Leg­is­la­tors ques­tion threats posed to na­tion’s macroe­co­nomic sta­bil­ity

Viet Nam News - - Front Page -

HAØ NOÂÏI — National Assem­bly deputies yes­ter­day called on more con­crete mea­sures from the Govern­ment to aid growth and strug­gling busi­nesses amid slow­ing in­fla­tion.

Dur­ing the live broad­cast of the ple­nary ses­sion yes­ter­day, dis­cussing the coun­try’s so­cio-eco- nomic progress, deputy Nguyeãn Cao Sôn from north­ern Hoøa Bình Prov­ince cited statis­tics that 16,000 busi­nesses had ceased op­er­a­tion in the first four months.

As a re­sult of en­ter­prises un­able to ac­cess loans and still cop­ing with high-in­ter­est rates from non-per­form­ing ones, Sôn, also the chair­man of the prov­ince’s as­so­ci­a­tion of small-and-medium en­ter­prises, sug­gested re­duc­ing the bor­row­ing in­ter­est rate to 8 per cent and past-due-date loans to be­low 10 per cent.

Deputy Traàn Du Lòch from HCM City said...

... the Govern­ment must seize the op­por­tu­nity as in­fla­tion has sloed down, which saw con­sumer prices rise 6.36 per cent in May, slightly down from 6.61 per cent in April.

“In the next two or three years, we must strive to bring back the eco­nomic growth level of the golden years ( 2001- 07). If we don ’ t achieve a 7- 8 per cent growth rate in a cou­ple of decades, the in­dus­tri­al­i­sa­tion tar­get will be hard to meet,” he said.

Lòch iden­ti­fied the need to build a medium-term strat­egy to aid eco­nomic growth and main­tain the CPI at a level of 6.5-7.0 per cent from now un­til 2015 and be­low 5 per cent in the fol­low­ing years.

Vieät Nam had tar­geted credit growth of 12 per cent this year but the State Bank must have bet­ter mea­sures to as­sist busi­nesses, es­pe­cially those with good out­lets but which could not ac­cess loans, he said.

Many NA deputies agreed the slow re­struc­tur­ing of banks and sta­te­owned com­pa­nies had con­trib­uted to the risk of macroe­co­nomic in­sta­bil­ity.

Deputy Nguyeãn Va n Ca nh, from cen­tral Bình Ñònh Prov­ince, said the Govern­ment should speed up the withdrawal of cap­i­tal in non- core busi­nesses in State-owned en­ter­prises.

Huyønh Ngh a, from cen­tral Ñaø Na ng City, said the is­suance of govern­ment bonds would al­low im­por­tant projects such as the ex­ten­sion of National High­way 1A and con­struc­tion of new hos­pi­tals and ir­ri­ga­tion projects to stim­u­late ag­gre­gate de­mand.

Con­cerns on debt were also at the top of the agenda at yes­ter­day’s ses­sion. Law­maker Leâ Thò Nguyeät, from north­ern V nh Phu c Prov­ince, said the role of the Vieät Nam As­set Man­age­ment Com­pany (VAMC), which was ap­proved by the PM ear­lier this month, should be clar­i­fied.

Nguyeãn Va n Hieán from south­ern Baø Ròa-Vuõng Taøu Prov­ince and other leg­is­la­tors ex­pressed the need to have co­her­ence in the num­bers that in­di­cated the health of the econ­omy.

For ex­am­ple, in the case of non-per­form­ing loans, he said, the State Bank put the num­ber at 8.6 per cent at the end of 2012 but the Govern­ment’s re­port in the cur­rent ses­sion put the num­ber at 7.8 per cent.

Min­is­ter of Plan­ning and In­vest­ment Buøi uang Vinh ad­mit­ted later that the ac­cu­racy of many in­di­ca­tors of the econ­omy were not co­her­ent due to dif­fer­ences in statis­tics from provin­cial level, min­istries, agen­cies and the gen­eral statis­tics of­fice.

On the re­duced un­em­ploy­ment rate in 2012 (at about 2.01 per cent), labour min­is­ter Pha m Thò Ha i Chuyeàn said most of the busi­nesses who went bank­rupt were small- and- medium sized and drew their labour from ru­ral ar­eas, where laid­off work­ers re­turned to work.

Speak­ing on the re­struc­tur­ing ef­forts, Vinh said 17 out of 21 state-owned con­glom­er­ates al­ready had their re­struc­tur­ing plans ap­proved as of May.

State Bank Gover­nor Nguyeãn Va n Bình said the VAMC would soon start op­er­a­tions and help deal with about VNÑ 40-70 tril­lion (US 2-3.4 bil­lion) of bad debts.

One mem­ber of the pub­lic lis­ten­ing to the live broad­cast, Leâ Va n Höng, a farmer in Höng Trung com­mune, Höng Nguyeân Dis­trict of cen­tral Ngheä An Prov­ince, said farm­ers paid at­ten­tion to is­sues that per­tained to agri­cul­ture and farm­ing, such as ways to boost the mar­kets for agri­cul­tural prod­ucts.

He ex­pressed hope that the Govern­ment would bet­ter im­ple­ment so­lu­tions to link farm­ers with busi­nesses and con­sider that agri­cul­ture also in­volved the par­tic­i­pa­tion of sci­en­tists, busi­nesses and other stake­hold­ers. —

Deputy Nguyenã Thò Leâ Nga from north­ern Thaiù Nguyenâ Prov- ince. — VNA/VNS Pho­tos Nguyeãn Daân

Deputy Traàn Du Lòch from HCM City

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