Leadership handover marks new phase for Vietnam’s finance governance

Leadership handover marks new phase for Vietnam’s finance governance

On the afternoon of April 8, a handover ceremony was held at the Ministry of Finance between Deputy Prime Minister Nguyen Van Thang and newly appointed Minister of Finance Ngo Van Tuan.

The leadership handover marks a new phase for Vietnam’s finance sector. Photo: Duc Minh

Addressing the event, Deputy Prime Minister Nguyen Van Thang expressed his deep appreciation to the Party Committee, leadership, and staff of the Ministry of Finance (MoF) for their steadfast support and collaboration in overcoming numerous challenges during his tenure.

Reflecting on his time as Minister since November 2024, he noted that although the period was relatively brief, it carried special significance for both the MoF’s institutional evolution and the country’s broader development trajectory.

This period coincided with the implementation of major structural reforms across the political system, following landmark decisions by the Party and State to streamline and reorganise the administrative apparatus. The MoF was tasked with a sweeping consolidation, including its merger with the Ministry of Planning and Investment, as well as the integration of Social Insurance, the State Capital Management Committee, and various state-owned groups and corporations.

At the same time, the MoF undertook substantial internal restructuring while ensuring the mobilisation of significant fiscal resources to support nationwide institutional reorganisation and workforce rationalisation.

Despite the scale and complexity of these tasks, the MoF continued to deliver strongly on its core mandates, particularly in budget revenue and expenditure management. The period was marked by an immense workload, high expectations, and multidimensional pressures, requiring sustained, around-the-clock efforts from leadership and staff across the sector.

Another notable milestone was the successful organisation of the 80^th anniversary of Vietnam’s Finance and Investment sector in 2025. “It has been a great honour for me to stand alongside colleagues in the finance sector during such a pivotal and memorable period,” the DPM said.

He also extended congratulations to Minister Ngo Van Tuan, expressing confidence that under his leadership, the MoF would continue to build on its strong legacy, turning the outcomes of restructuring into new drivers of growth. The MoF, he noted, would remain central to national fiscal and financial management, while serving as a key strategic advisor to the government on macroeconomic governance, resource mobilisation, and allocation for growth, investment, and social welfare.

Minister of Finance Ngo Van Tuan (right)

Taking over his new role, Minister Tuan said his return to the MoF came with a mix of pride and a strong sense of responsibility, given the scale of the current workload. “It is a great honour, but also a heavy responsibility. I must strive even harder to fulfil the tasks entrusted by the Party, the State, and the people,” he said.

He underscored that the MoF today was not only responsible for managing state revenues and expenditures but also played a strategic advisory role in economic development. With Vietnam targeting double-digit growth in the coming years, demands on budget collection, spending, and capital mobilisation are set to rise significantly.

The minister highlighted that the challenge lied not only in increasing revenue but also in improving the efficiency of public spending, especially as Vietnam’s Incremental Capital Output Ratio remained relatively high while total investment accounted for around 40 per cent of GDP, including 20-22 per cent from public investment.

To meet growth targets, capital mobilisation for the state budget is expected to nearly double. However, he noted that the issue was not merely access to capital, but also the structure of funding sources, as the domestic bond market currently relies heavily on three main pillars: social insurance funds, the banking system, and life insurance.

He also raised concerns about the effectiveness of public investment. Under Conclusion No.18-KL/TW, future projects will be subject to stricter socioeconomic efficiency assessments, with the Ministry tasked to guide localities in implementation. The number of projects is also expected to be reduced, with a stronger focus on quality over quantity.

“What matters is not how many projects are implemented, but whether they truly generate new productive capacity and sustainable cash flows for the economy,” he said.

To fulfil the tasks ahead, the minister called on the entire sector to stay aligned with assigned plans and priorities, including the government’s action programme to implement Conclusion 18, while maintaining focus throughout the current term.

Despite the significant challenges ahead, he expressed confidence that the sector’s long-standing tradition of unity and cohesion would remain the guiding principle, what he described as a “red thread” underpinning the Ministry’s development, as emphasised by former Minister Nguyen Sinh Hung.

Minister Tuan also thanked DPM Thang for laying important foundations for the sector’s continued development, and expressed hope for his continued guidance and support in his new role.

VIR