REVIEW
of
FINANCE -
Feb. 2018
23
ensure the uniformity, publicity, transparency,
stability and suitability with the practical
requirements set in the process of socio-economic
development of the country and the international
commitments.
+ Continue building and reforming the system
of tax policies towards sustanability, issue and
consolidate the domestic collection associated
with production in the direction of expanding the
tax base, encourage organizations and individuals
to invest and expand production and business to
create sustainable revenue for the state budget in
the process of tariff reduction under free trade
commitments.
+ In the context of integrating and impelenting
tariff reduction, the state budget revenue policy
should be further adjusted in the direction of
raising taxes and fees at a reasonable level,
combine and supplement policies on domestic
revenue in accordance with the development of
the country, promote the business investment
environment, improve competitiveness, thereby
increasing revenue for the state budget in order
to offset the revenue reduction from import and
export activities. This is due to the impact of
tariff reductions under international integration
commitments.
Restructure the state budget expenditure under
concrete intineraries and political commitments,
and at the same time make fundamental reform
of state budget resources management associated
with performance results; Overcome the allocation
and management of input-based sources.
References:
1. Report No. 296/BC-CP of the Government on the results of international
economic integration since Vietnam joined the WTO, page 69;
2. Ministry of Industry and Trade (2013), “National Report on Trade Review
in WTO”, September 2013;
3. Luu Duc Huy (2014), “Theoretical and practical basis to improve import tax
and export tax policy upon WTO accession”; The ministerial-level scientific
research project;
4. Vu Chi Long, MA and Tran Thi Thu Huyen, MA(2016), “Evaluation of 10
years of financial integration in the WTO and issues in the coming time”,
the ministerial-level scientific research project of Ministry of Finance;
5. Standing Committee of the National Assembly (2015); “Results of
international economic integration since Vietnam became a WTO
member”;
6.
.
actively participate in the international financial
market; promote the development of the financial
market system in depth on the basis of diversifying
financial institutions and commodities in financial
markets.
+ Accomplish the law system, mechanisms and
policies in order to promote the securities market
effectively according to the objectives, orientations
and solutions set out in the development strategy
in the securities market untill 2020.
+ Develop new financial instruments such as
linked bonds, reduce risks, or diversify investment
funds.
+ Build a system of mechanisms and policies
to develop a transparent and efficient insurance
market and fulfill international commitments
according to the objectives and solutions on the
Development Strategy in Vietnam’s insurance
market to 2020; Strengthen the inspection and
supervision of the development and application
of internal control procedures to improve the
competitiveness of insurance enterprises in the
integration.
+ Promote the restructuring, the system of
commercial banks in the process of integration.
- Regarding institutional reform:
+Continue building andperfecting the systemof
laws and policies to fully implement international
commitments according to the intenary. In the
process of amending and supplementing the
current legal documents, it is necessary to ensure
the synchronism and efficiency, maintain stability
of the investment and business environment and
not disturb the interests of businesses as well as
new investors.
+ Regularly review, amend, adjust and abolish
regulations that are inconsistent with international
commitments in order to fully implement bilateral,
multilateral and regional international obligations.
+ Enhance the publicity and transparency of the
legal system, policies, plannings and development
strategies of each branch, sector and locality.
+ Improve administrative reform in all sectors
in accordance with commitments on international
economic integration; strictly supervise the
issuance and application of business licenses and
conditions.
- Regarding the finance – the budget:
+ Extremely accomplish the financial institution,
