April 26, 2019 18:16

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Institutional reform of Finance: Measure of determination

19:55 | 12/02/2019

VCN - Capital reform is a difficult job and requires great determination. For the Ministry of Finance - a multi-disciplinary manager, this is much more difficult. However, in recent years, the Ministry of Finance has made great efforts in reforming, especially institutional reforms, to solve obstacles, remove difficulties and create favorable conditions for economic production. This is highly appreciated by the business community and people.

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Mr. Luu Bich Ho, economic expert: Taking the people and businesses is considered as a center of reform

The Ministry of Finance is a multi-disciplinary ministry with a wide scope of management across the country, with many areas directly related to the interests of the people and businesses. Through observation, it can be seen that during the past time, the Ministry of Finance's institutional reform has always been associated with the construction and improvement of the financial legal system, so the financial law system has made important improvement steps with a large number of legal documents amended, supplemented or newly issued.

One of the creative ways of the Ministry of Finance is a law governing many laws, a decree fixes many decrees and a circular fixes many circulars. Along with that, the finance sector has many documents that have greatly affected, removed difficulties for production, improved the business environment and created a legal basis to simplify administrative procedures, cut down conditions business and modernization of management.

Moreover, with synchronous and drastic implementation of measures on policy mechanisms, cutting down administrative procedures under the direction of Resolution 35 / NQ-CP, Directive 26 / CT-TTg and Directive 07 / CT-TTg that the finance sector has done recently, contributing significantly to cutting costs for production and business activities, creating a transparent and favorable business environment for businesses, supporting business development and overcoming the difficult period. In particular, enterprises have really become the objects to be served, have been facilitated with access to resources to innovate and develop and become the driving force of the economy.

Thanks to these reforms of the Ministry of Finance, the business environment has improved a lot in the past year, thereby helping to improve national competitiveness. The feedback that I listen to is mostly positive comments and highly appreciated by society, the community and businesses.

institutional reform of finance measure of determination
Mr. Nguyen Thanh Ky, General Secretary of Vietnam Securities Trading Association: "Motivation" boosts the market

In the field of securities, the Ministry of Finance has spent a lot of time in this field. The most obvious result is that FTSE put Vietnam on the list of upgrading from the marginal market to emerging markets, because Vietnam has satisfied 8 of the 9 prerequisites for upgrading. Emerging market is ranked second, and the only 1 condition left unfulfilled is clearing. This is recognition for the relentless efforts of state management agencies such as the State Securities Commission, the Ministry of Finance, and the Government to set market development policies towards upgrading in the future.

Notably, on November 8, 2018, the Securities Law project (amendment) was officially announced. The draft Law is expected to overcome shortcomings and limitations after more than 10 years of implementation of the Securities Law and ensure consistency and synchronization with the relevant legal system, especially with the Enterprise Law and Investment Law. Regarding the most difficult problem is the rate of investment in public enterprises of foreign investors; the draft Law has significant changes when it is expected to not grant the right to decide the room for businesses like the present, but will be 100% maximum open at businesses not in conditional business lines. If this provision is adopted, it will expand opportunities for foreign investors to participate in the market and at the same time promote listed companies and public enterprises to step faster, to stand firm and develop in international economic integration.

It can be said that this is a "lever" to promote the operation for the most potential and strongest capital mobilization channel, contributing to creating a new position for the stock market in particular and the capital market in general. I hope that the draft Law will be passed soon and put into operation to help the Vietnamese market flourish and operate more strongly, contributing to the results of the general institutional reform of the whole Finance sector in the coming time.

Representing Samsung Vietnam: The Ministry of Finance has supported us a lot

Being a global business with a large volume of imports every day, the Ministry of Finance's institutional reform has greatly supported us. Especially, electronic clearance through automatic clearance system (VNACCS / VCIS) greatly facilitates businesses when implementing customs clearance 24/7; Quick clearance time.

The fast and accurate automatic customs management system at seaports and airports (VASSCM) also contributes to shortening cargo clearance time for businesses.

In developing policies of management and administrative procedure on tax and customs, the Ministry of Finance actively updates the business in a timely manner in accordance with the actual requirements by holding a consultation meeting as well as Dialogue seminars to listen and answer difficulties that businesses are facing.

In addition, in the past time, the Customs sector has also promoted modernization in management, especially expanding the National Single Window at seaports, and currently, many specialized management items have been connecting, bringing significant benefits in terms of time and costs for businesses in general and Samsung in particular.

Mr. Nguyen Anh Dung, Director of Tri Hieu Construction and Trading Company Limited: Appreciate the reduction of tax payment time for businesses

The reduction of administrative procedures of the Ministry of Finance in recent years has shown its efforts. I think that the simplification and reduction of administrative procedures of the Ministry of Finance have brought about significant efficiency, creating competitive opportunities and reducing the time and cost of enterprises, especially for small and medium enterprises that sometimes find it very difficult to compete in the economy.

One of the Ministry of Finance's procedures has been highly appreciated in the past year, is the amendment and simplification of administrative procedures to reduce tax payment hours. Along with the amendment and simplification of administrative procedures, the Tax Department has also strongly implemented the application of information technology in the collection and payment of taxes, thereby reducing the time and cost, creating maximum favorable conditions for businesses when doing tax procedures.

The promulgation of Circular 119/2014 / TT-BTC amending 7 circulars, simplifying Value Added Tax forms and declarations has helped businesses not to have to send many forms to tax agencies; narrowing the difference between accounting and tax. Quitting a temporary quarterly corporate income tax return has also greatly facilitated businesses.

In 2019, we still look forward to a lot of improvements in the Ministry of Finance's institutional reform towards creating more favorable conditions for businesses, taking businesses as the center of reform, facilitating businesses to improve competitiveness.

Mr. Nguyen the Hoat, Head of Import and Export Department (Yazaki Hai Phong Vietnam Co., Ltd.): The open and frank spirit of the Ministry of Finance removes many difficulties for businesses.

Decrees and circulars presided over by the Ministry of Finance in the field of tax and customs in recent years have made breakthroughs in administrative procedure reform. Transparency, specifying in documents, focusing on the implementation of information technology in practical procedures helps to significantly improve the time to implement procedures related to taxes and customs.

Typically in 2018, Decree 59/2018 / ND-CP, Circular 39/2018 / TT-BTC also has more specific regulations on electronicization of customs documents, the VASSCM system helps import and export procedures be quicker and more convenient. In addition, the regulations have been built close to the actual internal management and production of enterprises. In order to achieve this, in the process of developing documents, the Ministry of Finance has had a long time to get comments from enterprises, helping us to have early access to the draft and give comments timely, minimizing problems when issuing and implementing new regulations.

institutional reform of finance measure of determination Customs issues plan on administrative reform in 2018

VCN- With the aim of excellently fulfilling tasks, creating the initiative in work performance, and effectively deploying ...

After issuing the document, the Ministry of Finance has organized many training sessions, direct instructions and problems for the business community; our company highly appreciates the open and frank spirit that has contributed to removing many difficulties for enterprises of the Ministry of Finance.

By Thuy Linh/Bui Diep