Prime Minister Phạm Minh Chính speaks at the conference on Tuesday. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính chaired a conference in Hà Nội on December 31 to review budgetary-financial affairs in 2024 during which he requested the financial sector to change its mindset and promote creativity to complete all finance- and budget-related tasks in 2025.

This will contribute to the country's overall socio-economic development and create favourable conditions for achieving the goals of the five-year plan for 2021-2025 and the 10-year strategy for 2021-2030, in line with the Resolution of the 13th National Party Congress, he said at the conference held by the Ministry of Finance (MoF).

Holding that in 2025, the global and regional situation is likely to continue to be challenging, while Việt Nam is a developing country, with an economy still undergoing transformation and being sensitive to external shocks, the PM underlined that to achieve the targets for the year, greater efforts are required.

He highlighted the goal of recording a growth rate higher than the target of 8 per cent as set by the Party Central Committee and the National Assembly, laying the foundation for double-digit growth and the completion of the two centenary goals in the next tenure, advancing into the new era, the PM said.

In this context, he asked the sector to speed up the streamlining of its organisational apparatus for higher efficiency as administrative reform, while focusing on completing mechanisms and policies to mobilise all resources for development, with focus on revising the Bidding Law.

The MoF must proactively and flexibly manage an effective, reasonable expansionary fiscal policy, closely coordinating with monetary policy to prioritise growth, maintain macroeconomic stability, and control inflation, he asked.

It should focus on managing tax collection, while ensuring expenditures are appropriate, sufficient, and timely, supplementing resources for development, and striving to save 10 per cent of expenses for investing in key projects, the Government leader requested.

He directed the sector to tightly and effectively manage budget expenditure, while accelerating the disbursement of public investment capital to contribute to growth, continuing to consolidate and develop the securities, bond, and insurance markets, with a focus on upgrading the securities market, and drastically carrying out digital transformation.

The sector should actively promote international financial integration and cooperation, strictly control public debt, Government debt, and budget deficits to ensure sufficient revenue for expenditure, safeguarding national security and defence tasks, and ensuring financial and monetary security, he asked.

According to the MoF, in 2024, the financial sector successfully completed its assigned tasks, significantly contributing to supporting the economy, easing difficulties for businesses and people, stabilising the macroeconomy, ensuring key economic balances, and controlling inflation.

Despite implementing tax exemptions and reductions, fee waivers and land rent payment deferrals for businesses and people, which were estimated at around VNĐ197.3 trillion (US$7.74 billion), while the national budget revenue in 2024 reached a record high of approximately VNĐ2 quadrillion, up 19.1 per cent compared to the estimate and 15.5 per cent compared to 2023. This additional resource supported wage reforms, addressed urgent issues, increased investment in development, and ensured social welfare.

Thanks to proactive management, the State budget expenditure in 2024 largely met its targets. As of December 31, total State spending was estimated at over VNĐ1.8 quadrillion, accounting for 86.4 per cent of the estimate.

Of this, development investment expenditure was expected to reach 78.1 per cent of the National Assembly's approved budget, with a disbursement rate of 77.5 per cent as per the PM’s plan.

In 2025, the financial sector aims for national revenue of VNĐ1.97 quadrillion and expenditures of VNĐ2.5 quadrillion. — VNS