Effective and sustainable budget management, respecting people's health

Budget revenue grows sustainably

Statistics from the Ministry of Finance show that in the first half of 2024, budget revenue will reach more than 1 million billion VND, equal to 61% of the estimate and an increase of 17.7% over the same period in 2023. This is an encouraging result, especially especially in the current difficult situation. Revenue from crude oil, a main source contributing to the budget, decreased by 5.1%.

The growth in budget revenue does not come from "pressure" on businesses and people, but from strengthening inspection and examination, and strictly handling violations and fraud in tax declarations. tax refund, expanding collection base such as revenue from e-commerce platforms, tax collection from online sales activities...

Reforming administrative procedures and digital transformation in tax revenue/expenditure management also helps the Ministry of Finance minimize errors, reduce the burden on tax officials, and make it easier for people and businesses to declare. and pay taxes.

In no other year has the eTax Mobile tax declaration application become so popular. Launched in 2021, eTax is constantly being improved and becoming more and more user-friendly, whether individuals or businesses. The application connects smoothly with VNeID - electronic identification application for each citizen.

Currently, eTax has updated citizens' tax rights and obligations from 2017 to present, with detailed information about the amount of tax refunded or payable and the wages/taxable income of each person at each business. career. To "pin" this information on each user account, the General Department of Taxation had to process a huge amount of data, something that previously State agencies could not complete in a day or two.

Support businesses and people

The Ministry of Finance is also a pioneer in proposing solutions to support businesses and people in recent times, ensuring sustainable economic and social growth.

Nearly 185,000 billion VND is the amount of money that the Ministry of Finance has submitted to the Government to submit to the competent authority to promulgate and promulgate according to its authority policies to reduce and extend taxes, fees, charges and land rents for businesses and people. .

For example, with the advice and proposals of the Ministry of Finance, the VAT tax rate was officially reduced by 2 percentage points to 8%. The Ministry of Finance also advises the Government on extending the time to pay VAT, corporate income tax, personal income tax and land rent in 2024. It is estimated that the tax scale of the extension is up to 84,000 billion VND...

Not only does it support businesses and people in paying taxes and fees, the Ministry of Finance is also an advisory body to the Government in making decisions on price management, curbing inflation, and helping people ensure their lives.

In the context of rising world petroleum prices, the Ministry of Finance has advised the Government to submit to the National Assembly Standing Committee to issue Resolution No. 42/2023/UBTVQH15 dated December 18, 2023 to reduce the protection tax rate. environment for gasoline, oil, and lubricants in 2024.

Enhance Vietnam's reputation in the international arena

With the efforts of the Government in general and the financial sector in particular, Vietnam's economic situation has had outstanding achievements, recognized internationally. Recently, S&P Global Ratings (USA) has rated the national credit rating for Vietnam in the long term at BB+ and in the short term at B with a stable long-term outlook.

S&P Global Ratings forecasts that Vietnam's economic growth will reach 5.8% in 2024, after decreasing to 5% in 2023. Vietnam is still an attractive destination for foreign investment, especially is in the manufacturing sector, as businesses continue to diversify their operations in the region. The growth cycle of the semiconductor industry is likely to boost Vietnam's growth in 2024 as the semiconductor industry's exports increase.

The Ministry of Finance has proactively coordinated to provide information and reports to S&P and the world's two largest rating organizations, Fitch Ratings and Moody's, to update the socio-economic, financial and State budget situation. This agency's initiative will help organizations evaluate Vietnam's national credit rating in 2024 in a comprehensive and objective manner.

National credit ratings are actually very important for every business, especially when businesses participate in the international financial market.

Purchasing activities increased while finished goods inventories fell to near record levels, showing that production is steadily recovering.