This morning (August 8), the Ministry of Finance held a ceremony to celebrate the 80th anniversary of the financial sector's tradition (August 28, 1945 - August 28, 2025) and receive the First Class Independence Medal. General Secretary To Lam attended and delivered a speech.
Also attending the ceremony were Prime Minister Pham Minh Chinh , representatives of central and local ministries, departments and agencies, and a large number of civil servants and public employees of the financial sector through the periods.
5 milestones in the financial industry
Looking back on the 80-year journey of formation, construction and development of the industry, Mr. Nguyen Van Thang, Member of the Party Central Committee, Minister of Finance emphasized 5 milestones.
Firstly , innovation to build a system of thinking and strategic vision for economic development in each stage of the country's development, contributing to helping the average economic growth in the 5 years 2021-2025 reach an estimated 6.3%/year, among the highest growth groups in the world and the region.
By 2025, we strive for growth of 8.3-8.5%; GDP per capita reaches about 5,000 USD, bringing our country into the group of upper middle-income countries.
Second , perfect and innovate fiscal policies to both promote economic development and mobilize and orient the allocation and effective use of resources for development; make breakthroughs in infrastructure development, ensure social security, national defense, etc.
To date, state budget revenue has reached about 2 million billion VND, of which the development investment expenditure ratio has increased to 32%, ensuring resources for development investment.
State budget deficit accounts for about 3.3-3.4%, public debt is about 37% of GDP; ensuring national financial safety, national credit rating is always at a stable outlook.
The Government has exempted, reduced, and extended about VND1.1 trillion in taxes, fees, land use fees, etc. to support people and businesses, especially during the Covid-19 period, and to promote production and business.
Third , breakthroughs in thinking and action in advising on institutions, mechanisms, and policies for socio-economic development. A series of important laws have been researched and developed by the Finance sector, such as laws on investment, enterprises, business households, management, and use of state capital in enterprises, etc.
Fourth , create and gradually perfect the institutional and legal framework and infrastructure system to form and develop insurance and securities more and more sustainably.
To date, annual insurance premium revenue has reached over 3% of GDP, with about 11% of the population participating in life insurance. After 25 years of establishment, the stock market has about 2,300 listed enterprises with a market capitalization of about 65% of GDP, and a bond market size of about 32.8% of GDP.
Fifth, perform well the advisory function on social insurance and health insurance mechanisms and policies. In 2024, the number of people participating in social insurance will reach 20.1 million (42.7% of the workforce); health insurance will reach 95.5 million people, reaching a coverage rate of 94.3% of the population, completing the goal of universal health insurance reaching 95% of the population by the end of 2025.
4 suggestions from the General Secretary
General Secretary To Lam praised and highly appreciated the contributions and efforts of all cadres, civil servants, public employees and workers in the financial sector. The financial sector is not only a pillar in the country's financial policy, but also a pioneer in innovation and national economic development, highly appreciated by the Government, the business community, and domestic and foreign investors.
The General Secretary suggested a number of issues for the financial sector to pay attention to and implement. First, focus on thoroughly resolving bottlenecks and bottlenecks in development institutions, adjusting economic space, expanding development space, enhancing decentralization, delegation of authority, allocation and combination of economic resources.
Establish a new growth model using science and technology, innovation and digital transformation as the main driving force to create strong changes in productivity, quality, efficiency and competitiveness of the economy.
Building and perfecting financial and state budget institutions and policies, improving the effectiveness and efficiency of law enforcement with the view that institutions are the breakthrough of breakthroughs, institutions are the resources and driving force for development.
Pioneering in realizing important policies and resolutions of the Party, especially Resolution No. 68 on private economic development, Resolution No. 57 on breakthroughs in science and technology development, innovation and national digital transformation, contributing to achieving the double-digit growth target in the coming period.
Second, review and continue to improve institutions and policies for the state economy, including state-owned enterprises.
Promote decentralization and delegation of power along with enhancing accountability and improving the operational efficiency of governance capacity to maximize the role of resources held by state-owned enterprises to lead and motivate the economy, as well as implement State policies and orientations.
Third, the General Secretary noted that it is necessary to closely follow and correctly assess the domestic and world economic situation; proactively analyze and assess the impacts of fiscal and monetary policies to promptly advise the Government on scenarios and proactive solutions in managing state budget revenue and expenditure.
Strengthening financial and budgetary discipline, strictly managing state budget revenues and expenditures, ensuring correct, sufficient and timely collection, strictly and effectively managing state budget expenditures; thoroughly saving regular expenditures, increasing revenue, saving expenditures, focusing on development investment, on a number of large projects that are transformational and turn around the situation.
In addition, there are solutions and measures to more effectively mobilize resources for the development of financial markets, capital markets, stock markets, and economic resources among the people.
Increase capital attraction both domestically and internationally, creating better capital mobilization channels for businesses, especially private enterprises. Accelerate disbursement of public investment capital, focusing on strategic infrastructure projects such as transportation, energy, renewable energy, digital transformation, while improving the investment environment, reducing administrative procedures, and attracting high-quality FDI capital.
“We manage state capital, public investment capital, and people’s capital and are not allowed to waste it. Once revenue and expenditure sources are calculated, the revenue sources must be effective and quick. We must manage and use public assets effectively, and increase transparency and efficiency in exploiting and using state capital in enterprises,” the General Secretary emphasized.
Finally, the General Secretary stated that it is necessary to continue to focus on and maintain solutions to ensure social security and improve people's lives. Along with economic development, people's lives must be better and more comprehensive in all aspects.
“The financial sector must continue to be a pioneering, dedicated, and innovative force for a prosperous and powerful Vietnam,” the General Secretary emphasized.
On behalf of the Party and State, General Secretary To Lam awarded the First Class Independence Medal to the finance sector.
Along with that, Prime Minister Pham Minh Chinh awarded the First Class Labor Medal to Party Central Committee member and Minister of Finance Nguyen Van Thang.
Source: https://vietnamnet.vn/tong-bi-thu-to-lam-nganh-tai-chinh-phai-tien-phong-dan-than-doi-moi-2430002.html
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