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Tuesday, June 25, 2024

NA Economic Committee urges more interest rate cuts in 2024

The Saigon Times

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HCMC – The National Assembly (NA) Economic Committee has recommended interest rates should be further cut next year to make loans cheaper for businesses.

The chairman of the Economic Committee, Vu Hong Thanh, made this proposal during the 27th session of the National Assembly Standing Committee on October 16.

Thanh expressed optimism about economic growth in 2024-2025 compared to 2023, attributing this to the relayed impact of economic support measures taken in 2022.

Achieving the average growth rate of 6.5% to 7% for the 2021-2025 period, as approved by the National Assembly, may present a formidable challenge, especially at a time when the global economy is still volatile.

Thanh recommended the reinforcement of macroeconomic stability, inflation control, and the enhancement of economic resilience. He threw support behind effective public investment and the prioritization of key projects to curb waste and inefficiency.

Measures aimed at supporting economic recovery include strengthening fiscal policy, settling value-added tax (VAT) refunds, and restructuring the banking system.

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