Hanoi (VNA) – Minister ofFinance Dinh Tien Dung and Minister of Planning and Investment Nguyen Chi Dungpointed out difficulties and shortcomings facing the economy in their reportspresented at the 14th National Assembly’s seventh session in Hanoion May 31.

Minister of Finance Dinh Tien Dung saidbudget collection has fallen short of the estimate as domestic businesses havefaced a range of challenges.

More than 131,000 new enterprises wereestablished in 2018, but the number of firms which were dissolved or haltedtheir operations amounted to 107,000, he said.

Besides, most of the newly-establishedbusinesses were micro, small and medium-sized enterprises which have receivedtax incentives and contributed a small part to the State coffers, the ministerelaborated.

Regarding tax management and tax lossprevention, he reported that the work has reaped significant achievements, helpingto increase State budget collection and improve the business environment.

Last year, tax agencies conducted manyinspections and proposed collecting additional 19 trillion VND (817 millionUSD) and reducing losses worth 40.9 trillion VND (1.75 billion USD). Meanwhile,customs agencies carried out nearly 7,000 post-customs clearance inspections andcoordinated with competent forces to detect more than 15,000 cases ofsmuggling, trade fraud and fake commodities.

The minister also informed legislatorsabout the building of a decree on using public assets to pay for investors ofbuild-transfer (BT) projects.

During the morning session, Minister ofPlanning and Investment Nguyen Chi Dung pointed out limitations ininfrastructure, especially in the transport sector, science-technology,restructuring of economic sectors and management work.

Therefore, the growth model has failed todrive the national economy, the minister said.

He said it is necessary to take solutionsto promote traditional cultural values and prevent moral degradation and socialbad deeds, which are of public concern.

The minister also emphasizedsocio-economic achievements Vietnam recorded in 2018, with the economy growing7.08 percent, the highest pace over the past decade.

Vietnam’s position in the internationalarena has been improved significantly, helping protect national sovereignty,territorial integrity and other interests of the nation, the minister said.

Concluding the working session on thecountry’s socio-economic situation and State budget, Vice Chairman of theNational Assembly Phung Quoc Hien suggested the Government pay more attentionto completing institutions and implementing the Planning Law and the Law onSupport for Small-and Medium-sized Enterprises.

More efforts should be made in streamliningadministrative procedures and speeding up the disbursement of public investmentin major national projects and transport projects, he said, adding that theprivate sector should be encouraged to participate in projects.

Hien urged the Government to employdrastic solutions to control diseases among animals and poultry, and deal withbottlenecks in terms of land.

Apart from the upcoming high schoolgraduation and university entrance exams, Hien also emphasized the need forgovernment agencies to well tackle issues like black credit, bad debt, sexualabuse against children and crimes.-VNA