Want to be in the loop?
subscribe to
our notification
Business News
GOV'T APPROVES FINANCIAL STRATEGY THROUGH 2030
Deputy Prime Minister Le Minh Khai signed Decision No. 368/QD-TTg dated March 21, 2022 approving the financial strategy until 2030.
The overall objective of the strategy is to ensure financial resources for realization of socio-economic, defense and security tasks.
Total revenue from taxes and charges is expected to account for about 13-14 percent in the 2021-2025 period and around 14-15 percent in the subsequent five-year period.
Domestic revenue, excluding revenue from crude oil, is estimated to make up 85-86 percent of total State budget revenues by 2025 and 86-87 percent by 2030.
The Government will strive to lower recurrent expenses to below 60 percent of the State budget expenditures while increasing development expenditures to 29 percent in the 2021-2025 and continue this course in the following years.
The Government will work to gradually reduce budget overspending to 3.7 percent of GDP on average in the 2021-2025 period and down to 3 percent by 2030.
Public debt, Government debt, and foreign debt will not exceed 60 percent, 50 percent, and 50 percent respectively in the 2021-2025 period. By 2030, foreign debt will be brought down to below 45 percent.
The value of stock market capitalization is estimated to reach 100% of GDP by 2025 and 120 percent of GDP by 2030.
The Government targets to develop the insurance market comprehensively to meet diverse demands of individuals and organizations and the sector is expected to account for around 3-3.3 percent of GDP by 2025 and 3.3-3.5 percent by 2030.
Direct expenditures from the State budget to public non-business units will be reduced by 10 percent on average in the 2021-2025 period and 15 percent in the 2026-2030.
To achieve the above goals, the Government will expedite completion of financial institutions, and innovate financial mechanisms and policies in favor of the development of human resource, science and technology, and innovation.
The Government will step up modernization and development of digital financial platforms associated with the process of digital transformation.
It will also mobilize and steer financial resources to infrastructure development and post-COVID pandemic recovery.
Source: VCCI
Related News
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.