The financial sector has achieved encouraging results in 2022 despite the many difficulties and challenges, Prime Minister Pham Minh Chinh told a meeting in Hanoi on December 19.

The meeting was held to review financial sector and State budget performance in 2022 and set tasks for 2023.

State budget revenue had reached over VND1.69 quadrillion ($71.4 billion) this year as of December 15, exceeding the estimate by 19.8 per cent, according to the Ministry of Finance.

It attributed the result to the ongoing economic recovery, with GDP growth expected at 7.5 per cent; higher than the plan.

The ministry also implemented many policies during the year exempting, reducing, and postponing taxes, fees, and charges, to help businesses restore production and business and therefore make budget contributions.

Over VND193.4 trillion ($8.1 billion) in taxes, land rentals, fees, and charges were exempted, cut, or postponed since the beginning of the year.

State budget spending in the period is estimated at VND1.45 quadrillion ($61.4 billion), equal to 81.2 per cent of the estimate.

In order help the financial sector fulfil its missions and targets in 2023, Prime Minister Chinh asked it to focus on perfecting the legal framework, strengthening supervision over the securities and corporate bond markets, and striving to upgrade the stock market.

He emphasized active integration and cooperation in international finance, improvements in the efficiency of foreign affairs, and the study of sound models in advanced countries to promote the diversification of markets, products, and supply chains.

He pointed to the need for the sector to speed up digital transformation and harmoniously and effectively combine fiscal policy with monetary and other policies in macroeconomic management.