12
Budget revenues:
Comprehensively revising the
existing mechanisms and policies to modify or
to promulgate new regulations to meet practical
situation requirements. In addition, it is remarkable
for the budget receipts process based on thorough
tax inspection to improve the efficiency and
competitiveness of the economy.
Budget spendings:
In State budget spending
process, the economization of spendings was
implemented in close relation to restructure of
the state budget and sustainable management
of public debts. In moderating budget spending
process, the economization of normal expenditure
was prioritized to ensure reasonability and
effectiveness; Strengthening administration reform
in State budget management, closely monitoring
to minimize the amount of advance allocation and
carry-over spending. Local authorities initiated
their budget expenditure plans in harmony
with practical receiving capacity, especially the
conditional spending accounts of investment
and development which were disbursed by the
progress of investment revenues such as from land
use or lottery, etc. Enhancing payment monitoring
process for the investment projects funded by state
budget and government bond.
State budget balancing and public debt management:
Strictly monitoring deficit; managing public
debt with rigidity to ensure the conformity with
Medium-term debt management program, borrow
and payment plan of the Government and debt
limits for the year 2017; improving legal framework
for public debt, mobilizing capital on financial
FISCAL POLICY OF THE YEAR2017
ANDORIENTATION IN2018
NGUYEN VIET LOI, PhD.
– President of National Institute for Finance (Ministry of Finance)*
The state finance-budget duty of the year 2017 was implemented in the context of positive socio-
economic changes but there were still existed certain fluctuations and volatilities. In such situation,
the fiscal policy was conducted at the beginning of the year with initiation, flexibility, rigidity to save
resources and ensure sustainable socio-economic development goals. This was the preliminary for the
successful implementation of fiscal policy of 2017 and planning orientation for the year 2018.
Keywords: Finance, fiscal, policy, socio-economic, tax, customs, business environment
Received: December 22
nd
, 2017
Revised: January 4
th
, 2018
Accepted for publication: January 5
th
, 2018
Fiscal policy 2017
2017 was the pilot year implementing series of
central resolutions (such as the Resolution 05-NQ/
TW, theResolution07-NQ/TW, etc.), laws onfinance
and budget (such as the Law on State Budget 2015,
the Law on Fees and Charges 2015, etc.) and 5-year
planning for the period of 2016-2020: economic
restructure plan, national 5-year financial plan,
medium term public investment plan, etc. which
were targeted at improving growth, productivity
and competitiveness, State budget restructure and
managing public debts to secure national finance.
Accordingly, from the earlier year of 2017, the
Government issued the Resolution 01/NQ-CP
dated January 1st 2017 defining responsibilities and
principle solutions to successful implementation of
socio-economic development and state budgeting
plan; the Resolution 70/NQ-CP dated August 3rd
2017 regulating duties and solutions to enhance the
progress of implementation and disbursement of
annual public investment packages; the Directive
14/CT-TTg on the responsibilities and solutions
to facilitate industries and sectors for the sake of
economicgrowthandstatebudgetduties.Therefore,
the fiscal policy in 2017 was conducted with strict
determination and rigidity to create favorable
business environment for economic development
and raising national competitiveness in close link
with three strategic breakthroughs such as:
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