Minister Phoc reported that state budget revenue in the first half of the year exceeded 1 million billion VND ($43.4 billion), achieving 61% of the annual target, and increased by 17.7% compared to the same period in 2023.

These results were attributed to supportive policies for citizens and businesses, leading to positive economic growth with GDP increasing by 6.42% and inflation rising by 4.08% over six months. Core inflation averaged 2.75% compared to the same period in 2023.

According to him, the Ministry of Finance has implemented policies approved by the National Assembly and the Government, providing tax, fee, and rent reductions totaling 184 trillion VND amidst challenging economic and public finance conditions.

Minister Phoc emphasized that expansive fiscal policies would conclude this year, transitioning to a new cycle focused on enhancing public financial capacity for infrastructure projects and salary reforms. He stressed the importance of tighter fiscal policies, ceasing tax reductions, and concentrating on removing obstacles for businesses to drive economic growth.

Minister Phoc highlighted that large businesses lack funds, while small businesses struggle with a lack of work.

The Minister urged local governments to address public investment disbursement issues, noting that unspent funds exceed $43.4 billion while businesses face high borrowing costs.

The Minister pointed out that nationwide tax debt on land use is 98 trillion VND ($4.2 billion), leading to budget revenue loss and wasting social resources, creating societal conflicts.

Luong Bang