Financial sector moves forward firmly with the country into 14th National Party Congress term

The financial sector is focusing on strengthening macroeconomic foundations and creating more room for rapid and sustainable growth, making an important contribution to the realization of socio-economic development goals.

Member of the Party Central Committee, Secretary of the Ministry of Finance’s Party Committee, and Minister of Finance Nguyen Van Thang.

On the occasion of the 14th National Party Congress, Member of the Party Central Committee, Secretary of the Ministry of Finance’s Party Committee, and Minister of Finance Nguyen Van Thang spoke to the press about the results achieved by the financial sector over the past term and the key tasks and solutions for the coming period.

How do you assess the implementation of state financial and budgetary tasks as well as the improvement of institutions, mechanisms, policies and laws in the fields of finance, investment and the state budget in the recent period?

Over the past five years, the implementation of state financial and budgetary tasks has taken place amid complex and unpredictable developments both globally and domestically, posing many difficulties and challenges.

However, thanks to the efforts of the entire political system under the leadership of the Party, the National Assembly (NA) and the Government; the coordinated participation of ministries, sectors and localities; along with the proactive, flexible, timely and effective management and administration of the financial sector, state financial and budget management has achieved many outstanding and comprehensive results, fulfilling all major targets for the 2021–2025 period. State financial and budgetary resources have been increasingly well managed, mobilized and used more efficiently, making an important contribution to the implementation of socio-economic development goals.

Specifically: First, the financial sector has promptly advised and implemented socio-economic development plannings, plans, mechanisms, policies and solutions, promoting growth associated with maintaining macroeconomic stability. The average state budget deficit in the 2021–2025 period was about 3.1–3.2% of GDP, while public debt was estimated at around 35–36% of GDP and remained well under control, contributing to the strengthening of the national credit rating.

Second, the legal system on state finance and budget has been further improved. During the 2021–2025 period, the Ministry of Finance submitted 32 laws and resolutions to the National Assembly (NA) and the NA’s Standing Committee; alongside 168 decrees; and promulgated 436 circulars within its authority, focusing on removing bottlenecks, promoting decentralization and delegation of authority, and cutting administrative procedures, meeting development requirements in the new period.

Third, budget collection management has been strengthened and the structure of state budget collection has been oriented toward sustainability. The average rate of state budget mobilization over five years reached about 18.3% of GDP, while tax, fee and charge exemptions, reductions and deferrals totaling around VND 1.1 quadrillion were still implemented to support people and businesses in overcoming difficulties caused by the pandemic and in recovering production and business activities after the pandemic.

Fourth, the financial sector increased revenue collection and spending discipline by about VND 1.5 quadrillion to supplement resources for development investment, national defense and security, science and technology, salary reform, social security, elimination of dilapidated housing, and construction of schools in border areas.

Fifth, the proportion of development investment spending nationwide increased to about 32% of total state budget expenditure, with focused and targeted allocation to ensure resources for strategic infrastructure projects with strong spillover effects.

Sixth, the investment and business environment continued to improve, strongly encouraging the development of all economic sectors. To date, the country has more than one million operating enterprises, up over 46% compared with 2020; total social investment in the 2021–2025 period reached about 32.2% of GDP, of which the private sector and state-owned enterprises accounted for over 65%.

Seventh, Vietnam continues to be a bright spot in attracting foreign direct investment, ranking among the world’s top 15 developing countries in FDI attraction; FDI capital accounts for about 16% of total social investment.

Eighth, capital markets have developed  in a safer, more sustainable and integrated manner, gradually becoming important capital mobilization channels for the economy. By the end of 2025, the bond market reached about VND 3.93 quadrillion, equivalent to 30.7% of GDP; while stock market capitalization reached nearly VND 10 quadrillion, equivalent to 77.9% of GDP. In 2025, Vietnam’s stock market fully met the criteria and was upgraded from frontier to emerging market status.

Finally, the financial sector has actively supported regional economic development, sectoral development and new economic models; participated in building an international financial center and free trade zones; and effectively coordinated in social security work, ensuring that economic growth goes hand in hand with social progress and equity.

In the coming time, what key tasks and solutions will the financial sector focus on to stabilize the macroeconomy and promote rapid and sustainable growth?

In the coming period, in response to new requirements and tasks, the financial sector will focus on synchronously implementing key tasks and solutions.

First of all, we will pursue a proactive, reasonably expansionary fiscal policy with clear focus and priorities; strengthen the leading role of the central budget while promoting the initiative and creativity of ministries, sectors and localities. Fiscal policy will be closely coordinated with monetary policy to maintain macroeconomic stability, contribute to double-digit growth, and promote transformation of the development model.

In revenue and expenditure management, efforts will focus on improving the effectiveness and efficiency of State budget revenue and expenditure management; ensuring accurate, sufficient and timely collection, associated with nurturing and developing sustainable revenue sources. We aim to ensure that the average state budget mobilization rate in the 2026–2030 period remains around 18% of GDP; increase development investment spending to about 40% of total state budget expenditure; and strictly manage budget deficits and public debt in line with the economy’s borrowing and repayment capacity, thereby contributing to improvements in the national credit rating.

At the same time, institutional frameworks and the legal system on state finance and budget will continue to be improved, while digital transformation and administrative procedure reform will be accelerated, along with enhancements in management and supervision capacity and efficiency.

Could you also elaborate on solutions for developing different economic sectors as well as capital markets and the stock market?

The financial sector will focus on improving the performance effectiveness of the state economy so that it truly plays a leading and pioneering role in key, essential and strategic industries and sectors.

Moreover, strong development of the private economic sector will be promoted in line with Resolution No. 68-NQ/TW, with the target that by 2030, Vietnam will have around two million operating enterprises whose technological capacity, innovation and digital transformation will rank among the leading groups in ASEAN and Asia.

Capital markets and the stock market will be developed into important channels for mobilizing medium- and long-term capital; opportunities arising from the stock market upgrade will be effectively leveraged; and the legal framework for new trends such as digital assets, green transition and digital transformation will be further completed.

For the FDI sector, the focus will be on selective attraction of foreign investment, prioritizing large-scale, high-technology and environmentally friendly projects; strengthening linkages between domestic enterprises and FDI enterprises; and promoting deeper participation in global value chains and supply chains.

To achieve most outstanding results in celebration of the 14th National Party Congress, the Ministry of Finance has launched a nationwide emulation campaign to accelerate and make breakthroughs in successfully fulfilling the targets and tasks set out in the Resolution of the 13th National Party Congress within the financial sector.

This emulation drive has been widely, synchronously and continuously implemented throughout the financial sector, associated with emulation movements to excellently fulfill assigned political tasks, with diverse content and forms in tandem with the implementation of Central resolutions on administrative reform and the Ministry of Finance’s administrative reform programs and plans, with particular emphasis on human resource development and promotion of digital transformation in the financial sector.

By PV – Translated by M.Nguyet, Thu Ha