MoF fast-tracking financial law reforms to spur growth

MoF Deputy Minister Nguyen Duc Chi. Source: VGP

At the event on October 3, the deputy minister noted that the Ministry of Finance (MoF) had organised several important activities during the period, reflecting ongoing reform and innovation in financial management.

A key highlight was the celebration of the 80th anniversary of the finance sector’s Traditional Day (August 28, 1945–August 28, 2025), where the ministry was awarded the First-Class Independence Order for its exceptional contributions to national development. The date marks the founding of the MoF under the Provisional Revolutionary Government established by President Ho Chi Minh, and has since been commemorated annually.

The Party Committee of the Ministry of Finance (MoF) held its first congress for the 2025–2030 term on August 21, following the merger of Party organisations. The event adopted the motto, 'Solidarity – Discipline – Breakthrough – Development', signalling a new phase of growth for the sector.

At the National Achievements Exhibition celebrating the 80th anniversary of National Day (September 2, 1945 – September 2, 2025), the MoF showcased its contributions across different historical stages.

"Despite streamlining its organisational structure, the MoF has maintained effective financial and budgetary management and achieved positive results," said Chi.

State budget revenue in September was estimated at VND156.7 trillion ($6.2 billion), bringing the total for the first nine months to VND1.9 quadrillion ($76 billion) – close to 97 per cent of the year’s target and up 29 per cent on-year. Central budget revenue reached about 88.5 per cent of the estimate, while local budgets surpassed expectations at just over 105 per cent.

Total state budget expenditure in September stood at more than VND192 trillion ($7.7 billion), with the nine-month figure reaching VND1.6 quadrillion ($65 billion), equivalent to 63 per cent of the annual plan and up 30 per cent on-year.

Alongside fiscal management, the MoF is pushing ahead with legal and institutional reforms. Following the Politburo’s four key resolutions, the ministry has reviewed and participated in drafting amendments to eight major financial laws covering procurement, public-private partnership, customs, VAT, import-export tax, investment, public investment, and the management and use of public assets.

"We are also considering revisions to key tax laws on corporate income tax, personal income tax, and VAT to foster innovation, support digital transformation, and strengthen the private sector," said Chi.

In implementing the two-tier local government model, the MoF has issued clear task assignments, launched a hotline, and set up a permanent task force to provide direct support. Two dedicated support rounds have already been completed for 34 localities, helping resolve financial mechanism issues and streamline local government operations.

"Looking ahead, the ministry will continue addressing institutional delays and mobilising all available resources to achieve growth of over 8 per cent, as directed by the Party and government," Deputy Minister Chi said.

The MoF is now finalising draft laws and resolutions to be submitted to the 15^th National Assembly’s 10^th session, viewing this as a priority task to ensure legislative progress and quality in 2025.

MoF backs reforms to cut red tape for overseas investment The new draft Law on Investment is set to reshape the policy framework, with reforms aimed at driving stronger business growth.

New decree to streamline ODA and concessional loan management A new decree simplifies official development assistance (ODA) and concessional loan procedures, strengthens decentralisation, and enhances foreign capital use for sustainable socioeconomic development.

MoF pledges fair, transparent tax policies for Korean investors The Ministry of Finance has held a dialogue with South Korean businesses, addressing tax and customs issues and pledging stronger support for investors.

Vietnam National Innovation Day sparks nationwide drive for growth Vietnam National Innovation Day 2025 brought together every part of the country’s innovation ecosystem, sparking fresh ideas, collaboration, and a shared ambition for growth.