New Finance Minister Faces Challenges: Driving Growth, Resolving Tax Bottlenecks, and Accelerating Public Investment

The new Finance Minister Ngo Van Tuan is facing significant pressure to deliver high economic growth while ensuring macroeconomic stability. Experts point to public investment and tax policy as key “bottlenecks” that need to be addressed promptly.

On April 8, Mr. Ngo Van Tuan was approved by the National Assembly to serve as Minister of Finance for the 2026-2030 term. Immediately after taking office, during the handover ceremony that afternoon, he emphasized that achieving high growth in the coming years requires substantial contributions from the finance sector.

Key priorities: fiscal policy, public investment and taxation

In his new role, Mr. Ngo Van Tuan is expected to tackle major issues including fiscal policy, public investment, and taxation. The stated objectives are to accelerate disbursement while improving efficiency and preventing waste, leakage, and other inefficiencies that could undermine growth momentum.

On tax policy, reforms are expected to continue toward building stronger revenue capacity, broadening the tax base, and supporting businesses and people to create a favorable environment for production and private sector development.

Cause and development: balancing growth with macro stability

Experts cited in the article, including BIDV’s Chief Economist Can Van Luc, describe the 2026-2030 period as a crucial stage for fiscal policy. The focus is on pursuing high growth while maintaining macro stability and balancing major macro indicators amid external uncertainties.

The article also references guidance from the Party’s XIV Congress resolutions and Central Committee conclusions, which call for a focused fiscal policy. This includes accelerating the disbursement of public investment and coordinating closely with monetary and macro policies to support growth while controlling inflation and ensuring development that is rapid, inclusive, and sustainable.

It notes that fiscal policy should remain the primary tool, while monetary policy space is relatively limited in 2026-2027.

Tax policy direction and implementation measures

For taxation, the article highlights the need to ensure fairness, transparency, and flexibility. It points to adjusting taxes and fees in difficult periods or sectors, including VAT, personal income tax, corporate income tax, land rent, land use, and environmental taxes.

It also calls for stimulating demand through targeted tax relief and establishing funds to support digital transformation, the green transition, energy development, and labor-related needs.

Revenue mobilization is expected to be strengthened from new areas such as e-commerce and digital assets, while continuing to nurture revenue from households and small and medium-sized enterprises (SMEs). The article further stresses that implementing amended tax laws and relevant parliamentary resolutions is essential.

Operational focus: disbursement and cash flow

The article emphasizes speeding up VAT refunds and adjusting tax cash flow to support implementation and improve liquidity conditions for taxpayers.