Participants listened to a Government report on the implementation of the State budget in 2019, and debated the State budget estimate and allocation for 2020, as well as a verification report on the work.

The Vietnamese Government hopes to receive advice from the International Monetary Fund (IMF) to improve its securities market, price regulation and macro-economic policies, Deputy Prime Minister Vương Đình Huệ said.

The State budget deficit, which regularly remains at a high level, and rising public debt are among the biggest macro-economic risks facing Việt Nam, making it more difficult for the Government to help the economy head towards growth, said Professor Trần Thọ Đạt, principal of the National Economics University (NEU).

Việt Nam has experienced a year of socio-economic achievements. For example, economic growth continues at a high level; the macroeconomic environment remains stable; inflation is under control; the trade surplus is at record levels; and the State budget deficit is stable.

The Ministry of Finance (MoF) expects to keep this year’s State budget deficit at 3.7 per cent of the GDP, below the 3.9 per cent mandated by the National Assembly.

Reforming State budget is not just a story of reducing deficit, revenues and expenditures, but it is an institutional reform in relation with public organisation and workforce restructuring. It’s time for Việt Nam to have a comprehensive reform which needs collaboration and work in tandem of all ministries and relevant State agencies.

Phạm Đình Thi, director of the Ministry of Finance’s Tax Policy Department talks with a Vietnam News Agency reporter about the ministry’s proposal to increase the value added tax (VAT) from 10 per cent to 12 per cent.

In a recently released conclusion to a meeting on tax law adjustments, Deputy Prime Minister Vương Đình Huệ asked that the Ministry of Finance’s (MoF) controversial new amendment drafts to tax laws be adjusted to meet both the national growth plan and the current economic climate.

The Việt Nam Petroleum Association (VINPA) has proposed to establish commercial barriers to protect local firms once import duties on fuel products are gradually reduced to zero per cent.

A programme on thrift practice and anti-wastefulness in the 2016-2020 period was issued last week in Hà Nội by Prime Minister Nguyễn Xuân Phúc in order to free up needed resources for economic growth and social security.