Thursday, August 11, 2022 6:35:28 PM - Markets open
VN-INDEX 1,252.07 -4.43/-0.35%
HNX-INDEX 300.18 -3.36/-1.11%
UPCOM-INDEX 92.72 -0.39/-0.42%
Vietnam's financial strategy aims at sustainable development
VietNamPlus - 3/23/2022 2:53:01 PM
 (0 ratings. You must sign in to rate.)
Vietnam's strategic financial objectives in the 2021-30 period aim to reach a balance between achieving sustainable finance and major socio-economic developmental goals.
 
The government has set an objective to collect 16-17 percent of the country's GDP to strengthen the State's budget from 2026-30, with 85-87 percent from domestic revenue sources.
 
According to Government Decree 368/QD-TTg approved by Deputy Prime Minister Le Minh Khai on March 21, top priorities for the State's budget include a comprehensive reform of budget management by central governmental agencies, increased local government autonomy and the development of a transparent and sustainable financial market.
 
Reforms also include large investments to improve the quality of human resources, the implementation of technology, digitalisation and information technology in the field of financial management. The government encourages all stakeholders to invest in the development of the country's infrastructure to speed up the process of economic recovery post-pandemic.
 
The government said it prioritises long-term development projects, sustainable financing while strengthening national reserves, social security and investing in human capital. Meanwhile, government spending is to be reduced to 60 percent, from the current level of 62-63 percent, by the end of 2030.
 
State budget deficit, public debt and financial security lie at the core of future reforms. The decree laid out a road map to ensure the country will be able to meet all financial obligations in the 2021-25 period with a goal to reduce the portion of public debt from 3.7 percent GDP in the period to 3 percent by the end of 2030.
 
The government said it is committed to limiting the debt ceiling to 60 percent of GDP, with government debt not higher than 50 percent, foreign debt not higher than 50 percent in the 2021-2025 period. The stock market's capitalisation by 2025 is to reach 100 percent of GDP with a goal to increase to 120 percent of GDP by the end of 2030.
 
Meanwhile, the insurance market has been earmarked for an annual 15 percent growth rate from now until 2025 to account for 3-3.3 percent of GDP and a 10 percent annual growth rate from 2025-30.
 
State-owned enterprises (SoEs) are to go through a restructuring process to improve business and financial performance by 2025. SoEs with strong business performance may receive additional investment to bolster the State's ability to support key industries. On the other hand, governmental offices and agencies are to have their budget slashed by 10 percent on average by the end of 2025, and 15 percent by the end of 2030.
 
Other key objectives include measures to modernise the country's customs and tax procedures and to establish a digital treasury by 2030./.
VNA
 
Read original article here
 
Newer News
09/08 Monetary stance points to only mildly higher interest rates in Việt Nam: Fitch Ratings
09/08 Banks avoiding further bad debt risks
27/07 Strict criterion prevents access to loans
25/07 Việt Nam in the headwinds of global rate hikes and inflation
25/07 State Bank of Vietnam faces pressure on exchange rate
19/07 Banks upbeat about Q3 2022 business results
19/07 State Bank of Vietnam considering online loan facility
15/07 Central Banks concerned about rising inflation
12/07 Shares slide on worries over market rumours
07/07 Banks to have credit expansion at end-Q3 2022
Older News
15/03 Pilot resolution on bad debt settlement proposed to be extended until 2025
23/02 Vietnamese gold prices reach historic high
18/02 Vietnam has highest gold demand in Southeast Asia
17/02 Experts suggest banks not be involved in economic recovery packages to avoid bad debts
28/01 Remittances to HCM City total 6.6 billion USD last year
26/01 Central bank to keep watch on bancassurance activities
21/01 Bonds circulating within banks
13/01 Concerns on current bad debt situation
11/01 Overseas remittances to Vietnam increase as Tet approaches
10/01 Banks begin to hike deposit interest rates
 
Newsletter Signup
Top Stories
REE: HSBC arranges VND900 billion bilateral green loan to REE Corporation
Việt Nam's economic growth forecast at 7.5 per cent in 2022: World Bank
Shares to move up after testing supply and demand
Việt Nam in the headwinds of global rate hikes and inflation
Shares pierce May-bottom on weak investor sentiment
Market Update
Last updated at 3:05:02 PM
VN-INDEX 1,252.07 -4.43/-0.35%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.