Financial commission proposes measures for target of 5.8% GDP growth

The National Financial Supervisory Commission has proposed a package of measures to boost aggregate demand in short term, aiming to obtain the targeted gross domestic product (GDP) growth rate of 5.8 percent this year.

A report issued by the commission yesterday said that macroeconomic stability had been ensured and economic recovery momentum had been maintained in the first nine months.

However the recovery level was behind targets as well as potentials and businesses have been still facing a lot of difficulties, the report said.

That was due to slowly increasing consumer expenditure and low private investment caused by low aggregate demand and deep debts.

A package of measures should be implemented to boost the aggregate demand in short term, said the commission.

Particularly, the State Bank of Vietnam (SBV) should consider supplying credit institutions with low interest capital to facilitate loan interest rate reduction.

SBV should study policies that allow the Vietnam Assess Management Company to buy bad debts by the state budget capital. Otherwise it should lengthen refinancing time of special bonds so that banks have an extra source of low interest long term capital to provide the private-owned enterprises with long term credits.

The commission proposed the State Bank to issue a special mechanism on compulsory sale of guaranteed assets for VAMC, further entitling it to decide the compulsory sale, organization of auction and legal proceedings and execution implementation. These proposals aim to shorten time and reduce costs on tackling debts.

Another measure is speeding up disbursement of investment capital from the state budget and Government bonds for key projects in rural infrastructure, agricultural field, and agro-aqua and forestry products processing.

By Bao Minh – Translated by Hai Mien

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