Tag: The Ministry of Finance (MoF)

The organizational model of the international financial center must be thoroughly researched, drawing on international experience to ensure modernity, transparency, and effectiveness in governance and supervision.

Statement adopted at the close of the two-day 10th ASEAN Finance Ministers and Central Bank Governors Meeting in Indonesia on August 24-25.

The Minister of Finance suggested on September 28 that agencies and units continue to strengthen price management and administration measures and flexibly and effectively use price adjustment tools to control inflation over the closing months of the year. The Ministry of Finance (MoF) has also suggested four solutions for price stability to the end of the year.

It is necessary to adopt consistent and comprehensive financial orientations and solutions to help Vietnam’s economy overcome the shocks from the pandemic, restore production, and develop sustainably, according to Deputy Minister of Finance Vo Thanh Hung. The aim of the financial strategy for the 2021-2030 period will be to reform and improve the quality of financial institutions towards consistency, transparency, and integration.

The national disbursement of public investment capital in the first ten months of 2021 reached only 55.8 per cent of the plan, with just seven ministries and 20 localities posting a rate above 65 per cent, according to a report from the Ministry of Finance. Some VND203.9 trillion ($9.06 billion) needs to be disbursed in the time to come.

According to a report from the Ministry of Finance, the total premium revenue of insurance companies as of the end of August was estimated at VND133.04 trillion ($5.8 billion), up 16.96 per cent compared to the same period of 2020.

The Ministry of Finance (MoF) aims to increase total State budget expenditure by VND2.6 quadrillion ($114 billion) in the 2021-2025 period, while keeping the proportion of GDP at 28 per cent, as in the 2015-2020 period.

According to a draft Circular from the Ministry of Finance (MoF) on resolving congestion at seaports, there are many regulations relating to administrative procedures and the responsibilities and obligations of entities. The draft therefore needs to be specific and clear to ensure common understanding and convenient implementation.

Though Vietnam’s corporate bond market is quite young, it is rapidly growing in size. The Ministry of Finance is coordinating with other ministries and branches to strengthen supervision in the financial market, and the corporate bond market’s legal framework is gradually improving, providing a platform for sustainable growth into the future.

According to a report from the Ministry of Finance (MoF), the State budget was in surplus by more than VND101.5 trillion ($4.43 billion) in the first seven months of the year despite the economic impact of Covid-19.

The Ministry of Finance (MoF) has proposed four solutions to support businesses and individuals during these tough times, including tax exemptions and reductions costing VND20 trillion ($874.66 million) and cuts to land rentals. Experts, however, believe this is not enough and that more is needed but that existing support should continue.

To support the development of the domestic livestock industry, especially in the context of Covid-19, the Ministry of Finance has proposed cutting the preferential import tax rate on wheat and corn, which account for a high proportion the ingredients in animal feed, to 3 per cent.

Deputy Prime Minister Le Minh Khai has requested that the Ministry of Finance (MoF) finalize a plan before August 15 to allow Airports Corporation of Vietnam (ACV) to use its after-tax profits from 2019, 2020, and the 2021-2025 period to increase the proportion of State capital in the body.

The Ministry of Finance (MoF) is finalizing a new tax and fee support package for businesses facing difficulties because of Covid-19, totaling about VND24 trillion ($1.04 billion). In the time to come, the ministry will also strive to remove difficulties in valuations and land issues as well as strengthen directions to effectively implement equitization.