ASEAN single window in order to be ready to implement centralized processing of administrative procedures of ministries and sectors for import and export goods.