Topic: Ministry of Finance

A government audit reveals incorrect expense declarations totaling over $36 million (VND 900 billion) in life insurance companies, alongside misleading practices, exposing cracks in the bancassurance system.

Taxes and fees subject to extensions estimated to total $8.4bln.

Cuts in effect from July 1 to December 31 as part of policy support.

Penalties of over $1 billion in total proposed.

The finance ministry conducted over 11,300 inspections in the first two months of 2023.

Support to focus on tax, securities, insurance, corporate finance, and banking this year.

A target has been set of there being at least 25 State-owned enterprises (SOEs) with equity or capitalization on the stock market in excess of $1 billion, of which ten are to have over $5 billion.

The Ministry of Finance’s plan on implementing the Public Debt Strategy to 2030, which has been approved by the Minister of Finance, outlines seven lists of tasks and projects, including a proposal to supplement and amend the Law on Public Debt Management in line with international practice. The 2030 public debt strategy sets a target that, by 2030, Vietnam’s public debt will not exceed 60 per cent of GDP, government debt will not exceed 50 per cent of GDP, and foreign debt will not exceed 45 per cent of GDP.

Ho Chi Minh City’s budget revenue in 2023 has been forecast at about VND496 trillion ($20.6 billion). This figure is overwhelming for a city that has only recently overcome the Covid-19 pandemic. According to the Ministry of Finance, the city’s budget revenue in 2022 is estimated at VND427 trillion ($17.7 billion); the highest on record since the pandemic began.

To ensure Vietnam’s corporate bond market develops stably and sustainably, the Ministry of Finance and the Ministry of Construction will work together to strengthen supervision over issuance activities and limit real estate enterprises issuing bonds with high interest rates. The Ministry of Construction also suggested supplementing regulations on the financial safety ratio of real estate enterprises after granting construction and investment permits for real estate projects.