Press Release: On the implementation of 05/2019 and 06/2019 workplans

Press Release: On the implementation of 05/2019 and 06/2019 workplans 27/06/2019 10:38:00 479

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Revenue for State budget balance in May is estimated at VND 110.2 trillion. The 5-month accumulation reached VND 628.1 trillion, equaling 44.5% of the estimate, up 12.9% over the same period in 2018

On the implementation of 05/2019 and 06/2019 workplans

of the Finance Ministry

I. REVIEW ON THE IMPLEMENTATION OF 05/2019 WORKPLAN

1Completion of financial mechanisms and policies.

The Ministry of Finance has completed the Draft Law on Tax Administration (amended) and Law on Securities (amended) to submit the Government and the National Assembly.

In 05/2019, the Ministry of Finance has completed 01 scheme to submit the Government, issued 05 circulars, 02 schemes are in the process of completing.

2. The implementation of state budget estimates and administration of state budget revenues and expenditures

2.1 State budget revenues and the administration of state budget revenues

Revenue for State budget balance in May is estimated at VND 110.2 trillion. The 5-month accumulation reached VND 628.1 trillion, equaling 44.5% of the estimate, up 12.9% over the same period in 2018. In which:

- Domestic revenue: is estimated at VND 81.9 trillion in May, lower than VND 29.7 trillion compared to the previous monthAccumulated 5 months reached VND 506.9 trillion, equaling 43.2% of the estimate, up 13% over the same period in 2018.

The results of tax declaration and payment of enterprises in the first 5 months of 2019 are quite positive and relatively even in large economic sectors. It is estimated that there are 52/63 domestic collecting provinces reaching the estimated plan (over 41%), of which 41 localities obtained over 43% of the estimate; 57 localities collected higher than the same period.

- Revenue from crude oil: estimated at 5.1 trillion VND in May, up 520 billion VND compared to the previous monthThe 5-month accumulation is estimated at VND 23.39 trillion, equaling 52.4% of the estimate, down 2.4% compared to the same period in 2018.

- Revenue from import and export activities: May is estimated at VND 35.1 trillion.  Revenue of 5 months is estimated at VND 146.7 trillion.

Customs authorities have actively reinforced post-customs clearance inspection; coordinated closely with functional forces to fight against smuggling, trade frauds and fake goods; thereby bringing about a positive impact on the revenue of this area.

2.2. Expenditure and administration of State budget

Total state budget expenditure in May is estimated at VND 120.7 trillion; 5 month accumulation reached VND 550.2 trillion, equaling 33.7% of the estimate, up 4.2% over the same period in 2018.

The tasks of state budget revenue is under tight control, in line with estimates and progress of budget implementation, ensuring tasks of social security.

In the first 5 months, the central budget has allocated 1162.7 billion to support the localities to overcome disasters, floods and handle unexpected and urgent tasks.

2. 3. State budget balance and capital mobilization

The state budget balance in May and the first 5 months saw surplus. The Ministry of Finance has actively administered the issuance of Government bonds to suit the situation. As of 23/5/2019, it has issued 98.3 trillion of government bonds with an average maturity of 12.75 years, the average interest rate of 4.94% / year.

3The results of the implementation of some key tasks

3. 1Public asset management

In May, the Ministry of Finance organized a nation-wide online conference to assess the implementation of the Law on Public Property Management and Use, legal documents detailing the implementation of the Law; guiding the ministries, and localities to implement the contents related to the management of public properties, the collection of land use levies and the collection of land rents; exemption and reduction of land use fees and land rent; deducting compensation and ground clearance money from payable land rents

3. 2Administration of corporate finance and equitization, divestment of state-owned enterprises

In the first 5 months of the year, the Government and the Prime Minister instructed the ministries to continue researching, fully and synchronously promulgating the system of policies and laws on equitization and divestment, restructuring SOEs, according to which Ministry of Finance issued 04 Circulars guiding the implementation of Decree No. 126/2017 / ND-CP and 01 Circular guiding the implementation of Decree No. 32/2018 / ND -CP thereby ensuring equitization and divestment in accordance with the law, publicity and transparency for the highest interests for the State.

- The situation of equitization: In the first 5 months of 2019, equitization plans of 03 enterprises has been approved. As of May 2019, 30/127 equitized enterprises has been on the list of equitized enterprises according to the Prime Minister's Official Note No. 991/TTg-DMDN dated 10/7/2017. The number of enterprises needs to promote equitization is 97 enterprises, accounting for 76% of the plan.

- In the first 5 months of the year, divestment was made with the value of VND 759 billion, collecting VND 1,657 billion. From 2017 to 5/2019, state divestment has been completed in 87 units according to the Decision No. 1232 / QD-TTg dated August 17, 2017 of the Prime Minister with the value of VND 4,549 billion, collecting VND 8,765 billion.

3. 3Administration of price and market.

The Ministry of Finance continues to conduct strict price management, actively coordinating with relevant ministries in managing and administering prices of important and essential commodities and public services with prices managed by the State (petrol, electricity, medical services with health insurance, educational services); strengthening inspection and examination over the observance of price laws; closely monitoring registration and price declaration activities of enterprises.

3.4. Financial market management and financial services

- Stock market:  maintain growth momentum, create favorable conditions for the government, enterprises to issue bonds, shares, raising capital for the budget and for investment and development. As of May 29, the VN-Index reached 971.54 points, down 0.71% compared to the beginning of the month and 8.22% higher than the beginning of the year; capitalization scale reached about 78.6% of GDP, up 9.8% compared to the end of 2018. At the same time, strengthening inspection over the observance of the law on securities, timely handling violations.

- Insurance market: The total value of insurance assets in the first 5 months is estimated at VND 414.2 trillion, up 23.5% over the same period of 2018; re-investment in the economy is estimated at 339.7 trillion dong, up 25.7%; total ownership equity is estimated at VND 90.7 trillion, up 24.5%; total insurance premium revenue is estimated at VND 57.5 trillion, up 23%; insurance payment is estimated at VND 15.4 trillion, up 21.8% over the same period in 2018.

- Monetary market: By the end of May 2019, capital mobilization increased by 4.22-4.25%, credit growth increased by 5.20-5.24%, total means of payment increased by about 4, 39-4.41% compared to the end of 2018. The exchange rate, on May 29, 2019, was 23,064 VND / USD, an increase of 31 VND, equivalent to 0.1% compared to the beginning of the month and increased 239 VND compared to the beginning of the year, equivalent to 1%; 29/5/2019, gold price in the free market reached 36.19 - 36.36 million VND / tael, down 0.2% compared to the beginning of the month and 0.8% lower than the beginning of the year 2019.

3. 5International cooperation

In 5/2019, a number of activities were carried out: attending the ASEAN +3 Meeting for Finance Ministers and Central Bank Governors; organizing Public Expenditure Management Network in Asia (PEMNA). ..

3. 6External finance and public debt management

As of May 20, 2019, disbursement of ODA and preferential loans in 2019 reached about USD 1,031 million, equivalent to about VND 23.7 trillion.

3.7. Management of state reserves

Implementing the tasks assigned by the Prime Minister, in the first 5 months of the year, the Ministry of Finance has issued 53.9 thousand tons of national reserve rice to support people and students in disadvantaged area. Particularly in May 5, 2019, there was a hunger rescue for 03 Quang Binh provinces with 881 tons of rice; Thanh Hoa with 253 tons of rice; Dak Lak 776 tons of rice.

3. 8Inspection and examination over anti-smuggling, commercial fraud

In May 2019, the Ministry Inspectorate and units with specialized inspection functions under the Ministry carried out 7,366 inspections and examinations; checking 42,287 tax declaration dossiers at tax authorities ; proposing financial settlement of 3,106 billion VND , sanctioning administrative violations of 271.5 billion VND;  collecting VND 797 billion to the state budget. In the first 5 months of 2019, 20,454 inspections and inspections were carried out; inspecting 121,144 tax returns at tax authorities , arresting 4,885 smuggling cases; proposing financial settlement of VND 15,156 billion, collecting VND 2,901 billion to the state budget.

 3.9. Administrative reform work

Results of marking the 2018 administrative reform index in the ministries and ministerial-level agencies have been announced, in which, the Ministry of Finance ranked 2/18 ministries and ministerial-level agencies , up 1 rank compared to 2017. The Ministry of Finance's Par Index in 2018 is 90.19 / 100 points.

II. MAJOR WORKPLANS IN MAY 2019

1. Mechanisms and policies

Under the program, in June 2019, the Ministry of Finance continued to complete the Law on Tax Administration (amended) and the Law on Securities (amended) to submitting 06 projects and 34 circulars to the Government and the Prime Minister.

2. Some key tasks in June in 2019

2.1. Implementation of state budget estimates and administration of state budget revenues and expenditures

Complete the detailed assessment outline of the 10 years State Budget and Financial Strategy for 2011-2020; developing the 10-year Strategy for 2021-2030 and the 5-year budget-financial plan for 2021-2025; reporting the implementation of the Government's Resolution on major solutions and administer socio-economic development plans and state budget estimates for 2019...

Continue to direct Tax Departments and Customs Departments of provinces and cities to strengthen inspection, examination, handling tax debts, assessing the implementation state budget revenue estimate in the first 6 months of 2019

Develop the process of collecting state budget through revenue identification code; restructuring the database, connecting and exchanging information on state budget collection; unifying the focal point to control state budget expenditures

Completing the thematic report on the socio-economic development strategy for the period 2011-2020 and 2021 2030; acquiring the appraisal opinions of the Ministry of Justice to complete the draft Decision to amend and supplement some articles of Decision No. 60/2015 / QD-TTg dated November 27, 2015 of TTCP on financial management mechanism and management costs of social insurance, health insurance and unemployment insurance.

Check, enter and approve the investment plan for 2018 on TABMIS system of central ministries and sectors; participate with MPI on appraising capital sources for projects funded by 10% of local reserve funds and medium term reserve for 2016-2020; complete the detailed allocation of the state budget investment plan in 2019 according to the MPI's decision and the allocation of local capital; summarize, report the situation of periodic disbursement in June; sum up the development investment capital plan and the state budget capital plan of 2019 of ministries and localities; complete data on mid-term public investment plan report for 2016-2020 and annual plan.

Report to the Prime Minister on the results of rice support students in the school year of 2018-2019; implementing rice support for afforestation projects in provinces...

2.2. Public asset management

Draft and submit to the Prime Minister for promulgating the instructions to direct ministries and localities to strictly implement the provisions of the Law on Management and Use of Public Property and documents guiding the implementation of the Law according to directing opinions of Deputy Prime Minister Vuong Dinh Hue in Official Note No. 4053/VPCP-KTTH dated May 14, 2019; guide ministries, and localities to implement the contents of public property management and use; land finance according to the regulations of law; coordinate with the Government Office to complete procedures, submit to the Prime Minister to issue 03 projects that have been submitted to the Government for signing

2. 3Administration of budget, capital mobilization, public debt

- Organize the management of the budget, ensuring the payment needs of the State budget and units dealing with the State Treasury; implement measures to ensure solvency and payment in foreign currency. ..

- Complete the circular guiding the reporting forms to serve the financial management for the programs and projects using ODA capital and preferential loans abroad; report to the Prime Minister on the credit rating results of Vietnam in 2019; negotiate and sign the Loan Agreement of the Project "Developing tourism infrastructure to support comprehensive growth of the greater Mekong sub-region", the Loan Agreement of the comprehensive Banking - Financial and Financial Sector Development Program.

2.4. Corporate finance management and SOE equitization

Coordinate with the ministries and localities to promote restructuring, equitization of divestments for SOEs; implement the supervision and settlement of financial problems of enterprises; focus on submitting to the competent authorities schemes and policies related to the assigned areas .

2.5Strengthening price management the market stabilization

Actively monitor the development of world and domestic petroleum prices to administer petroleum prices in the next term; coordinate with the Ministry of Industry and Trade to administer petroleum prices in accordance with current regulations; monitor and strictly control the price declaration, price announcement of some commodities such as liquefied petroleum gas, sugar, fertilizer, seaport services, steel, cement, animal feed, plant protection drugs, vaccines for livestock and poultry; implement good prevention of smuggling, trafficking, drug transportation ..

2. 6Management over financial market and financial services

          - Deploy the examination and inspection teams according to plans for securities organizations, strictly handle violations,  tightly monitor securities transactions with abnormal signs; closely coordinate with 02 Stock Exchanges to assess, analyze and conduct examinations for transactions with signs of violation; continue to complete the draft law on securities (amended) as planned.

           - Focus on developing schemes and policies related to VDB; issued 04 financial circulars for the program of microfinance projects, electronic lottery, and lottery supervision council, risk handling mechanism of credit guarantee funds for small and medium enterprises.

              - Coordinate with relevant agencies to develop bills under the registered program such as: Insurance Business Law 2020; Law amending and supplementing the Law on Insurance Business; Prime Minister's decision on supporting agricultural insurance; decree on micro insurance.

2. 7International cooperation

Scheduled to carry out a number of activities: Attending the 26th negotiation on RCEP Agreement; Preparing for the participation of the G20 Finance Ministers' Meeting and Central Bank Governors in Japan...

2.8Inspection tasks

 Above is a summary of information about the implementation of financial tasks - the state budget in May 2019 and tentative workplan of the Ministry of Finance in June 2019. The Ministry of Finance requests press agencies to coordinate in communications. /.

Recipients:

- Central Propaganda Committee;       

- Ministry of Information and Communications;       

- Government Office ;

- Ministry leaders ;

- Press agencies ;  

- Government Information Center Portal ;              

- Portal of the Ministry of Finance ;

- Archive: Registry, Office.

  

 

 

              

 

 

 

TL . MINISTER

CHIEF OF STAFF

 

 

(Signed)

 

 

 

 

 

Authorised by the Minister

Chief of Ministerial Office

(Signed)

Tran Quan