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Ministry of Finance announces ten notable events of 2020

The Ministry of Finance has announced a list of ten notable events of Vietnam’s financial sector in 2020.

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1. Many fiscal policies introduced to support Covid-19-hit businesses

The Ministry of Finance formulated three resolutions to reduce and waive a wide range of fees and taxes in order to ease expenses for enterprises and the people affected by the Covid-19 pandemic.

2. Effective budget management to achieve dual goals

The Ministry of Finance proactively managed the government budget in accordance with various growth scenarios, helping to realise the dual goal of preventing the spread of Covid-19 while promoting economic recovery.

3. Reform momentum maintained with impressive results

The Ministry of Finance ranked second among 17 ministries on administrative reform in 2019, and also ranked first in information technology application. All of the ministry’s administrative procedures are now provided online.

4. Successful organisation of regional meetings

As part of various meetings during Vietnam’s chairmanship of ASEAN in 2020, the Ministry of Finance successfully organised the ASEAN Finance Ministers’ Meeting and the ASEAN Finance Ministers and Central Bank Governors’ Meeting via video links.

5. Providing supplies for Covid-19 and flood relief

The General Department of State Reserves under the Ministry of Finance collaborated with the Ministry of Defence to provide the necessary supplies to help with preventing the spread of Covid-19 and flood relief efforts in the central region.

6. Vietnam’s stock market celebrates 20th anniversary

Vietnam’s stock market maintained stable operation during the Covid-19 pandemic and even witnessed a strong recovery, with the benchmark VN-Index reaching 1003.08 after 20 years, up 4.4% compared with the end of 2019.

7. Re-organisation of tax branches completed ahead of schedule

The General Department of Taxation completed the re-organisation and merging of its branches ten months ahead of schedule, helping to streamline the apparatus, reduce the intermediary procedures and enhance the effectiveness of tax management.

8. Breakthroughs in inspection of food imports

The General Department of Customs formulated a plan to make a radical reform to safety inspection of food imports, aiming to reduce administrative procedures, cut costs and time for clearance, and increase enterprises’ awareness of food safety and quality.

9. State Treasury fully connected with state-funded agencies

The State Treasury completed the connection with all agencies using government budget through level-four online public services and incorporated its administrative procedures on the national public service portal.

10. Successful organisation of Party congress and patriotic emulation congress

The Ministry of Finance successfully organised its 25th Party Congress as well as its 5th Patriotic Emulation Congress. The financial sector also held various events to mark the 75th anniversary of its foundation. Nhan Dan

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