Financial policies for socio-economic growth featured at Finance Forum 2022

Financial policies for socio-economic growth and development in the new context is the theme of the annual Vietnam Finance Forum 2022 held in the central city of Da Nang on November 25, 2022.
Financial policies for socio-economic growth featured at forum
At the Finance Forum 2022 in Da Nang, on November 25 (Photo: VNA)

Organised by the Ministry of Finance under the auspices of the International Cooperation Agency of Germany (GIZ), the event was held both online and in-person with about 300 delegates from ministries, agencies and international organisations taking part.

It was divided into two sessions focusing on financial resources for socio-economic growth and development, and financial policies for business recovery and development.

In his speech, Deputy Minister of Finance Vo Thanh Hung said the financial strategy till 2030 targets building a sustainable, modern and integrated national financial system, contributing to promoting growth, improving the resilience of the economy, ensuring macroeconomic stability and national financial security. Its goals and tasks are aligned with the 2021-2030 socio-economic development strategy.

To such end, the Ministry has fine-tuned financial and State budget policies and mechanisms to effectively allocate resources over the past two years.

During the first year of implementing the strategy last year, COVID-19 took its toll on socio-economic aspects. In the face of this, the ministry advised the Government and legislature to enforce policies such as exemption, reduction and extension of deadlines for paying taxes, fees, charges and other State budget revenues with a total of about 140 trillion VND (6 billion USD) in 2021 and about 144.5 trillion VND in ten months of 2022. About 32 trillion VND worth of the environment protection tax on petroleum was also reduced to stabilize prices and ensure social security.

In the ten months of this year, over 11.1 trillion VND in credit was offered via the Vietnam Bank for Social Policies while about 645 billion VND in advance interest rate support was paid. The Finance Ministry advised the Government to establish a COVID-19 vaccine fund to pool resources for vaccine purchases and imports, as well as vaccine production and research at home.

As a result, Vietnam’s economy grew by 8.83% in the first nine months. Many international organisations have forecast the figure at 7.5-8.2% for the whole year, he said.

Held for the first time in 2017, the event aims to discuss ideas and measures to realise major orientations on State finance and budget in the financial strategy till 2030 and finance-budget solutions to socio-economic recovery and development.

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(Source: VNA)