Tuesday,  Jun 19, 2018,13:38 (GMT+7) 0 0
Gov’t confident to achieve 6.7% GDP growth target
Van Ly
Thursday,  Aug 31, 2017,20:33 (GMT+7)

Gov’t confident to achieve 6.7% GDP growth target

Van Ly

HANOI – The gross domestic product (GDP) growth target for 2017 is obtainable as the nation has made positive achievements over the past months, said Minister and Chairman of the Government Office Mai Tien Dung.

At the third session of the 14th National Assembly in May, lawmakers expressed concerns over the possibility of obtaining lower-than-expected economic growth this year given the poor performance in the first four months. They feared the growth rate might range from 6.3% to 6.5% in all of 2017.

However, speaking at a regular press conference on August 30, Dung said the socio-economic situation has been better in the January-August period. Inflation has been put under control with the consumer price index (CPI) in August up 0.92% month-on-month and 3.35% against the same period last year.

As estimated, export value has reached US$133.5 billion, rising 17.9% year-on-year. The credit and finance market has been stabilized with credit as of August 21 expanding around 10% compared to December 2016 and 9% year-on-year.

State budget disbursement has amounted to over VND137 trillion, meeting 38.4% of the plan assigned by the National Assembly and 44.3% of the Government’s target.

The Government has met 13 socio-economic development goals. In which, the Government aims to obtain the GDP growth target of 6.7% and reach an export growth rate of over 14%, double the earlier estimate, Dung said.

Regarding queries over impacts of new tax hikes on society, Deputy Minister of Finance Vu Thi Mai said the new tax policy will leave little impact on citizens, especially the poor and low-income earners.

The ministry has proposed revising five tax laws, with one on natural resource tax, one on value-added tax, one on corporate income tax, one on personal income tax and one on special consumer tax. Earlier, the ministry reported the scheme to Deputy Prime Minister Vuong Dinh Hue.

There have been many suggestions for the tax laws but they are not enough. In fact, the ministry has adjusted many regulations to support citizens and businesses, Mai was quoted by Dan Tri online newspaper as saying.

For the VAT law, the ministry has turned some goods and service categories into taxable groups, added some sectors into the group subject to a 5% tax and removed tough regulations on tax refunds.

Meanwhile, the proposed amendments to the corporate income tax law will reduce tax on small and medium-sized enterprises, the information technology sector and investors involved in upgrade of aging residential blocks. The ministry will also give favorable policy to people with low incomes and working in special sectors.

Currently, the Government is mapping out reform schemes to restructure the mechanism, budget spending, public debts and State-owned enterprises, resulting in synchronous solutions in budget expenses. The value added tax law is one of the key factors to restructure budget collections, Mai added.

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