Government keeps close control of public debts

Deputy Prime Minister Nguyen Xuan Phuc confirmed the Government has been cautious in public debts management via stabilising the macro economy and improving the investment environment as he took the floor at the Q&A session of the ninth sitting of the 13th National Assembly in Hanoi on June 13.

An overview of the ninth sitting of the 13th National Assembly (Photo: VNA)

The Prime Minister has issued a number of measures on public debt control such as strengthening management of public spending, increasing long-term, domestic and official development assistance (ODA) loans at low interest rate (averagely 1.6 percent per year), and strictly managing the Government-guaranteed loans, the official said.

Regarding international economic integration, he stressed Vietnam’s proactive and active integration in 2015. The ASEAN Free Trade Area (AFTA) offers both opportunities and challenges, he said, adding the improvement of legal institution and investment climate, and economic restructure are of importance.

Vietnam is one of the countries to actively implement the three pillars of the ASEAN Community, namely politics-security, economics, and social-cultural affairs, he said, warning difficulties still lie ahead such as how to preserve the national cultural identities when engaging in the ASEAN common house.

Deputy PM Phuc also underlined the Government’s key measures to fulfil the 2015 national socio-economic plan such as promoting agriculture production and sales of farm produce; increasing social investment in infrastructure building, especially transport system; bettering business climate and increasing competitiveness; while addressing social concerns, mitigating impact of natural disasters, and ensuring social order and safety.

He reported that in the first five months of 2015, the consumer price index (CPI) increased by 0.2 percent and the credit growth reached 5.18 percent, higher than 1.51 percent of the same period last year.

The Government pledged to implement more effectively the agriculture restructure project towards increasing the added value of the products and selecting plants and animals suitable with conditions of each regions and localities, he said.

Regarding the question on anti-corruption, Deputy PM Phuc said the country detected and handled 256 cases in 2014, up 25 cases from the previous year.

The Central Steering Committee for Corruption Prevention and Fight has put forth major measures such as building institutions, increasing international cooperation, and promoting the role of elective agencies and the Vietnam Fatherland Front in detecting dishonest or illegal behaviours.

As regards encouraging the involvement of all sectors in infrastructure development investment, he said this is a policy of the Party and State, but it does not means privatisation and must be under the State management for the sake of the stakeholders: the State, investors, and people.

He added that the private economic sector plays a crucial role in the economy to generate jobs and create gross domestic product (GDP). The Law on Business, which took effect in 2005, has enabled the development of enterprises, he said, noting that the establishment of large-scale and highly competitive firms is essential in the integration process.

The Government pledged to create favourable business environment, stabilise the macro economy, accelerate equitisation of State-run businesses and administrative reform to ensure fair and transparent playing grounds for businesses, he stated.

Concluding the question-and-answer session, National Assembly Chairman Nguyen Sinh Hung said the session heard over 130 opinions from the deputies and more than 200 issues of public concerns put on the table. The discussion took place in a democratic, straightforward, and constructive fashion, he said.-VNA

VNA

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