Financial strategy to 2030

I. Viewpoints, objectives and tasks
1. Viewpoints
Formulation and implementation of the Financial Strategy to 2030 is associated with the following key viewpoints:
a) National financial policy plays a pioneering role in mobilizing, liberating, orienting allocation and efficient use of domestic and foreign resources to prioritize socio-economic development objectives, contribute to model innovation and improve quality of schools on basis of human resource development, science and technology, innovation and digital transformation.
b) Reforming and improving quality of financial institutions in direction of synchronization, transparency and integration are prerequisites for promoting healthy development of national finance; to use synchronously and effectively tools of fiscal policy, closely coordinate with monetary policy and other policies in controlling inflation, stabilizing the macro-economy and ensuring major balances of the economy, creating favorable environment and conditions for rapid and sustainable development; at the same time, attach importance to synchronous and harmonious development of markets, economic regions and types of enterprises; private economic development is indeed an important driving force of the economy.
c) State budget restructuring and public debt management must be included in overall economic restructuring, ensuring the leading role of the central budget and the initiative of local budgets; improve efficiency of mobilization and use of state budget resources to lead and activate other resources; bring into full play advantages of regions and regions; balance resources for harmonious development between economy and society, protect environment, and adapt to climate change.
d) Financial management by law, strengthening financial discipline; improve quality of inspection, examination, prevention and combat against corruption and waste; promote application of information technology and digital financial platform, continue to modernize financial industry.
2. Overall objectives
Building a sustainable, modern and integrated national financial system, contributing to promote growth, enhancing resilience of the economy, ensuring macroeconomic stability and national financial security. Implement reasonable incentive policies, improve fiscal space, create favorable conditions for effective mobilization, allocation and use of financial resources and harmoniously solve economic development problems, society and environment, ensuring national security and social security in association with objectives and tasks of 10-year socio-economic development strategy for a period of 2021-2030.
3. Specific goals and tasks
a) Ensuring financial and budgetary resources to contribute to realization of socio-economic development goals and tasks, security and defense;
- Rate of mobilization to the State budget in a period of 2021 - 2025 is not lower than 16% of GDP on average and about 16-17% of GDP in the 2026 - 2030 period. In which, mobilizing rate from taxes and fees in a period of 2021 - 2025 is about 13 - 14% of GDP and in a period of 2026 - 2030 is about 14 - 15% of GDP.
- Proportion of domestic revenue in total state budget revenue by 2025 will be about 85 - 86%, by 2030 about 86 - 87%.
b) Effective management of State budget expenditures; continue to restructure state budget expenditure towards sustainability; prioritize spending on development investment and ensure resources for debt repayment, increase State budget resources for national reserves, increase spending on human development investment and ensure social security.
- In a period of 2021 - 2025, proportion of recurrent expenditure in total State budget expenditure is about 62-63% on average, proportion of development investment expenditure in the total State budget expenditure is about 28% on average. In implementing organization, strive to increase proportion of expenditure on development investment to about 29%, reduce proportion of recurrent expenditure to about 60%. In a period of 2026 - 2030, continue to save recurrent expenditures, increase the accumulation from the state budget for development investment spending.
- In a period of 2021 - 2030, priority will be given to allocating the State budget to strengthen national reserve potential, in line with the State budget's ability to be ready to respond quickly and effectively in unexpected situations, urgently and well fulfill tasks assigned by the Government and the Prime Minister.
c) Gradually reduce the State budget deficit; strictly manage public debt, ensure public debt safety and national financial security
- Striving to increase revenue, save spending, reduce State budget deficit to achieve target of budget deficit in national financial plan and borrow and repay public debt in five years from 2021 to 2025 on average about 3.7 % GDP; by 2030 to about 3% of GDP. In case of major fluctuations or risks, Ministry of Finance shall promptly report to the Government for submission to the National Assembly for consideration and decision.
In a period of 2021 - 2025, the annual public debt ceiling should not exceed 60% of GDP, the government debt should not exceed 50% of GDP, and the country's external debt will not exceed 50% of GDP. By 2030, public debt will not exceed 60% of GDP, government debt will not exceed 50% of GDP and the country's external debt will not exceed 45% of GDP.
d) Synchronous, transparent and sustainable development of financial markets and financial services
- Develop a stable stock market, operate safely, efficiently with a reasonable structure and balance money market with capital market, stock market with bond market. By 2025, stock market capitalization will reach 100% of GDP; outstanding debt in bond market reached at least 47% of GDP, of which outstanding debt in corporate bond market reached at least 20% of GDP. By 2030, stock market capitalization will reach 120% of GDP, bond market's outstanding loans will reach at least 58% of GDP, of which corporate bond market's outstanding loans will reach at least 25% of GDP.
- Comprehensively develop insurance market to meet diverse insurance needs of organizations and individuals in the economy. Average revenue growth of insurance industry in a period of 2021 - 2025 is 15%/year, by 2025, the scale will reach about 3 - 3.3% of GDP; average growth in a period of 2026 - 2030 is 10%/year, by 2030 the scale will reach about 3.3 - 3.5% of GDP.
- To develop stably accounting and auditing service market; improve quality of accounting and auditing services. By 2025, ensure 100% of enterprises and large-scale units have their financial statements audited, regardless of type of operation and form of ownership.
- Enhance transparency in field of price appraisal, step by step improve capacity and quality of appraisal of prices.
Accelerate renovation of the financial mechanism for public non-business sector; restructuring and improving operational efficiency of State-owned enterprises.
- Perfecting institution on reforming management mechanism, financial mechanism and reorganizing system of public non-business units; complete roadmap for calculating public non-business service prices for a number of basic fields. In a period of 2021 - 2025, an average reduction of 10% of direct expenditure from the State budget for public non-business units compared to a period of 2016 - 2020. In a period of 2026 - 2030, an average reduction of 15% of direct expenditure from the State budget State policy for public non-business units compared to a period of 2021 - 2025.
- By 2025, complete task of reorganizing State-owned enterprises. By 2030, consolidate and develop a number of large-scale, effective state-owned economic groups capable of competing in regional and international markets in a number of key industries and fields of the country.
e) Promote implementation of price management and administration mechanism according to market mechanism with the State's regulation
Continue to innovate and perfect method of price management and administration according to market mechanism regulated by the State; accelerate implementation of market prices for a number of public goods and services. By 2025, to completely build a national database system on prices, ensuring data connectivity to ministries, branches and localities.
g) Promote application of information technology and digital financial platform, modernize national financial system
- Build a public, transparent and effective integrated tax management information system.
- To build a regular and modern Vietnam Customs on par with the customs of developed countries in the world; Leading in implementing digital government with digital customs, smart customs model.
- Develop a digital State accounting and budget management information system, contributing to formation of a digital treasury by 2030.
- Accelerate modernization of information technology application in management of national reserves, management and supervision of stock market towards modernity and efficiency.
II. Financial strategic breakthroughs
1. To step up perfecting and improving quality of financial institutions to ensure completeness, synchronization and integration; renovate mechanism of decentralization of management and State budget allocation to ensure the leading role of central budget and initiative of local budget; restructuring the State budget, developing a modern, transparent and sustainable financial market.
2. Renovate financial mechanisms and policies for human resource development, science and technology and innovation. Accelerate modernization and development of a digital financial platform on basis of information technology application associated with digital transformation.
3. Unlocking and promoting financial potentials for development of the socio-economic infrastructure system; prioritizing resources to carry out tasks of economic recovery and development.
III. Solutions to implement financial strategy until 2030
1. Completing policy of mobilizing national financial resources, improving effectiveness and efficiency of State budget revenue management
a) Continue to perfect system of policies on synchronous state budget collection, have a sustainable structure, ensure rational mobilization of resources for the State budget, contribute to creating a competitive environment suitable for the State budget, economic integration and development.
Completing system of revenue policies in association with restructuring state budget revenues in direction of covering all revenue sources, expanding revenue base, especially new sources of revenue, in line with reality, integration commitments and good international practice. Research and develop a reasonable tax rate, ensuring fairness and neutrality of tax policy system. Increase proportion of domestic revenue in total State budget revenue, ensuring a reasonable proportion between indirect taxes and direct taxes. Review and adjust tax incentives, remove tax incentives that are no longer suitable for development requirements; minimize integration of social policies in taxes and revenues. Implement tax solutions to support businesses and people to overcome difficulties caused by impact of the Covid-19 pandemic, recover and develop economy and ensure balance of finance - state budget.
Completing tax mechanisms and policies to encourage scientific, technological and innovation development in line with goal of promoting development and application of new technologies and prioritized technologies for development, construction, develop national innovation centers.
Completing policy on revenue collection for land, property and natural resources; have an appropriate mechanism to exploit resources from land for socio-economic infrastructure development. In particular, continue to implement agricultural land use tax exemption and reduction until the end of 2025 in accordance with policy of the Party and State on agricultural, farmer and rural development. Researching and perfecting non-agricultural land use tax policy towards increasing regulation rate for land and supplementing tax collection for houses in order to encourage effective use of houses and land, contributing to limiting house speculation, ensuring a reasonable and stable source of revenue for the State budget, in line with Vietnam's socio-economic conditions and international practices. Develop tax management policies associated with housing and land management by relevant ministries and branches. Research to regulate value added from land that is not brought by investment of land users through tax policy, collection of land use levy and land rent. Researching and amending resource tax policy, ensuring that resource tax policy continues to be an effective tool to contribute to management and protection of natural resources and to encourage economical and efficient use of resources.
b) Increase mobilization of resources outside the State budget
Continue to improve legal framework on investment under mode of public-private partnership (PPP), encourage participation of all economic sectors in investment in development of economic and technical infrastructure, investment in agriculture and rural areas, especially projects applying high technology, clean technology, green economic development projects, organic agriculture, bio-agriculture, investment projects in extremely difficult areas.
Completing policy of attracting foreign investment capital, shifting focus of foreign investment attraction and cooperation policy from quantity to quality; Prioritize projects that create high added value, have a modern governance model, are linked to the global supply chain, have spillover effects are closely connected with domestic economic sector and go hand in hand with global supply chain, environmental protection, sustainable development.
c) Strengthening management of State budget revenue and customs management
Completing tax and customs management institutions towards improving effectiveness and efficiency of tax administration and customs management on basis of application of modern technologies, contributing to removing difficulties and obstacles, facilitating benefit taxpayers, prevent tax loss and fraud; strengthen anti-transfer pricing and effectively manage new sources of revenue arising from e-commerce transactions and digital economy; at the same time, promoting voluntary compliance according to compliance level of each group of taxpayers and in line with requirements of e-government and digital government. Strengthen prevention and combat of smuggling, trade fraud and illegal cross-border transportation of goods in management of import and export goods, ensuring economic security and social safety. To step up application of information technology, strengthen administrative procedure reform to improve business environment, enhance national competitiveness and reduce tax compliance costs of people and businesses.
2. Improve efficiency of allocating, managing and using financial resources in association with promoting process of economic restructuring and sustainable development
a) Enhance guiding role of State financial resources in investment in socio-economic development
Improving efficiency and restructuring State budget expenditure towards sustainability, prioritizing resources to increase development investment spending, focusing on important and urgent tasks of the State to serve recovery goals and socio-economic development, security and defense.
Accelerate restructuring of public investment spending, improve efficiency and effectiveness of allocating and disbursing public investment capital, improving the leading and priming role of state budget resources and promoting attraction of public investment capital, non-State budget investment capital to increase investment resources of the whole society; make breakthroughs in building synchronous, modern, green and environmentally friendly infrastructure and urban areas. In a period of 2022 - 2023, focus on allocating capital for important and urgent works and projects with spillover effects and rapid impacts on development of industries, fields, regions and areas to support recovery and social economic development.
Renovate method of recurrent expenditure management, promote mechanism of contracting, bidding and ordering; strengthen decentralization, give autonomy, encourage use of resources in accordance with characteristics of ministries, branches, localities and units using the State budget.
Increase resources to spend on human development investment in order to improve quality of human resources, promote labor productivity, meet requirements of industrial revolution 4.0 and international integration. Reform salary policy, ensure resources to continue to well implement social security policies, create conditions for equal access to resources, development opportunities and fair enjoyment of basic social services for all people, especially disadvantaged groups such as children, the poor, ethnic minorities...in accordance with development conditions of economy and balancing capacity of the State budget.
To fundamentally renew mechanism of management and use of the State budget for investment in science and technology development towards thrift and efficiency; implementing mechanism of the State placing orders, bidding for implementation of scientific and technological tasks and mechanism of contracting to final product.
Perfecting financial mechanisms and policies to promote scientific and technological development and innovation, application and technology transfer. To study and develop specific and outstanding financial mechanisms and policies to develop a number of fields of science and technology that have strengths and play an important role for the country to reach international level. To increase State budget investment in building a number of modern and advanced research and development organizations, especially leading science and technology organizations with potential to promote process of research and development, integration with the region and the world.
b) Promote medium-term financial management and administration
Manage State budget expenditures within scope of resources, ensure synchronization and consistency between medium-term public investment plan, medium-term public debt plan and medium-term financial plan; implement the 3-year state budget-financial plan in accordance with law on State budget and international practices.
Develop and implement spending commitments to ensure centralized allocation of resources, avoid spreading and effectively serve work of making and deciding on estimates, finalization and auditing of the State budget of agencies according to their respective functions, powers and duties assigned.
c) Renovating the State budget decentralization mechanism
Renovate the State budget decentralization mechanism on basis of applying principles and good international practices on decentralization of revenue management, expenditure tasks and the relationship between budget levels, basically overcoming situation integrate it in management of the State budget, strengthen the leading role of the central budget; promote decentralization, encourage localities to be creative, increase revenue, mobilize resources for socio-economic development in the locality, create initiative and self-responsibility for local authorities in decision-making, use budget; increase authority and responsibility in budget management at all levels and budget-using units along with enhancing transparency and accountability, strengthening inspection and supervision.
Review, develop and complete specific financial - budgetary mechanisms and policies applicable to key economic regions and a number of large provinces and cities; promote regional linkage, strengthen international integration and narrow development gap between regions.
d) Continue to reform the State budget expenditure control and budget management
Renovate mechanism of management and control of State budget expenditure commitments according to international practices. Unify process and digitize control and payment of state budget expenditures through the State Treasury. Renovate method of controlling State budget expenditure in the direction of risk management and strengthening post-audit, associated with strengthening decentralization, assigning accountability to budget-using units and corresponding to level of development, develop internal audit function in ministries, branches and localities.
Completing the State treasury management mechanism in direction of approaching the State treasury management practices in developed countries and in line with actual situation in Vietnam, ensuring centralized and safe management, transparent and effective. Continue to perfect centralized payment model of the State Treasury. Diversify investment tools, borrow from State budget. Closely linking State treasury management with budget management and debt management in order to reduce costs and debt risks; enhance effectiveness, safety and sustainability of public financial management system and improve fiscal space. Establish a comprehensive and modern state treasury risk management framework.
e) Implement strict management of public assets
Continue to improve legal framework related to management and use of public assets; especially the law on finance of land, natural resources, valuation and valuation of state-owned enterprises upon equitization; develop legal documents on management and use of specialized public property, ensuring synchronization and consistency with law on management and use of public property. Develop a system of evaluation criteria and organize assessment of public asset management in administrative and non-business sector. Expand and upgrade national database on public property; build and put into operation an electronic transaction system on public property.
f) Strengthening national reserve potential
Completing legal framework on management and administration of national reserve activities; strengthen national reserves strong enough, have a reasonable structure, proactively meet unexpected and urgent needs of the economy; promote socialization and attract resources outside the State budget for national reserves.
Concentrate on stocking up on strategic, essential, high-value, high-frequency products that cannot be produced domestically to proactively respond promptly in emergency situations, ensuring national defense and security and perform assigned tasks. At the same time, review, adjust and supplement strategic, essential and necessary items or remove unsuitable items from list of national reserve goods.
3. To closely and effectively manage the State budget deficit and public debt; improving fiscal space, contributing to improving resilience of national financial system
a) Improve institutions and policies on public debt management
Continue to improve institutions and policies on public debt management, step up implementation of proactive debt management tools and operations and ensure safety and sustainability of national financial system.
Closely link the management of the State budget and public debt with the management of the State budget in order to improve efficiency of management of the State's financial resources. Strictly manage overspending, implement principle that borrowing to offset the state budget deficit is used for development investment; Borrowing within ability to repay.
Research and apply a proactive debt service approach according to good international practices; setting soft warning indicators combined with hard ceilings to control debt in the public and private sectors; separate management of external debt in the public and private sectors; set foreign debt ceiling in the total public debt balance. Strengthen application of good international practices in risk management of the Government debt portfolio; balance debt portfolio between domestic debt and foreign debt.
Building a database, applying statistical principles according to good international practices; promoting application of information technology in public debt management. Actively research, forecast and develop policy response plans to handle when debt indicators reach safe warning threshold.
b) Organize capital mobilization for the state budget and development investment with reasonable cost - risk; improving debt portfolio structure
Innovating to improve quality of loan mobilization; Diversifying capital sources and methods of domestic and foreign borrowing with appropriate terms, meeting the Government's capital mobilization needs in medium and long term in context that Vietnam has become a middle-income country.
Diversify products and goods on market to meet needs of investors, develop green bond products to raise capital for environmental protection projects for sustainable economic development. Implement issuance and management of the Government bond portfolio proactively, ensuring volume, structure and maturity according to objectives of the strategy, program, public debt management plan and loan and repayment plan of government.
Closely coordinate fiscal and monetary policies to stabilize interest rates to support capital mobilization from the state budget and develop government bond market.
Renovate mechanism of mobilizing official development assistance (ODA) loans and foreign preferential loans to invest in a number of key and pervasive works and projects for regional socio-economic development and country. Prioritize mobilizing capital sources with long loan term, low interest rate and high grant component.
c) Improve efficiency of loan management and use, associated with debt repayment responsibility
Borrowed funds are only used for development investment spending, focusing on national target programs, important national projects, key projects of great significance, creating spillovers and improving quality of life, competitiveness of economy, inter-regional and inter-local projects.
To ensure arrangement of sufficient capital sources to pay debts in full and on time, step by step to raise national credit coefficient. Restructuring debt in a sustainable way, improving debt safety criteria. Strictly manage and control the Government's provisional debt obligations.
Mobilization, management and use of ODA and concessional loans by foreign donors must be associated with restructuring of public investment; Any new loan needs to be considered for economic efficiency, financial options, impact assessment on medium-term investment plans, public debt targets, budget and debt repayment ability. Foreign loans are concentrated and used for a number of key areas to ensure maximum promotion of economies of scale; projects that promote growth associated with sustainable development, projects capable of generating foreign currency revenue, projects with spillover effects (such as climate change adaptation, environmental quality improvement, education, health, technology...); essential socio-economic infrastructure projects are not able to recover capital directly. Priority is given to on-lending loans for projects with direct capital recovery.
4. Renovating financial mechanism for public non-business sector
a) Improve mechanisms and policies for public non-business units
Continue to complete synchronously mechanisms and policies on financial mechanism innovation for public non-business units; Accelerate completion of mechanisms and policies to promote transfer of certain types of fees to public administrative service prices; at the same time, implementing state budget policies to directly support policy beneficiaries (the poor, people with meritorious services, ethnic minorities...).
b) Promote implementation of mechanism and assign financial autonomy to public non-business units
- Accelerating implementation of the goals of Resolution 19-NQ/TW. Continue to promote renewal of financial autonomy mechanism, assign financial autonomy to public non-business units; increase number of units that self-finance recurrent expenditures, investment expenditures and self-finance recurrent expenditures; clearly define revenue sources, expenditure tasks, distribution of additional income, authority and responsibility of the head of the unit.
- To strongly shift allocation mechanism according to estimates to payment-by-order mechanism, assigning tasks associated with quantity and quality of products and services, service provision prices and user demand; have a specific roadmap for implementing service provision bidding mechanism; gradually reduce number of products and services performed by method of assigning tasks.
- Ministries, branches and localities shall review and soon complete promulgation and submit to competent authorities for promulgation the master plan on the network of public non-business units for drastic reorganization, dissolution, merger, fine-tuning of focal points and staffing; at the same time, urgently promulgate a list of public administrative services funded with the state budget and promulgate economic and technical norms as a basis for determining public administrative service prices.
- Speeding up implementation of public administrative service price roadmap according to Decree No. 60/2021/ND-CP, whereby public non-business units are able to calculate amortization costs that can be classified at an automatic level.
- Enhance publicity and transparency; strictly implement regulations on supervision, inspection and examination of activities of public and non-public non-business units, especially on implementation of financial policies and regimes; promptly solve problems arising in process of implementation, strictly handle violations.
c) Promote socialization of public service delivery
Perfecting mechanisms and policies to facilitate socialization in public service provision, ensuring equality between public and non-public non-business units; continue to have policies to encourage and give incentives on land, taxes, fees, credits... to support businesses and individuals to participate in effective public service provision.
Review, evaluate and continue to perfect equitization mechanism for qualified public non-business units, associated with well solving social problems. Promote implementation of socialization in a number of fields such as health, education, culture, sports..., change mode of direct investment from the state to the mode of investment by enterprises according to plan.
5. To step up restructuring and improve operational efficiency of state-owned enterprises; innovate management of state capital invested in enterprises
a) Continue to perfect mechanisms and policies to promote restructuring of state-owned enterprises; perfecting mechanism for using revenue from conversion of ownership of enterprises, public non-business units and transfer of state capital; renovate financial supervision mechanism and evaluate performance of economic groups, state-owned corporations and state-owned enterprises.
b) Improve operational efficiency and competitiveness of state-owned enterprises on the basis of modern technology; innovation capacity, management according to international standards. There is a mechanism to encourage research, development and application of advanced science and technology to production and business activities and management and supervision of enterprises. Implement digital transformation, promote publicity and transparency of financial information, and enhance corporate accountability. Promote development of a number of state-owned economic groups with large scale, efficient operation, regional and international competitiveness in a number of key industries and fields of the economy.
c) Speed up debt settlement, divestment and equitization of state-owned enterprises in an efficient, public and transparent manner; have a mechanism to monitor, detect and promptly handle violations during the implementation process. By 2025, complete arrangement and restructuring of state-owned enterprises in main form of equitization and divestment. Revenues from equitization and divestment of state capital are focused on investing in key national infrastructure projects, supplementing charter capital for key national state-owned enterprises.
d) Strengthen inspection and supervision of capital use process at the enterprise. Completely deal with loss-making and inefficient projects, ensuring principles of publicity and transparency, according to market mechanism and provisions of law. Strictly handle projects and works behind schedule, inefficient investment and prolonged losses of economic groups, state-owned corporations and state-owned enterprises, ensuring principle of publicity and transparency, minimizing losses to the State and society. Create a mechanism for enterprises to be proactive and autonomous in project handling. Handling by forms of dissolution or bankruptcy must ensure the highest interests of the State and legitimate interests of employees and investors.
Consolidating and perfecting model of the owner's representative agency in accordance with role of management of state capital invested in enterprises to meet requirements of renovation and restructuring of state enterprises. Strengthening decentralization and authorization for Members' Council, Board of Directors of economic groups and state-owned corporations and at the same time strengthening supervision and inspection tasks of the owner's representative agency to promptly prevention, detection and handling of violations according to provisions of law.
6. Develop a synchronous, modern, transparent and sustainable financial market and financial services
Completing legal system, mechanisms and policies to develop synchronously, modernly, transparently and sustainably financial market, focusing on stock market, insurance market and financial services market.
a) Stock market
- Completing legal framework for development of stock market in accordance with development level of the economy, approaching international practices and standards; expand and connect with regional and international markets. Finalize guiding regulations on participation of foreign investors in listed enterprises and public companies on stock market.
Strengthen management and supervision capacity of the State Securities Commission, competitiveness of intermediary organizations participating in stock market to ensure safe and transparent operation of the market and improve competition and protect interests of investors.
- Increase supply of goods and improve quality of supply to the market.
For the stock market, all types of businesses are encouraged to conduct an IPO in association with listing and registration for trading on the stock market; apply corporate governance in accordance with international practices to improve the quality of listed companies, and at the same time strengthen inspection and timely handling of enterprises that do not comply with regulations on listing and registration of transactions after was equitized. Research to establish an exchange for innovative start-ups.
For the bond market, continue to develop the bond market to become an important medium and long-term capital mobilization channel for the economy; improve publicity and transparency in market operations. Develop a green bond market to mobilize capital for environmental protection projects, serving sustainable economic development.
Develop the government bond market in both breadth and depth to meet the demand for capital mobilization for development investment, and at the same time restructure the government bond debt portfolio to restructure the state budget and public debt. Focus on developing secondary market to increase liquidity, diversify products and develop investor base; strengthen the linkage between the government bond market and the money market to improve market liquidity.
Focus on developing the corporate bond market, including both public offering and private placement in association with increased information disclosure; organize operations and provide corporate bond trading services through the Stock Exchange to meet the needs of organizations and individuals participating in the market. Promote activities of credit rating services, encourage international credit rating agencies to participate in providing services in the Vietnamese market.
Develop a wide range of derivative securities products including futures contracts, options contracts on underlying assets that are stock indices, single stocks and government bonds. Develop new market indexes as underlying assets for derivatives.
- Develop and diversify investor base.
Expanding investor base, enhancing market access and deploying various types of investment funds and long-term institutional investors in the market. Ensuring a reasonable structure between individual investors and institutional investors, between domestic investors and foreign investors, promoting development of professional investors.
- Improve market organization, modernize infrastructure and information technology.
Completing organizational and operational model of the Vietnam Stock Exchange and Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, Vietnam Securities Depository and Clearing Corporation, ensure efficiency, in accordance with the actual situation and international practices. Modernizing information technology infrastructure serving system of supervision, trading, registration, custody, clearing and settlement of securities, ensuring smooth, safe and stable market operations.
b) Insurance market
Completing legal system for insurance business; Developing products and diversifying insurance products to meet needs of organizations and individuals and international integration, especially information technology-applied insurance products, green insurance and medical insurance; Strengthen financial capacity, risk management, corporate governance and publicity of insurance enterprises.
To encourage application of information technology in insurance business; Diversify and professionalize insurance distribution channels to facilitate organizations and individuals, especially low-income subjects to participate in insurance; Develop and improve quality of human resources in insurance sector and promote insurance propaganda.
Strengthen effectiveness of state management and effectiveness of inspection, examination, supervision and administrative sanctions in insurance sector, reform management and supervision methods of transformed insurance management agency, gradually switch to risk-based management and supervision, concurrently with building and perfecting information technology system; Strengthening role of socio-professional organizations in insurance business and promoting international integration and cooperation in insurance field.
c) Financial services market
- Continue to improve legal framework on accounting, auditing, valuation and other financial services in direction of approaching international practices and suitable to Vietnam's conditions. Applying international financial reporting standards (IFRS) contributes to improving transparency and increasing efficiency of providing information to investors. Develop a system of Vietnamese valuation standards in accordance with practical conditions and international practices. Synchronously develop credit rating market, market of accounting and auditing services, valuation consultancy, tax consulting and customs agency.
- Improve quality of accounting, auditing, valuation and other financial services to meet needs of society. Orient scale and number of organizations providing accounting, auditing, valuation and other financial services in line with actual requirements through perfecting mechanism and practice conditions. Increase quantity and quality of accountants, auditors, appraisers and other individuals practicing financial services.
Strengthen effectiveness of state management of financial services, create a stable and unified legal environment to ensure legitimate rights and interests of market participants. Improve efficiency and effectiveness of supervision and handling of violations against organizations and individuals providing financial services in order to improve service quality.
d) Lottery market and prize games
Completing legal framework for lottery and prize-winning games; step by step restructure market towards modernity, openness and transparency in line with international practices; using revenue from lottery and prize-winning games to invest in development, health, education, social security and key inter-regional and national programs and projects for economic development - society.
7. Consistently implementing management and administration of prices according to the market mechanism with the State's regulation
a) Continue to review and perfect the legal institution on prices, ensure consistency and synchronization between law on prices and civil economic legal system. Renovate and perfect method of price management and administration to match the socialist-oriented market mechanism and encourage price competition. Strengthening role of price management in effective management, allocation and use of the state budget and financial resources.
b) Accelerate implementation of market price roadmap for important and essential services and public non-business services. Accurately and fully calculate the actual and valid costs in the price with a specific and detailed roadmap, consistent with the socio-economic development orientations in each period, ensuring the principle of transparency, publicize and harmonize the rights and interests of enterprises, people and the State, contributing to improving production and business efficiency, building a transparent and healthy competitive market; at the same time, encouraging and promoting implementation of policy of reforming financial mechanism for production units and providing essential public services.
c) Step up work of synthesis, analysis and forecast; strengthen exchange of information between ministries, branches and localities; forming and building a mechanism for exchanging data and information; develop solutions for price management and administration suitable to each period and period. Completing national database system on prices, ensuring data connection with ministries, branches and localities, forming an official and reliable information channel for price management and administration.
8. Enhancing efficiency of financial cooperation and proactively integrating into the world in finance
a) Enhance efficiency of financial cooperation
Review and finalize financial cooperation frameworks and agreements with important partners such as financial institutions, international financial forums and financial regulatory agencies in strategic partner countries, comprehensive strategy, strategic partner and traditional partner of Vietnam.
Develop in-depth, improve substantive efficiency of financial cooperation and external activities in the financial field; shaping regional financial instruments and mechanisms to support macroeconomic, public finance and financial market management; strengthen policy dialogue to enhance credibility of financial cooperation partnerships and promote attraction of external resources, mobilize receipt and effective management of technical assistance programs/activities of partners for Ministry of Finance.
b) Actively integrating into the international financial sector
Completing institutional synchronization and implementing integration commitments on tax, customs, insurance services, securities, accounting - auditing... Research, propose implementation of commitments on export tax and tax imports within bilateral and multilateral frameworks more proactively in order to reduce trade concentration, especially imports from specific partners.
Enhancing effectiveness of financial integration commitments through improving quality of analysis and forecasting of impacts on economy and financial sector; study and propose mechanisms and policies to ensure financial safety in terms of fully implementing international integration commitments; strengthen and improve effectiveness of information dissemination on benefits and challenges from implementation of financial commitments to relevant organizations and individuals, especially business community at home and abroad.
9. Strengthening capacity and efficiency in financial management and supervision; to step up inspection and examination; practice thrift, fight waste
a) Perfecting institution, apparatus, analytical tools, monitoring major financial balances, debt safety indicators, warning level of risk for public debt portfolio, government debt and main debt. To develop a centralized financial statistical information system, integrated with national economic statistics system and the State's monetary statistical system, in accordance with international principles and standards, fully and timely satisfying requirements in management and administration of the national financial system.
Strengthen supervision, inspection and examination of use of the state budget and public debt according to principle of risk and application of information technology; promptly, strictly and publicly handle violating organizations and individuals, causing waste of state budget.
Strengthen inspection, examination and audit of procurement, construction, management and use of public assets to ensure thrift, proper purposes, standards and norms. Strictly handle according to law and publicize inspection, examination and audit results for organizations and individuals that commit violations, causing waste of public property.
Establish and operate a modern risk management framework in state treasury management and perfect information technology system to enhance security, prevent risks and ensure system safety. Completing mechanism for synthesizing and making financial and budget statements, especially state financial statements in direction of improving completeness, timeliness and accuracy of reported information in line with international practices.
b) Perfecting institutions, apparatus, infrastructure and tools to monitor activities of financial market and financial services, ensuring market operates safely, transparently, stably and in accordance with information. Increased control over lottery and prize games.
c) Perfecting mechanism and system of criteria for corporate financial supervision according to principle of overall target and the market; comply with business credit assessment and rating roadmap. Improve effectiveness and efficiency of apparatus and staff for financial management and supervision of the enterprise. Publicity shall be carried out in association with accountability of enterprise and owner's representative agency for financial information of enterprise in accordance with provisions of law.
d) Improve capacity and quality of financial inspection and examination in all fields; strengthen effectiveness and efficiency of internal supervision system, risk control framework and internal audit activities. Strengthen and well organize coordination mechanism between inspection agencies and functional agencies to ensure efficiency, financial discipline.
d) Controlling price-forming factors, price options of exclusive goods and services and goods on list of goods determined by the State; goods and services subject to price stabilization; public goods and services.
e) Strengthening inspection and examination of prices in combination with tax administration to prevent unreasonable price increases; and promptly handle transfer pricing, fraud, tax evasion and avoidance. Inspect and control operation of market for goods and services in accordance with law, commercial frauds, speculation and market manipulation.
g) Effectively implement objectives, tasks and solutions on thrift practice and waste prevention. Strictly comply with legal provisions on handling violations in case of wastefulness. To be drastic in handling inspection and examination results in order to maximize the recovery of money and properties for the State that have been violated, appropriated, misused and wasted detected through inspection and examination.
10. To step up application of information technology to establish a digital financial foundation; administrative reform, improving efficiency of state management
a) Strengthen application of information technology and establish a digital financial platform in accordance with the requirements of national digital transformation
Review, amend and supplement regulations in financial sector to build, develop and manage information systems serving digital government and national digital transformation requirements.
Strengthen application of information technology and upgrade the risk control system to improve efficiency of management and administration in financial sector.
- Actively apply the results of the Industrial Revolution 4.0, research and apply a number of core technologies capable of creating strong breakthroughs such as artificial intelligence (AI), blockchain, data Big data and virtual/augmented reality (VR/AR), facilitating the application of advanced digital technologies in the implementation of e-finance towards digital finance. Building smart governance platforms to provide smart financial services, actively participating in development of the digital economy. Building electronic finance and basically establishing a modern, public, transparent digital financial platform based on big data, open data, a digital financial ecosystem, ensuring efficiency and safety of information comprehensive news.
- Build an integrated, public, transparent and effective tax management information system, serving people and businesses well, ensuring synchronization in direction of e-Government and digital transformation. Building integrated platforms, big data platforms to provide information for direction and administration and connecting information between tax authorities and State management agencies. Applying technology of the Industrial Revolution 4.0 to automate a number of tax management business processes and analyze big data for policy making, revenue forecasting, propaganda and support for taxpayers, risk management, compliance management and tax inspection, examination and investigation... Developing information technology technical infrastructure, advanced, modern and synchronous equipment, ensuring transportation continuous, efficient, information security and data security.
- Building a regular, modern Vietnam Customs, on par with customs of developed countries in the world, leading in implementing the digital government, with a digital customs model, smart customs to facilitate operations, lawful commercial activities, ensuring security and social safety and protecting national interests. Centralize, modernize and automate customs inspection, supervision and control. Deploy smart border model, green customs. Building a centralized, intelligently integrated customs information technology system to ensure requirements of system information security with a digital platform, in line with the architecture of e-Government and digital government. Developing information technology systems to implement National Single Window, ASEAN is ready to centrally handle administrative procedures of ministries and branches for imported and exported goods.
- Upgrading and developing budget and treasury management information system (TABMIS) and related systems into a digital state accounting and budgeting information system (VDBAS), contributing to formation of a digital treasury in Vietnam to year 2030.
- Promote and modernize application of information technology in internal management activities and management of national reserves; computerize processes and operations of import, export and preservation of national reserve goods.
- Implement an overall information technology system to serve management, supervision, transactions and operations of the stock market in a modern and efficient manner, ensuring smooth, safe and stable operation of the market. Deploy new functions and transaction utilities of system, apply new operations; put new information technology system into operation synchronously at the stock exchanges and related organizations.
- Promote connection of infrastructure, information system of State Treasury, customs and tax with banks, payment intermediary service providers, inter-bank electronic payment system, money transfer system, etc. financial clearing circuit to realize budget revenue and expenditure by non-cash payment methods.
b) Reform administrative procedures, improve effectiveness and efficiency of State management
Continue to reform and simplify administrative procedures in financial sector in order to improve business investment environment and ensure fair, equal and transparent competition. Renovate implementation of the one-stop-shop, one-stop-shop mechanism in handling administrative procedures. Review and standardize administrative procedure data and integrate and provide online public services on Public Service Portal of the Ministry of Finance and National Public Service Portal. Research and propose solutions to reform administrative procedures to improve financial indicators in the assessment and ranking of Vietnam's business environment.
Continue to perform well control of administrative procedures, reduce time and improve quality of administrative procedures related to people and businesses. Well perform publicity of administrative procedures; timely update to national database on administrative procedures for new, adjusted or abolished administrative procedures.
Strictly control issuance of administrative procedures; simplifying and standardizing administrative procedures, eliminating inappropriate administrative procedures, contributing to improving effectiveness and efficiency and ensuring objectives of State management in the financial sector, promoting economic development.
11. Improving quality of human resources and consolidating entire financial sector's machinery to be modern, streamlined, effective and efficient.
a) Complete modern, streamlined, effective and efficient financial machinery
Continue to consolidate and streamline financial sector's apparatus to ensure an effective, efficient and smooth operation to meet requirements of industry reform and modernization and international economic integration; reviewing and consolidating functions, tasks, powers and organizational structure of Ministry of Finance. Effectively implement principle of multi-sectoral and multi-sectoral management, focusing on and unifying a focal point for State management of state finance - state budget. Accelerate development of the scheme and carry out transfer according to roadmap of a number of public administrative service tasks that are not necessary for the State to perform for businesses and social organizations to undertake.
b) Improve quality of human resources
Strictly manage payroll, streamline payroll associated with employment positions, restructure contingent of civil servants and public employees; synchronously implement solutions to attract, recruit talents, select leaders, train, foster, rotate, rotate, and change working positions in order to improve quality of the contingent of civil servants and public employees of finance sector.
Building a contingent of civil servants and leading officials with sufficient quality, capacity and prestige; develop human resources in finance sector with a reasonable structure, ensuring quantity and quality, meeting needs of the sector to perform tasks. Continue to promote reform of the civil service and civil servant regime. Improve capacity, professional qualifications, ethical qualities, strengthen responsibility, administrative discipline and public service ethics of cadres, civil servants and public employees.
IV. Strategy implementation organization
Financial strategy to 2030 is implemented in 2 phases (corresponding to the 5-year financial plan 2021 - 2025 and 5-year financial plan 2026 - 2030) and is concretized through 08 sector strategies such as:
1. Tax system reform strategy to 2030;
2. Customs development strategy up to 2030;
3. Development strategy of the State treasury to 2030;
4. Public debt strategy to 2030;
5. Strategy for development of Vietnam's insurance market to 2030;
6. Strategy for development of the stock market up to 2030;
7. National reserve development strategy to 2030;
8. Strategy of accounting - auditing until 2030.
V. Responsibility to organize and implement strategy
1. Ministry of Finance is responsible for:
a) To assume the prime responsibility for and organize implementation of financial strategy to 2030; approve and direct implementation plan of the strategy contents in each period.
b) Guide and urge ministries, branches and localities according to their assigned functions and tasks to develop and organize implementation of programs and contents related to financial strategy to 2030.
c) Assume prime responsibility for and coordinate with concerned ministries, branches and localities in inspecting implementation of financial strategy to 2030 and periodically evaluating implementation of strategy every 5 years.
d) Assume prime responsibility for and coordinate with relevant agencies in proposing and submitting to the Prime Minister for decision adjustment of strategy's objectives and contents in case of necessity.
e) Assume prime responsibility for and coordinate with Ministry of Planning and Investment and relevant ministries and branches in balancing and allocating the annual state budget in accordance with law on State budget and relevant legal documents, related to implementation of strategy.
2. Ministries, ministerial-level agencies, agencies attached to the Government and People's Committees of provinces and centrally run cities shall coordinate with Ministry of Finance and relevant agencies based on their functions and tasks to manage housing, country in accordance with law, is responsible for directing and participating in implementation of relevant contents of this strategy.

Source: Vitic/ thuvienphapluat.vn