The merger of the Ministry of Finance and the Ministry of Planning and Investment, along with the integration of Vietnam Social Security, aims to improve efficiency and governance.

Deputy Prime Minister Ho Duc Phoc emphasized that after the restructuring, the new Ministry of Finance must function smoothly to maintain its role as the backbone of Vietnam’s economy.

The newly merged Ministry of Finance is set to undergo a major restructuring, cutting 3,600 administrative units, equivalent to a 37.7% reduction.

This reform follows the merger of the Ministry of Finance and the Ministry of Planning and Investment, along with the incorporation of Vietnam Social Security and certain functions from the State Capital Management Committee and the National Financial Supervisory Commission.

A leaner, more efficient Ministry of Finance

On February 7, Deputy Prime Minister Ho Duc Phoc chaired a meeting to discuss the draft Decree on the Functions, Tasks, and Organizational Structure of the New Ministry of Finance.

The decree aims to ensure comprehensive state management of financial, budgetary, and economic affairs while streamlining government operations.

According to Deputy Minister of Finance Nguyen Duc Chi, the restructuring will consolidate public service units from both ministries and reorganize key departments, including the General Department of Taxation, the General Department of Customs, the State Treasury, and the State Securities Commission. Additionally, the General Statistics Office will be restructured as a department under the ministry, and Vietnam Social Security will be fully integrated into the new structure.

With these changes, the total number of administrative units will be reduced by 3,600, making the new Ministry of Finance more efficient and responsive.

Building a stronger core for Vietnam’s economy

Minister of Planning and Investment Nguyen Chi Dung emphasized that the merger has been executed swiftly and effectively, in line with the Central Committee and the Government’s directives.

“Streamlining the government structure is a critical and strategic task, especially as we prepare for a new era of economic development. A strong, efficient, and highly capable government structure is essential for achieving our national goals,” he stated.

Deputy Prime Minister Ho Duc Phoc praised the proactive efforts of both ministries and stressed the importance of ensuring a smooth transition.

“The new Ministry of Finance will be the backbone of Vietnam’s economy. Once the restructuring is complete, the system must operate seamlessly and efficiently,” he said.

On the same day, Deputy Prime Minister Ho Duc Phoc also chaired a meeting on the restructuring of Vietnam Television (VTV). Under the new proposal, VTV will reduce its administrative divisions from 27 to 22, achieving an 18.5% reduction in organizational units.

Thu Hang