HCMC – Finance Minister Nguyen Van Thang on January 21 urged stronger financial and budget institutions to mobilize and use national resources more effectively, speaking at a discussion session of the 14th National Party Congress.
Presenting a policy paper on behalf of the Party Committee of the Ministry of Finance, Thang said institutional reform remains one of the country’s three strategic breakthroughs. He stressed that stronger financial institutions are needed to support fast and sustainable development at a time of rapid technological change.
He said his ministry has contributed to major institutional reforms by submitting Resolution 68/NQ-TW on private sector development and Resolution 79/NQ-TW on on the development of the state business sector to the Politburo. The ministry has also helped draft or issue 929 legal documents, including 65 laws and National Assembly resolutions, to remove bottlenecks and improve the competitiveness of the economy.
One priority is improving the investment and business environment. Legal reforms have focused on investment, enterprises, public capital management, and planning. Requirements for businesses have been reduced, decentralization expanded, and greater autonomy granted to local authorities and enterprises, based on the principle that businesses may operate in areas not prohibited by law.
Administrative procedures have been simplified and public management modernized to reduce time and costs for businesses and citizens. Legal frameworks are also being developed for new models such as free trade zones and next-generation industrial parks, while long-delayed projects are being addressed.
Another focus is strengthening institutions for mobilizing and managing national financial resources. Thang said the tax system is being reformed to become simpler, more modern, and aligned with international standards. The ministry is shifting from a “management” mindset to a “service” approach, supported by digital transformation and the use of artificial intelligence.
These reforms have helped mobilize record levels of state budget revenue. At the same time, tax and fee reductions, exemptions, and deferrals were applied to support businesses during and after the Covid-19 pandemic. The measures aim to sustain revenue sources while supporting economic restructuring and the goal of having the digital economy account for at least 30% of GDP by 2030.
The minister also highlighted the need to strengthen capital market institutions and legal frameworks for emerging economic models. These include international financial centers, stock market development, pilot programs for tokenized assets, free trade zones, and next-generation industrial parks with investment and tax incentives. Controlled regulatory sandboxes are being introduced to ensure new business models develop safely and transparently.
According to figures cited at the congress, registered business capital rose 37.6% compared with 2020. State budget revenue during the term is estimated at nearly VND9.9 quadrillion, exceeding targets and about 1.4 times higher than the previous term. Total public investment reached around VND3.4 quadrillion, up nearly 55%.
Vietnam’s stock market has been upgraded, with market capitalization nearly doubling from 2020 levels. International financial centers and next-generation free trade zones have also been established.
Despite these gains, Thang acknowledged remaining weaknesses. Financial and budget laws have not fully kept pace with technological change. Policy implementation capacity remains uneven, capital efficiency is still limited, and the capital market has yet to become the main channel for medium- and long-term funding.
He said the 2026–2030 period will be critical as Vietnam seeks to accelerate reforms and move toward its goal of becoming a high-income economy by 2045.
