PM Pham Minh Chinh speaks at the event. (Photo: NDO)
NDO/VNA – Prime Minister Pham Minh Chinh on January 6 urged the financial sector to harmoniously combine fiscal and monetary policies, and better the State budget management work in 2022.
The State budget must be spent economically and effectively, he told a national conference held online on January 6, stressing the need to cut unnecessary expenses and ensure resources for important tasks, especially the COVID-19 prevention and control.
The Government leader also asked the sector to push ahead with the disbursement of public investments to boost economic recovery and growth.
He reviewed significant achievements Vietnam recorded last year with State budget collection topping 1.56 quadrillion VND, surpassing the estimate by 16.4 percent, and budget overspending below 4 percent, even lower than the figure estimated by the National Assembly.
Total export-import value increased 22.6 percent to hit the record of 668.5 billion USD, making Vietnam one of the 20 countries with the biggest trade scale. The country’s trade surplus is estimated at 4 billion USD.
The macro economy was kept stable in the year, inflation put under control, the consumer price index (CPI) up 1.84 percent, and major economic balances ensured.
Meanwhile, foreign direct investment (FDI) expanded by 9.2 percent, with capital addition up 40 percent, demonstrating investors’ confidence in the domestic business environment, as well as their hope for Vietnam’s economic recovery.
The Finance Ministry reported that the total amount of tax and State budget revenue that was extended, exempted and reduced in 2020 reached 174.2 trillion VND.
- State budget revenue equal to 98% of annual target
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- Ten-month state budget collection meets over 90% of estimate
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- Covid-19 pushes Vietnam fiscal deficit to nearly 6% of GDP
- Budget Deficit in 2020 Below 4% of GDP, Public Debt within Limit
- H1 State budget revenue lowest in seven years