Legislators question threats posed to nations macroeconomic stability
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 countrys 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 provinces 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 yesterdays 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 Governments 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