In the morning of 5th October 2021, at the headquarter of the Ministry of Finance of Vietnam, Deputy Minister Vu Thi Mai hosted a virtual meeting with the High-Level Business Delegation of the US-ASEAN Business Council (USABC) to discuss priorities of the Ministry of Finance of Vietnam for the term 2021-2026 and ways the United State business community contribute to the implementation of these priorities. Representatives of related Departments under the Ministry of Finance of Vietnam also attended the meeting.
Deputy Minister Vu Thi Mai at the online meeting with the High-Level Business Delegation of the US-ASEAN Business Council
Speaking at the meeting, Deputy Minister Vu Thi Mai shared information on Vietnam's macroeconomic situation: Despite being heavily affected by the COVID-19 pandemic, Vietnam's macro economy has been stable, major balances of the economy have been basically guaranteed. In the context of adverse impacts of the pandemic, the Government issued a series of policies to extend, exempt and reduce taxes, fees and charges to support people and businesses as well as solutions to ensure social security and support workers.
Regarding the policy priorities of the Ministry of Finance, Deputy Minister Vu Thi Mai said that in the 2021-2026 period, the Ministry of Finance would focus on improving the efficiency of mobilizing, allocating and using financial resources of the state and society through restructuring the budget collection policy towards covering all revenue sources and expanding the revenue base; studying and developing a reasonable tax rate, ensuring the fairness and neutrality of the tax policy system; and correcting obstacles in current policies. At the same time, the Ministry of Finance would restructure budget expenditure in a sustainable way, reduce recurrent expenditure, increase development investment, ensure social security; amend the Law on State Budget with the view of further decentralization,...
In the next priority, the Ministry of Finance would finalize the financial institutions; open up financial resources from the society; rapidly and synchronously promote the financial, securities, and insurance markets in a sustainabbe, inclusive and comprehensive manner.
The Ministry of Finance also prioritizes improving and enhancing the quality of the business environment; managing tax and customs conveniently and effectively; ensuring fair and transparent competition; promoting trade facilitation. At the same time, The Ministry of Finance would further promote administrative reform, simplify administrative procedures, accelerate digital transformation, especially in the field of tax and customs.
Deputy Minister affirmed that the Ministry aim to create an equal and favorable business environment for foreign businesses in general and US businesses in particular to facilitate new and expanded investments in Vietnam. Deputy Minister Vu Thi Mai suggested that USABC as well as US businesses put their faith in the development of the Vietnamese economy and maintained investment in Vietnam, as well as actively participated in active policy consultation with the Ministry of Finance in finalizing financial policies and institutions in order to create an mutually beneficial, equal, transparent and harmonious business environment.
Representatives of the US-ASEAN Business Council
Speaking at the meeting, Mr. Marc Mealy - Senior Vice President for Policy of USABC thanked Deputy Minister Vu Thi Mai for frank and open information and functional Departments under the Ministry of Finance, thereby facilitating cooperation between Vietnam and the United States. The business community of USABC appreciated that the Ministry of Finance has always accompanied and listened to the opinions of the business community. All representatives of US businesses expressed their strong commitment to invest in Vietnam and proposed a number of policy recommendations to the Ministry./.
Translator: Thu Trang