Addressing the conference, which reviewed the ministry's performance in the first half of the year and its plan for the remaining months, head of MoF's Administrative Office Nguyen Duc Chi reported that the country's total budget collection in the first half reached VND356.52 trillion (US$16.58 billion).
The sum, he said, equals a 4.5% rise against the same period last year, meeting 43.7% of the annual target.
He also reported that domestic revenues only met 43.3% of the yearly target - the lowest level recorded at this point in the year in the past four years.
The country's total expenditure in the period surged 7.5% from last year, reaching VND448.91 trillion (US$20.88 billion), 45.9% of the total annual target.
Of this amount, spending for socio-economic development and administrative management rose 11.6% against the same period last year, while payment for foreign aid was up 2.8% year-on-year.
The ministry estimated that this year's State budget collection would be cut by VND17.613 trillion (US$819.2 million) due to tax exemptions and extensions.
To support businesses throughout the economic slowdown, the finance ministry has extended and reduced corporate income tax (CIT), value added tax (VAT), environmental protection tax and land lease fees for a number of firms.
Chi said that the Government's measures to support production and business had allowed more than 40,520 new firms to be set up in the first half of the year, raising the number of firms in the country to 457,343, up 9.5% over the same period last year. Among the newly-established firms, 249 were State-owned firms, 542 foreign-funded firms and 39,732 private firms.
He said this is a good signal in the context of the economic slowdown, adding that the number of firms closing operations during the first half of the year was 24,931, of which 202 were State-owned and 269 were foreign-funded.
For the second half of the year, Chi said that the finance ministry would continue to co-ordinate with other relevant ministries and agencies to study and map out suitable tax policies to help boost production and increase the competitiveness of firms and their products.
"Together with better controlling to avoid tax fraud, the Ministry of Finance will focus on removing difficulties for businesses, helping them deal with inventories and non-performing loans, enlarging markets and increase production and business," he said.
The ministry will also hurry to finalise this year's expenditure plan on infrastructure construction, investment capital and Government bond capital to bolster consumption, helping producers clear out inventories.
