Hanoi (VNA) – The financial sector collected over 1,400 trillion VND(60.2 billion USD) towards the State budget in 2018, or 7.8 percent higher thanprojected, heard a conference to review financial and budget works in 2018 andput forward tasks for 2019.

Speaking at the event, which was alsoattended by Prime Minister Nguyen Xuan Phuc, Finance Minister Dinh Tien Dung attributedthe result to the ministry’s efforts to actively implement the budgetcollection task right from the beginning of 2018, and coordinate closely withother ministries, sectors, and local authorities to intensify collectionmanagement.

Thanks to the positive result of budgetcollection, budget spending tasks were ensured, thus meeting the political andeconomic task requirements of units using the budget and helping solve arising issuesrelated to investment in socio-economic infrastructure, overcome disasterconsequences, and ensure social welfare and defence-security.

The structure of budget spending wasshifted to the right track, Dung said, adding that the proportion of spendingfor development investment surpassed 27 percent, and regular spending was below62 percent of the total expenditure.

The state budget overspending was estimatedat below 3.6 percent of the country’s gross domestic product (GDP), and publicdebts kept under 61 percent of the GDP, he stated.

The minister acknowledged slow changes in thedisbursement of investment for basic construction works. As of December 31 lastyear, disbursement was equal to 67.6 percent of the estimate, even lower thanthe figure of 70.7 percent of 2017.

In 2019, the sector will continueadministrating fiscal policy closely in line with monetary policy and othermacro policies, working to boost production and business development, andimplementing budget restructuring functions, Dung said.

It will intensify the fight againsttransfer pricing, trade frauds, and tax evasion; step up taxation inspections;and solve tax debts so as to reduce the rate of such debts to below 5 percentof the total State budget collection. Attention will also be paid to speedingup administrative reform, and cutting down unnecessary administrativeprocedures and business conditions, he added. –VNA