PM stresses importance of stable financial policies

He asked the financial sector to take the initiative in overcoming difficulties facing Vietnam’s economy while studying economic policies of neighboring countries to serve domestic economic development. PM Nguyen Xuan Phuc addressing the conference. Photo: Deputy Finance Minister Tran Hong Ha said that in 2018, the financial sector will continue its cautious management of fiscal policies in close combination with monetary policies, further stabilize the macro economy, curb inflation and promote economic growth. Besides, more efforts will be channeled into collecting state budget, closely controlling budget spending and tightening financial regulations, he added, stressing that budget collection is expected to grow by 3 percent against the estimate assigned by the National Assembly and budget overspending is projected to be capped at 3.7 percent of GDP as set by the legislature. Bui Van Nam, head of the General Department of Taxation, said the tax sector will propose the NA issue a resolution to scrap irrecoverable and lingering debts to strengthen the national financial system, along with pushing the administrative reform. General Director of the State Treasury Nguyen Hong Ha said that State Treasury has instructed its branches in cities and provinces to closely coordinate with relevant agencies to swiftly gather budget contributions, and urged investors to speed up the disbursement process. By the end of 2018, public debt ratio is set at about 63.9 percent of GDP, Government debt at 52.5 percent of GDP and foreign debt at about 47.6 percent, with public debt structured towards sustainability, heard the meeting…. [Read full story]


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