Financial sector asked to keep abreast with Industry 4.0

In his speech, PM Phuc acknowledged the financial sector’s efforts and also pointed out its shortcomings. Fast-changing financial policies, especially tax policies, have affected people and businesses, showing that policy making is yet to keep up with the socio-economic life. 

Tax and financial policies must keep pace with the country’s rapid changes and stay stable for a long term, about five to ten years, he said, noting that focus is still on raising tax rates in lieu of expanding the tax base to ensure State budget collection.

The government leader stressed the necessity of stay updated with the development of Industry 4.0 seen in various economic sectors like e-commerce, online services and online games to expand the tax base. 

The sector's staff were also asked to raise their sense of responsibility towards the society, people and businesses so as to eradicate lubrication payments in the sector.

According to a report released at the event, almost 624,000 or 100% of businesses had used online tax declaration services while nearly 98% of them had registered e-tax payment by the end of last year.

By the end of December 31, 2017, total state budget balancing revenues reached an estimated US$56.3 billion, roughly US$3.1 billion or 5.9 % higher than the estimates.

On public debt during the same period, public debt stood at 61.3% of GDP, government debt at about 51.6% of GDP, government guaranteed debt at roughly 9.1% of GDP, the country's foreign debt at around 45% of GDP, thus ensuring the permitted limit.

The conference reviewed the financial sector’s performance in 2017 and devise tasks for this year.