Press Release: On the implementation of 07/2019 and 08/2019

Press Release: On the implementation of 07/2019 and 08/2019 10/08/2019 04:56:00 545

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In July 2019, the Ministry of Finance was assigned to lead in drafting 05 schemes. As of July 30, 2019, 02 schemes have been submitted to the Government and 03 schemes in the process of completing. For the schemes under the promulgating authority of the Ministry of Finance, as of 30 July 2019, the Ministry has issued 06 circulars, including 02 circulars under the 7 months plan, 01 circular under August plan completed before the deadline and 03 circulars arising out of the plan.

on the implementation of 07/2019 and 08/2019 workplans

of the Finance Ministry


1Completion of financial mechanisms and policies.

In July 2019, the Ministry of Finance was assigned to lead in drafting 05 schemes. As of July 30, 2019, 02 schemes have been submitted to the Government and 03 schemes in the process of completing. For the schemes under the promulgating authority of the Ministry of Finance, as of 30 July 2019, the Ministry has issued 06 circulars, including 02 circulars under the 7 months plan, 01 circular under August plan completed before the deadline and 03 circulars arising out of the plan.

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

2.1 State budget revenues and administration of state budget revenues

The total state budget revenue in July is estimated at 144.45 trillion dongs. Accumulated state budget revenue in 7 months is estimated at 891.7 trillion dongs, equaling 63.2% of the estimate, up 11.9% over the same period in 2018. In which:

- Domestic revenue in July:  is estimated at 124.27 trillion dongs, an increase of about 34.5 trillion dongs over the previous month. Accumulated revenue in the first 7 months is estimated at VND 724.68 billion, equaling 61.8% of the estimate, up 12.8% over the same period in 2018 (reaching 58.4% of the estimate, up 18%).

The results of tax declaration and payment of enterprises in the first 7 months of 2019 are relatively positive and uniform in large economic sectors. 53/63 domestic collecting localities have reached the estimated progress (over 58%), of which 42 localities have achieved over 61% of the estimate; 56/63 localities collected higher than the same period.

Revenue from crude oil in July: is estimated at 4.9 trillion dong, on the basis of an average payment of about 65 USD / barrel, payment volume is estimated at 1.03 million tons. Accumulated 7 months of revenue reached VND 34.35 trillion, equaling 77% of the estimate, down 3.4% over the same period in 2018.

- Revenue from import and export activities in July: is estimated at VND 28.5 trillion, an increase of VND 1.1 trillion compared to the previous month. After the reimbursement of value-added tax according to the regime of VND 3 , 5 trillion, the budget balance from import and export activities reached VND 15 trillion. Accumulation of 7-month revenue is estimated at 205 trillion dong , equaling 68.2% of the estimate, up 17.9% over the same period in 2018

Customs authorities have promoted reforms, simplified administrative procedures, increased the application of information technology, connecting electronic tax payment information between tax authorities - customs - treasury - commercial banks, expanding connection to implement administrative procedures and services through the National Single Window, ASEAN Single Window, in order to facilitate, reduce the time and cost of tax administrative transactions for enterprises. At the same time, strengthen inspection and examination; closely coordinate with functional forces to fight smuggling, commercial fraud and counterfeiting. Thereby, creating an equal business environment for businesses, and having positive impacts on the revenue of this area.

2.2. State budget expenditure and the administration of the state budget expenditure

Total state budget expenditure in July is estimated at VND 110.7 trillion; 7 month spending is 776.86 trillion dong, 47.6% of estimate, up by 2.3% compared with the same period of 2018.

The tasks of budget expenditure in July and the first 7 months of the year are strictly ensured, according to the estimates and implementation schedule of the budget using units, ensuring social security. At the same time, in the implementation of the resolutions of the National Assembly, since July 1, 2019, the minimum wage has been increased (from VND 1,390,000 / month to VND 1,490,000/month) for the beneficiaries of the State budget according to Decree No. 38/2019 / ND-CP dated 09/5/2019 of the Government regulating the basic salary level for officials, public servants, and armed forces. The central budget has allocated 2,616 billion, mainly supported the consequences of natural disasters, preventing African pig epidemics. In addition, the Ministry of Finance has issued 60.1 thousand tons of national reserve rice to aid, rescuing the people's hunger and support disadvantaged students.

2. 3. State budget balance and capital mobilization

Balance of the state budget in July and 7 months continued to see surplus. The Ministry of Finance has actively managed the issuance of Government bonds to suit the situation. Nearly VND 137.9 trillion of Government bonds were issued with an average term of 13.62 years, an average interest rate of 4.93% / year.

3. The results of the implementation of some key tasks

1. 1. Public asset management

The Ministry of Finance has submitted to the Government for promulgation of Decree No. 63/2019 / ND-CP dated July 11, 2019 on the regulations of sanctioning administrative violations in the field of public property management and use; thrift practice and waste combat; National Reserves; State Treasury; guiding ministries, branches and localities to implement the management of public properties, the collection of land use levies and land rents; exemption and reduction of land use fees...

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

By the end of July 2019, the equitization plans of 06 enterprises were approved by the competent authorities with a total value of 680 billion VND, of which the state capital was 615 billion VND; 09/62 enterprises in the list issued under Decision No. 1232 / QD-TTg of the Prime Minister implemented divestment with the value of VND 690 billion, collected VND 1,587 billion; the corporations and SOEs outside the list under Decision No. 1232 / QD-TTg divested with a total value of VND 1,540 billion, collected VND 2,511 billion.

3.3Administration of price and market.

In the first 7 months of the year, the Ministry of Finance actively coordinated with relevant functional ministries and agencies in administering prices of essential public goods and services managed by the State (petroleum and electricity, medical service, educational service) to control well the elements of price formation and market price level, preventing sudden and unreasonable price increases; strengthen the inspection and observance of price laws and price appraisal; closely monitor registration and price declaration activities of enterprises. Thereby, contributing to stabilizing prices of domestic goods and services.

3.4. The administration of financial market and financial services

- For the stock market: The stock market continued to maintain a good growth momentum in the first 7 months of 2019, creating favorable conditions for the Government and enterprises to issue bonds, stocks and capital mobilization. for budget and for development investment. As of July 29, 2019, the VN-Index reached 997.94 points, an increase of 9.7% compared to the end of 2018; market capitalization reached about 81% of GDP, an increase of about 14% compared to the end of 2018.

- For insurance market:  in the first 7 months of 2019, total value of insurance assets is estimated at VND 428.3 trillion, up 23.9% over the same period in 2018; reinvestment in the economy is estimated at VND 347.8 trillion, up 22.4%; total equity capital is estimated at VND 91.9 trillion, up 24.8%; total insurance premium revenue was estimated at 85.7 trillion VND, up 20.8%; insurance benefit payment is estimated at VND 22 trillion, up 17.9% over the same period in 2018.

3. 5International cooperation

In July, the Ministry of Finance carried out some activities of the integration and financial cooperation as follows: Successfully organized the Investment Promotion Conference in the UK and worked with a number of financial management agencies the UK; Participated in RCEP negotiations in China; Minister Dinh Tien Dung attended the Commencement Ceremony of the construction project of Dong Kham Xang Economics - Finance Academy, phase 3 in Laos from 18-19/7/2019 …

3. 6External finance and public debt management

In the first 7 months of 2019, 3 foreign loan agreements were signed with ADB, worth about 333.4 million USD. 

In July, as of 20/7 /2019, disbursement of ODA capital and preferential foreign loans is about $ 55 million. Accumulated from January to date 20 July, disbursement of ODA capital and preferential foreign loans is about 1226.5 million dollars, equivalent to about 28,282 billion VND.

3.7. Management of state reserves

Implementing the tasks assigned by the Prime Minister, from the beginning of 2019 up to now, the General Department of Reserves has granted support to the province of Cao Bang with 1,047 tons of rice; 60.1 thousand tons of national reserve rice to aid save hunger for people and support students in disadvantaged areas.

3. 8. Inspection, inspection, anti-smuggling, commercial fraud

Accumulated in the first 7 months of 2019, the entire financial sector has conducted 264,701 inspections; proposed financial settlement of more than VND 26,856 billion; sanctioning administrative violations over VND 1,935 billion; the amount has been paid to the state more than VND 3,432 billion.

As for the prevention of commercial fraud, counterfeiting, from 16/12/2018 to 15/7/2019, the whole customs sector led and coordinated in detecting and arresting a total of 10,236 violations cases in the field of customs, the value of violating goods is estimated at VND 1,611 billion; State budget revenues reached nearly 17 4 billion; customs authorities have issued 21 decisions to prosecute and transfer to prosecute 59 cases.


1. Mechanisms and policies

Under the plan, in August 2019, the Ministry of Finance shall develop, submit to the Government and the Prime Minister 6 Schemes and build 29 Circulars.

2. Some key tasks in May in 2019

2. 1. Implementation of state budget estimates and administration of state budget revenues and expenditures

- Completing the Decision to amend and supplement Decision No. 01/2016/QD-TTg dated January 19, 2016 of TTCP on mechanisms and procedures to support funding for localities to overcome consequences of natural disasters; coordinating with International Budget Partnership (IBP) and research institutions in implementing open budget survey in 2019;  report to the Government / Prime Minister on the assessment of implementing state budget 2019, the state budget estimates in 2020, the plan for allocating central budget in 2020 and the financial plan for 3 year budget from 2020 to 2022.

- Continuing to direct the provincial units of tax and customs  to focus on implementing the task of collecting state budget, strengthening inspection and examination; settling tax debts. Based on the reports of the provincial departments of Tax and the Customs, analyze and understand the situation of state budget collection, tax debts, causes of increase and decrease in localities to have timely solutions.

- Developing the process of collecting state budget through revenue identification code; continue to support and guide the local State Treasury reviewing rectification and standardization of state budget data in the years of 2018 and 2019.

- Leading the discussion on the State budget estimation in 2020 and developing the 2020-2022 plan of the ministries; completing report on the financial and accounting apparatus submitted to the Prime Minister.

- Issuing a decision to assign tasks to Departments of State Reserve in supporting rice to students in 2019-2020; implementing the approval of the rice distribution plan for 2019.

2. 2. Public asset management

Submitting to the Prime Minister for promulgating the Instruction to direct ministries, branches and localities to strictly implement the provisions of the Law on Management and Use of Public Property;  guiding ministries, branches and localities to implement the management and use of public assets; land finance; resettlement of state-owned houses and land.

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

- Organizing the management of the budget, ensuring the payment needs of the State budget and the units having transactions with the State Treasury; coordinating with the National Assembly's Finance-Budget Committee to finalize the National Assembly's Resolution on ratifying the State budget settlement for 2017; developing a database of administrative violations in the field of traffic, connecting and exchanging data with the State Treasury and commercial banks, facilitating the fine payers.

- Complete the Circular guiding the replacement of the Government Decree 93/2009/ND-CP dated October 22, 2009, promulgating the Regulation on management and use of foreign non-governmental aids; Circular guiding Decree No. 132/2018 / ND-CP replacing Circular No.111/2016/TT-BTC regulating financial management for programs and projects using official development assistance (ODA) and concessional loans from foreign donors.

2.4. Corporate finance management and SOE equitization

Submit to competent authorities the schemes and policies related to the assigned areas such as: Decree on transforming public non-business units into joint-stock companies (replacing Prime Minister’s Decision No. 22/2015 / QD-TTg dated June 22, 2015, Decree on functions and duties and operational mechanism of Vietnam Debt and Asset Trading Company and National Assembly’s Resolution on the management and use of revenue from equitization, state divestment in enterprises, Prime Minister’s Decision replacing Decision No. 21/2012 / QD-TTg dated May 10, 2012 promulgating the Regulation to manage and use the Enterprise Arrangement and Development Fund ...

2. 5. Price Management, market stabilization

Actively monitor the evolution of world and domestic petroleum prices to administer in the next operating term; coordinate with the Ministry of Industry and Trade to administer petroleum prices in accordance with current regulations; analyze and forecast consumer price index, report the implementation Resolution No. 01 / NQ-CP dated 01/01/2019 of the Government...

2. 6. Financial market management and financial services

- Complete the Draft Law on Securities (amended) as planned; appraise the offer documents, closely monitor the post-sale activities to ensure compliance with the regulations; supervise securities transactions with abnormal signs; promptly coordinate with 02 Stock Exchanges to assess, analyze and check transactions showing signs of regulation violations ; perform regular and irregular supervision, inspection of the public companies, the maintenance, regular and irregular inspection of accepted auditing organizations.

Coordinate with the relevant units to develop insurance projects under the registered program.

2. 7. International cooperation

Submit to the Government for issuing Decree promulgating special preferential import tariff table in the implementation of AHKFTA Agreement; work with the World Bank in developing the medium-term tax strategy period 2021-2025; submit the plans of concluding tax for RCEP Agreement the Prime Minister...

 2. 8Inspection tasks

Inspectors of the Finance Ministry and specialized inspection units under the Ministry continue to conduct inspections according to the approved 2019 plan.

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


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Chief of Ministerial Office


Tran Quan