National Assembly scrutinises socio-economic development

At the third session of the 14th National Assembly on May 22, the legislature heard the Government’s report on the implementation of socio-economic development and State budget tasks in 2016 and in the first months of 2017.

national assembly scrutinises socio-economic development hinh 0
Deputy Prime Minister Truong Hoa Binh presents the report
According to the report, presented by Deputy Prime Minister Truong Hoa Binh, the Consumer Price Index (CPI) in April increased by 0.9 percent compared to December last year.

Meanwhile, the interest rate was stable and is likely to fall down. Credit growth climbed by 5.75 percent – the highest year-on-year level in six years. 

The country’s export turnover surged 16.8 percent, mainly in processing and manufacturing industries, and agricultural products, the report said.  

State budget collection fulfilled 32.7 percent of the set plan for the whole year, up 17.8 percent. Newly-registered and added foreign direct investment hit US$10.6 billion, up 40.5 percent. 

Nearly 40,000 new enterprises registered to be established over the first four months of this year, with a total additional capital of VND825 trillion (over US$36,300 million). 

However, GDP growth in the first quarter of this year reached only 5.1 percent, lower than that recorded in the same period last year (5.48 percent). 

Deputy PM Binh said ministries, sectors and localities need to take specific measures to achieve greater growth in the remaining quarters, towards realising the GDP growth target of 6.7 percent set for the year.

According to the Deputy PM, the Government and PM had directed ministries, sectors and localities to focus on accelerating equitisation, divestment and business improvement of State-owned enterprises (SOEs), however the process remained slow. 

A steering committee was established to examine and set forth principles and solutions to each major loss-making project in recent time, he said. 

In the coming time, attention will be paid to restructuring, improving performance and quickening equitisation of SOEs, especially ineffective firms and those suffering losses.

For major loss-making projects, the Government has asked relevant ministries, sectors and localities, groups and corporations to roll out appropriate financial handling measures in line with market rules and risk sharing, without using support from the State budget. 

Measures have been outlined to promote culture development, social equality and advancement, poverty reduction, job generation, education, and health care.

The Government has also instructed relevant agencies to enhance environmental management and take numerous ways to protect the environment such as closing natural forests, reviewing hydropower projects and not licensing projects with high risk of causing environmental pollution and imposing strict punishments on violators.  

Binh said the Government has called for both immediate and long-term measures to deal with climate change, prevent natural disasters including floods, storms, droughts, saline intrusion and landslides, especially in Central, Central Highlands and Mekong Delta regions.

It has effectively implemented the Resolutions of the Party and NA on national defence, security and foreign relations, significantly contributing to maintaining peace and stability, and raising the position of the nation. 

Also in the morning session, Vu Hong Thanh, head of the NA Commission for Economic Affairs presented a report reviewing and assessing the implementation of the NA’s Resolution on socio-economic development in 2016 and the first months of 2017, which said that the country's macro economy was stabilised, major balances were ensured and inflation rate was curbed at a safe limit.

The commission suggested that the Government’s report need to give more detailed assessment and analysis on some issues, especially those relating to economic growth and export turnover.

It agreed on measures mentioned in the Government’s report, together with those set in the Resolution of the NA on socio-economic development plan for 2017, he added

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