Prime Minister Nguyen Xuan Phuc and delegates at the event. (Photo: VGP)

Prime Minister Nguyen Xuan Phuc has attended the 5th Patriotic Emulation Congress of the financial sector in the 2021-2025 period under the online form.

Over the past time, the Ministry of Finance organized 5 regular emulation movements and many thematic emulation movements. In response of the launch of the Ministry, agencies and units in the sector have launched more than 500 emulations.

As a result, average state budget collection increased about 10.5% a year. Budget collection in the 2016-2020 period is estimated to increase 1.63 fold compared to the 2011-2015 period. Average budget deficit in the 2016-2019 period decreased sharply; reaching 3.5% of GDP.

The ministry has prioritized allocation of resources to increase national reserve capacity. In the 2016-2020 period, annually, more than VND2.2 trillion of State budget was spent to purchase goods for the national reserve. By the end of 2020, the scale is expected to reach VND11 trillion, up 1.7 fold against 2010 and up 1.23 fold against 2015.

The gradual increase of scale of national reserve contributes to creating material resources for the Government, the Government leader to actively administer and timely respond to unexpected and urgent requests on preventing and fighting against natural disasters, diseases and serving national defense and security and other political missions.

By the end of December 2019, the capital market scale reached about 112% of GDP. Of this, the stock market plays the key role, accounting for about 65%.

Since 2016, 296 administrative procedures have been cut and 1,138 administrative procedures have been revised and simplified. As of June 2020, the total number of administrative procedures in the financial sector remains 949./.

BTA