Hanoi (VNA) - Party General Secretary To Lam urged the financial sector to maintain a pioneering, committed, and innovative force for a prosperous and powerful Vietnam, while attending a ceremony held in Hanoi on August 8 to celebrate its 80th traditional day (August 28, 1945 - 2025).

The ceremony also saw the attendance of former Party General Secretary Nong Duc Manh, Prime Minister Pham Minh Chinh and former Chairpersons of the National Assembly Nguyen Sinh Hung and Nguyen Thi Kim Ngan, among others.

Commending the dedication and efforts of all officials, public servants, and employees, the Party leader affirmed that the sector is not only a pillar of the country's financial policy but also a pioneering force in the renewal and development of the national economy, earning high recognition from the Government, the business community, and both domestic and international investors.

However, as the new context presents urgent and higher requirements for the financial sector, whether the economy can achieve breakthroughs and make strong progress depends significantly on the sector’s role, General Secretary Lam stressed.

He requested the sector to focus on thoroughly addressing institutional bottlenecks and obstacles to development; adjusting the economic space, expanding the development space, and enhancing decentralisation, delegation of authority, allocation, and coordination of economic resources.

A new growth model should be established, driven primarily by science, technology, innovation, and digital transformation, in order to bring about significant improvements in productivity, quality, efficiency, and competitiveness of the economy, he noted, stressing the need to build and improve the institution and policy framework related to finance and state budget.

It is also essential to closely monitor and accurately assess the domestic and global economic situation; proactively analyse and evaluate the impacts of fiscal and monetary policies in order to provide timely advice to the Government with scenarios and solutions for managing state budget revenues and expenditures.

The General Secretary also called for more effective measures to mobilise development resources from the financial, capital, and securities markets, as well as from the people to attract both domestic and foreign capital, and to create better funding channels for enterprises, particularly private firms. He stressed the importance of accelerating the disbursement of public investment, with a focus on strategic infrastructure projects such as transport, renewable energy, and digital transformation; improving the investment environment and reducing administrative procedures to attract high-quality FDI; and managing and using public assets efficiently, thus ensuring transparency and effectiveness in the use of state capital in enterprises. Due attention should also be paid to maintaining the implementation of measures to ensure social welfare and improve people's livelihoods, the Party chief added. On this occasion, on behalf of the Party and State leaders, General Secretary Lam presented a first-class Independence Order to the financial sector in recognition of its outstanding achievements and significant contributions to the cause of national construction and protection.

Prime Minister Pham Minh Chinh awarded a first-class Labour Order to member of the Party Central Committee and Minister of Finance Nguyen Van Thang.

After nearly 40 years of ‘Doi moi’ (Renewal), from a poor and underdeveloped country, Vietnam has maintained a fairly high growth rate over a long period, thanks to the wise le🌄adership of the Party, the efforts of the entire political system, the unity of the people nationwide, and the dedication of the business community. The size of the economy increased from over 5 billion USD in 1986 to over 476 billion♑ USD by 2024, making Vietnam the fourth-largest economy in Southeast Asia and the 34th largest in the world./.