Forum seeks ways to reform public finance

VOV.VN - The Ministry of Finance with support from the United States Agency for International Development (USAID) on September 21 in Hanoi held the first annual Vietnam Finance Forum under the theme ‘Public Finance Reform Towards Sustainable Development.

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The event was attended by Minister of Finance Dinh Tien Dung, Mission Director of USAID in Vietnam Michael Greene, and nearly 200 delegates from across the country, consisting of managers, policy makers, experts, and members of the business community in the fields of economics and finance.

This is one of several activities supported by USAID’s Governance for Inclusive Growth Program (GIG). Over the past three years, the GIG has supported researchers to build capacity at the National Institute for Finance by using quantitative modeling techniques.

These techniques enable the development of effective public policies that address the challenges posed by global trade integration and public finance.

With the aim of securing a healthy, safe and sustainable public finance sector, the Politburo issued Resolution No. 07/NQ-TW on November 18, 2016 that enforces restructuring of the state budget and public debt management to ensure a secure and sustainable national finance sector.

The resolution proposed a number of measures to reform public finances, such as the restructuring of budget revenues and expenditures in the direction of expanding the revenue base and increasing the proportion of domestic revenues, ensuring a reasonable balance between indirect taxes and direct taxes, and making effective use of taxes on property, natural resources and the environment.

The resolution pointed out measures to restructure state budget expenditures in a way that increases the proportion of investment expenditures while gradually reducing the proportion of regular annual expenditures. These reform measures must be associated with strong reforms of the public sector, better state budget expenditure management, and improvements in budget expenditure outcomes.

To implement the policy orientations for state budget restructuring and public debt management toward a safe and sustainable national finance sector, the Ministry of Finance is developing a proposal to amend and supplement relevant legal provisions on tax, fees, state budget management, and public debt management.

In addition, the Ministry of Finance will also guide the implementation of the provisions of the State Budget Law and other relevant regulations on medium-term financial planning, administrative expenditure packages, autonomy mechanisms for public service delivery agencies, effective exploitation and utilization of public resources, and the development of a mechanism for budget management based on performance.

The forum provided an open platform for discussions and exchanges between national and international economic and financial experts, and for listening to the opinions of the business community and managers from both public and private sectors.

The forum led to recommendations, proposals and specific policy directions for the Party, National Assembly, Government, and relevant ministries, making significant contributions to address a number of socio-economic issues posed by society.

VOV

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