The Prime Minister asked the financial sector to focus on perfecting the legal framework, strengthening the supervision over the securities and corporate bond markets and striving to upgrade the stock market.

 

Prime Minister Phạm Minh Chính made the statement at a conference in Hà Nội on Monday.

 

He said 2022 had many difficulties and challenges with the consequences of the COVID-19 pandemic. The world situation changes very quickly and became complicated, with many unprecedented developments.

 

However, the socio-economic situation in 2022 had recovered positively, achieving many important results in most fields. Inflation was controlled below 4 per cent; economic growth was estimated at 8 per cent, and adequate energy was ensured for production and life at an affordable price.

 

As for the financial market, the Prime Minister said market regulators needed to supervise the improvement of the quality of financial markets, securities, insurance and corporate bond products.

 

For the corporate bond market, the issuers must perform the obligation to repay interest as committed. In case they cannot perform the obligation, the bond issuers should actively negotiate with investors to find effective measures to restructure bond debts and interest rates, payment terms, and payment conditions, in accordance with the actual situation and with current laws.

 

The sector also needs to speed up the plan to reorganise and equitise State-owned enterprises with State capital up to VNĐ4 quadrillion, study the use of state capital in enterprises to increase investment in the field of renewable energy, promote green transformation, and respond to climate change.

 

Chính emphasised the active integration and cooperation in international finance, improvement of the efficiency of foreign affairs, and learning from good models in some advanced countries to promote diversification of markets, products and supply chains.

 

He said in 2023, the financial industry would have many creative, drastic and effective innovations, overcome difficulties and challenges, and achieve more excellent, comprehensive financial tasks compared to 2022.

 

Budget revenue surpasses nearly 20% of estimate

 

State budget revenue reached over VNĐ1.69 quadrillion (US$71.4 billion) as of December 15, exceeding the estimate by 19.8 per cent.

 

Of the total revenue, central budget collection surpassed the estimate by 19.3 per cent, and that of local budget by 20.4 per cent.

 

The ministry attributed the high budget revenue to the economic recovery, with gross domestic product (GDP) expected to expand by 8 per cent in 2022, higher than the plan.

 

In 2022, the Ministry of Finance has also implemented many policies on exempting, reducing and postponing taxes, fees and charges to help businesses restore production and business, thereby making their contributions to the budget.

 

Since the beginning of the year to December 15, VNĐ193.4 trillion worth of taxes, land rent, fees and charges had been exempted, decreased or extended.

 

In the period, state budget spending is estimated at VNĐ1.45 quadrillion, equal to 81.2 per cent of the estimate, in which spending on development investment reached 72.4 per cent of the estimate, and recurrent expenditure 88.1 per cent.

 

The ministry actively made recommendations for an economic recovery package worth VNĐ347 trillion, with a focus on infrastructure investment, social welfare and digital transformation; and requested ministries, sectors and localities to cut recurrent expenditure by 10 per cent compared to budget allocation norms. VNS