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NA adopts resolution on socioeconomic development plan for next year
The Saigon Times Daily
Thursday,  Nov 8, 2018,20:01 (GMT+7)

NA adopts resolution on socioeconomic development plan for next year

The Saigon Times Daily

Shipping containers are being loaded onto a vessel at Cai Mep-Thi Vai Port in Ba Ria-Vung Tau Province. The National Assembly has approved a resolution on the socioeconomic development plan for next year - PHOTO: LE ANH

HCMC – The National Assembly (NA) today, November 8, passed a resolution on the socioeconomic development plan for next year, including a gross domestic product (GDP) growth rate of 6.6%-6.8% and inflation of some 4%, which are considered prudent, reported news site VnEconomy.

According to the resolution, the overall goals of the resolution are to maintain macroeconomic stability, control inflation and enhance the autonomy and competitiveness of the local economy.

Before the resolution was approved, some NA deputies had proposed raising the GDP growth target for 2019 to 6.8%-7%, while some others suggested the rate should be kept unchanged from the estimate for this year, at 6.5%-6.7%.

Vu Hong Thanh, head of the NA's Economic Committee, stated that the GDP growth target for next year was set based on the estimated figure for this year, which may exceed 6.7%, as well as on the forecasts of some international organizations. The targets are reasonable, helping ensure sustainable economic development and resolve social problems, he added.

Several NA deputies had also proposed setting the inflation target at below 4%, not about 4%.

However, the NA Standing Committee warned of a possible rise in inflationary pressure next year due to a possible hike in crude oil prices, the risks of the financial market and the impact of global trade disputes, as well as hikes in electricity and education and healthcare service prices and the minimum wage, as planned.

Thanh also highlighted the inflation target of 3% by 2020, as stated in the NA’s Resolution 142/2016/QH13 on the five-year socioeconomic development plan in the 2016-2020 period.

According to the resolution, the country targeted an increase of 7%-8% in export turnover, trade deficit at under 3% of export revenue and total investment accounting for 33%-34% of the GDP.

The NA also required the relevant parties to follow global market trends to promptly map out appropriate solutions in response to potential problems.

The lawmaking body asked for the control of interest and exchange rates in line with market developments and adjustments to public service fees in a manner that does not negatively affect the consumer price index.

Other requirements included in the resolution are to ensure the quality of imported products and equipment, and to improve the business environment to increase Vietnam’s competitiveness in the global market.

With this resolution, the NA is determined to reform institutions and issue preferential policies to facilitate sectors. The traffic and information technology infrastructure systems will be prioritized for development.

Next year, the country will also accelerate the progress of the North-South Expressway and Long Thanh international airport projects, together with other key traffic and industrial park projects.

The tourism sector was assigned to expand the evisa issuance program and unilaterally offer visa exemptions to foreign tourists visiting certain localities in Vietnam. The NA also urged the sector to issue policies to attract more international travelers and closely manage the quality of tourism products and services.

Moreover, large enterprises with high productivity and strong competitiveness will be encouraged to develop further. The resolution also includes a requirement to selectively attract foreign investors, prioritizing those applying advanced technology and helping local firms get involved in their value chains.

As for State budget restructuring, the NA required closer control over the budget’s revenue collection and solutions to prevent losses, transfer pricing and tax evasion. The State budget should be allocated in an economical manner to fund investment projects.

In addition, public debt, Government debt and foreign debt must be kept within the thresholds stipulated in the NA’s Resolution 25/2016/QH14 on the national five-year financial plan for 2016-2020.

The divestment of State capital from and the equitization of State-owned enterprises as well as the role and responsibility of the State Capital Management Committee will be enhanced.

The legislature also asked for the early establishment of financial centers in large cities and close control over the restructuring of credit institutions in terms of settling bad debts.

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