To cut regular expenses and spending that are not really urgent in Vietnam

To cut regular expenses and spending that are not really urgent in Vietnam (Internet image)

To cut regular expenses and spending that are not really urgent in Vietnam

The content mentioned in Resolution 124/NQ-CP on the regular Government meeting in July 2023.

The Government of Vietnam assigned the Ministry of Finance to assume the prime responsibility for and coordinate with agencies and localities in:

- Continue to strengthen financial discipline—the state budget—and strictly manage revenue sources to ensure correct, sufficient, and timely collection. Coordinate with the Ministry of Culture, Sports, and Tourism and the Ministry of Information and Communications to study solutions to guide localities to control and prevent tax loss for food and beverage services, night economic activities, etc.; In the short term, focus on deploying in a few major tourist centers before expanding nationwide.

- Thoroughly cut regular expenses; spending tasks are not really urgent. Research and report to the Prime Minister before August 15, 2023, on the promulgation of the Directive on continuing to enhance savings in recurrent expenditures. Effectively implement policies on the extension and reduction of taxes, fees, charges, and land rents that have been issued. Further accelerate the refund of value-added tax for businesses and individuals.

- Closely monitor the situation of the corporate bond market, especially issuers with large issuance volumes and difficulties in paying principal and interest obligations due in the third quarter of 2023, to proactively propose practical, feasible, and effective solutions to handle difficulties and problems in case of necessity.

- Summarize opinions of ministries, agencies, and localities to complete reports on the state budget, especially the state budget estimate in 2024, the mid-term assessment of the 5-year financial plan, and public debt repayment from 2021 to 2025, to report to the Government in the first half of September, to the Politburo at the end of September, and to the Party Central Committee in early October 2023.

In addition, assigning the State Bank of Vietnam to assume the prime responsibility and coordinate with agencies and localities:

- Continuing to operate proactively, promptly, flexibly, creatively, with focus, focus, appropriate and effective monetary policy tools, coordinate closely, synchronously and harmoniously with fiscal and other policies to strongly promote growth and remove difficulties for production and business; stabilize the foreign currency market, manage the exchange rate in accordance with the situation; timely and effective implementation of policies on loan extension, postponement and restructuring; directing the management drastically to continue reducing the interest rate ground, especially lending interest rates, increase money supply, increase credit appropriately in association with improving access to credit, focusing on production and business, priority areas, growth drivers of consumption, investment, and exports.

- Credit management focuses on production and business fields, priority areas, and growth drivers associated with credit quality assurance and system safety. Coordinate with the Ministry of Construction to promote the implementation of a credit package of VND 120 trillion for social housing loans, ensuring timely, convenient, open, flexible, and feasible implementation results; provide a quarterly report to the Prime Minister on implementation results.

- Monitoring the implementation of Circular 06/2023/TT-NHNN on the lending activities of credit institutions to customers to identify difficulties and obstacles that are not suitable for reality and promptly adjust them, creating favorable conditions for businesses and people to access credit easily, promptly, and effectively and ensuring the safety of the credit institution's operations.

More details can be found in Resolution 124/NQ-CP in 2023.

Duong Chau Thanh

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