NA Chairman pushes for faster public investment, economic reforms
The Chairman stressed the need for stricter fiscal discipline, faster digital transformation, and more efficient management of State budget revenues and expenditures.
NA Chairman Tran Thanh Man speaks at the session. (Photo: VNA)
Hanoi (VNA) – National Assembly Chairman Tran Thanh Man has urged accelerating public investment disbursement, simplifying administrative procedures to boost production and trade, and stepping up the decentralisation and delegation of author🌠ity for better efficiency.
Speaking at the closing of a Q&A session on financial issues in Hanoi on June 19 as part of the 15th NA’s ongoing 9th session, Chairman Man praised the pointed and concise questions raised.
Man commended the Ministry of Finance (MoF) for its key role in maintaining macroeconomic stability, curbing inflation, increasing budget revenues, and ensuring major economic balances.
The Chairman stressed the need for stricter fiscal discipline, faster digital transformation, and more efficient management of State budget revenues and expenditures. He also urged adequate funding to realise the Politburo’s Resolutions on science and technology, innovation, law building, organisational restructuring, and tuition waivers and reductions, in line with set timelines.
The top legislator called for stronger oversight of corporate governance, restructuring of financial assets, and streamlining operations and personnel to cut costs and enhance labour productivity. Investment, he noted, should be focused on strategic sectors with sustainable, high-impact potential.
A focus should also be placed on the realisation of the Resolution on the development of the private sector and another on special mechanisms and policies for private economic growth, he said, asking for the revision of the Law on Support for Small and Medium-Sized Enterprises, and the building of a legal framework for individual business activities. This includes encouraging business households to transition into formal enterprises and providing clear guidance on phasing out their fixed-tax regime.
Man highlighted the urgency of clearing hurdles to fast-track major foreign direct investment (FDI) projects, particularly in high-tech sectors with strong value-added, technology transfer, and local business linkages. He warned that FDI ventures causing environmental damage, misusing land, or affecting commitments would face strict penalties. He also advocated for updated regulations to develop eco-industrial parks and coastal economic zones.
Minister of Finance Nguyen Van Thang answers questions raised by lawmakers. (Photo: VNA)
Earlier, Deputy Prime Minister Ho Duc Phoc responded to concerns about slow public investment disbursement, which, he said, drags on growth and job creation. He pinned delays on inadequate preparations, prolonged land clearance and compensation, lengthy project approval, and shortages of construction materials like stone. The Government, he said, would direct local authorities and ministries to tackle these issues, making public investment a key driver of national growth.
On taxation, he defended the view on phasing out the fixed-tax regime for business households as consistent with private sector development goals but tasked the MoF with studying tailored tax mechanisms for low-income and small-scale businesses to balance welfare and operational needs.
He noted that Vietnam’s tax rates remain competitive, with a 10% value-added tax (down to 8% for some goods and services) versus 17%-27% globally, and a 20% corporate income tax compared to 20%-35% across Asia./.
The figure accounted for 22.2% of the yearly plan and 24.1% of the target assigned by the Prime Minister, marking a stronger pace than the same period last year when disbursement stood at 20.33% of the plan and 21.63% of the Government’s allocation.
While chairing an online national conference on boosting public investment as a key driver of economic growth in 2025 on May 20, Prime Minister Pham Minh Chinh stressed the need to revitalise traditional growth engines - investment, consumption, and exports, while accelerating new drivers such as science and technology, innovation, digital transformation, circular economy, and knowledge economy.
Prime Minister Pham Minh Chinh has asked ministers, heads of ministerial-level agences and leaders of localities to ensure that public investment capital is fully disbursed as planned, calling for a comprehensive database to track progress and enhance accountability.
New Zealand is currently one of Vietnam’s most important partners in the region, marked by a high level of political trust, strong and reliable defence and security cooperation, and increasingly open economic, trade, and investment ties.
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The country is willing to participate in collective efforts to promote cooperation and mobilise resources to advance the current priority issues of developing countries, such as trade, investment, infrastructure connectivity, making the most of scientific and technological advances for development, and people-to-people exchanges, Hang said.
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General Nguyen Tan Cuong, Chief of the VPA’s General Staff and Deputy Minister of National Defence reaffirmed Vietnam’s unwavering gratitude for Cuba’s invaluable support during its struggle for independence and nation-building efforts, and pledged to stand shoulder-to-shoulder with Cuba as it navigates current challenges.
Vietnam is a country with which Russia shares a special relationship. In the 1950s and 60s, particularly during Vietnam’s struggle for independence, the two countries forged a deep bond. While much has changed over time, the friendship and cooperation between our nations have endured, said Russian President Vladimir Putin.
For 50 years, Vietnam and New Zealand have worked together to uphold peace and prosperity for their peoples and the region. The friendship, cooperation, and mutual understanding Vietnam and New Zealand nurtured have grown from a seed into a deeply rooted, strong, and thriving tree, she stressed.
Since the Strategic Partnership was established in 2020, Vietnam and New Zealand have witnessed steady growth in the relations. Beyond the remarkable 40% increase in bilateral trade over five years, political relations and multilateral interactions, particularly within the CPTPP framework, have remained highly positive.
Known as the “four pillars for Vietnam’s ascend”, the Pobiburo's Resolutions 57, 59, 66, and 68 focus on cultivating a robust national entrepreneurial spirit, unlocking resources for innovation across society, and accelerating the development of digital economy, knowledge-based economy, green economy, and circular economy, propelling Vietnam forward rapidly and firmly on the path of modernisation and international integration.
Minister of Finance Nguyen Van Thang cleared up deputies' concern regarding how to spur socio-economic growth, renew traditional growth motives and establish new momentum for development.
Vietnam proposed several priorities: narrowing the digital divide, strengthening women’s leadership in the digital economy and AI governance, and mobilising sustainable financing for gender equality initiatives in line with each country’s national priorities and context. Vietnam also advocated for genuine women’s participation and leadership across all areas of public life.
Ha expressed his hope that cooperation in science and technology, agriculture, and natural resources would emerge as new focal points and engines of growth in Vietnam–China relations.
