Three strategic focuses of the Finance industry in the new era
Member of the Party Central Committee, Minister of Finance Nguyen Van Thang commented that over the past 80 years, the Finance sector has affirmed its mettle, but the road ahead is the truly decisive. Vietnam aims to become a developing country with modern industry and high average income by 2030, and a developed country with high income by 2045. This is a journey that requires the Finance sector to innovate more deeply and strongly, becoming a modern economic coordination center.
Minister Nguyen Van Thang emphasized that in the new era, the aspiration for national development is no longer a choice but an order of the times. To realize that aspiration, the Finance industry focuses all its efforts on three key areas: Completing institutions, modernizing management and expanding sustainable financial space.
First of all, we identify the core task of continuing to improve institutions in the financial - budget sector, removing bottlenecks that are hindering the flow of production and business.
Policies must come into life faster, more substantially and effectively, especially the synchronous implementation of four pillar resolutions on recovery and development along with important directives of the Party and State. This is not only an objective requirement of development but also an order from the future of the nation" - Minister Nguyen Van Thang said.
Second, the Finance sector implements a proactive, flexible, focused and key fiscal policy. The management of state budget expenditures must be strict, economical and effective; control deficit and public debt within safe and reasonable limits according to the National Assembly's resolution. At the same time, effectively exploit the surplus spending, public debt and government debt to mobilize resources for development investment.
Third, the Finance sector must take the lead in applying science and technology to modernize economic - financial management, budget and public asset management. Minister Nguyen Van Thang said that the goal is to form a Smart operational center for the Finance sector, striving for 100% of public financial operations to be carried out in the digital environment, contributing to promoting the development of the digital ecosystem of the sector.
The turning point of the consolidation model
Assessing the great role of the financial sector, former Deputy Minister of Finance Tran Van Ta said that to maintain the growth rate, the Finance sector needs to continue to take the lead in innovating mechanisms and policies, creating a transparent and favorable environment, and unlocking all resources. He analyzed that over the past 40 years, the industry has contributed to effectively distributing social resources, promoting economic restructuring, investing in infrastructure, developing people, reducing hunger and poverty, strengthening national defense and security, while controlling inflation and spending, and keeping the national financial system stable.
The former Deputy Minister of Finance emphasized that the turning point will be from March 1, 2025, when the Ministry of Finance merges with the Ministry of Planning and Investment, merges with the Social Insurance of Vietnam and takes over the function of State capital management at enterprises.
This merger helps to make the depth and role of the Finance sector even larger. When budget revenue and expenditure, public investment, social security and the market are placed in the same institution, resources will be allocated more appropriately and effectively for development, he said.
Unblocking institutions, expanding development space
The vision for the Finance sector does not only stop at strengthening budget discipline and developing the capital market, but is also associated with national development goals. The Finance sector focuses on resolving institutional bottlenecks, expanding development space, enhancing decentralization, delegation of authority and effectively combining economic resources; creating favorable conditions for businesses, especially the private sector, to access capital, while increasing foreign investment attraction.
With that political and strategic orientation, the Finance industry enters a new journey with broader scale, greater tasks and higher expectations.
The role of a national resource coordination center, ensuring a large balance, unblocking development capital flows and maintaining financial security is the core mission, associated with the aspiration of the nation in the modern era.
