The financial sector collected over 1,400 trillion VND (60.2 billion USD) towards the State budget in 2018, or 7.8 percent higher than projected, heard a conference to review financial and budget works in 2018 and put forward tasks for 2019.

Financial sector collected over 1,400 trillion VND ($60.2 billion) towards the State budget in 2018

Speaking at the event, which was also attended by Prime Minister Nguyen Xuan Phuc, Finance Minister Dinh Tien Dung attributed the result to the ministry’s efforts to actively implement the budget collection task right from the beginning of 2018, and coordinate closely with other ministries, sectors, and local authorities to intensify collection management.

Thanks to the positive result of budget collection, budget spending tasks were ensured, thus meeting the political and economic task requirements of units using the budget and helping solve arising issues related to investment in socio-economic infrastructure, overcome disaster consequences, and ensure social welfare and defence-security.

The structure of budget spending was shifted to the right track, Dung said, adding that the proportion of spending for development investment surpassed 27 percent, and regular spending was below 62 percent of the total expenditure.

The state budget overspending was estimated at below 3.6 percent of the country’s gross domestic product (GDP), and public debts kept under 61 percent of the GDP, he stated.

The minister acknowledged slow changes in the disbursement of investment for basic construction works. As of December 31 last year, disbursement was equal to 67.6 percent of the estimate, even lower than the figure of 70.7 percent of 2017.

In 2019, the sector will continue administrating fiscal policy closely in line with monetary policy and other macro policies, working to boost production and business development, and implementing budget restructuring functions, Dung said.

It will intensify the fight against transfer pricing, trade frauds, and tax evasion; step up taxation inspections; and solve tax debts so as to reduce the rate of such debts to below 5 percent of the total State budget collection. Attention will also be paid to speeding up administrative reform, and cutting down unnecessary administrative procedures and business conditions, he added. – VNA