House committee lauds Government’s handling of economy

The Government’s recent measures, including economic stimulus packages, have helped curb inflation, stabilize the economy, maintain growth, and ensure social security, the National Assembly’s Economic Committee said at its meeting on September 22.

The NA Economic Committee reviewed the social and economic situation and discussed amendments to some laws at a session on September 22 (Photo: VNA)

The Government’s policies have kept the economy out of a recession despite the global financial crisis, it said.

But the Government needs to balance the budget, regulate foreign trade, create jobs, and prevent a relapse into inflation, members said.

Some said it should not extend the subsidized bank loan program until next year. They also voiced concerns about the sustainability of the national economy and said administrative reform should be stepped up to facilitate business.

Members called for analyzing the structure of FDI to assess the efficiency of its use and improving the promulgation of legal documents.

Discussing the tasks for next year, many stressed the need for restructuring the economy and making better use of investments.

Members considered amendments to the Law on the State Bank of Vietnam and the Law on Credit Institutions.

Since it took effect in 1998, the former has helped improve control over monetary policy and monitoring of credit institutions, members said.

But it has not met the needs of developing the central bank in the changing economic scenario, they agreed.

Some said a monetary policy council is needed to be set up with its organization and functions described clearly, but others said its time has not come yet.

Discussing the amendments to the Law on Credit Institutions, several members said some of them are not appropriate considering the practical situation. They also wanted the amendments clearly spelled out so that the Government and State Bank do not need to issue instructions for their implementation.

Most members agreed that credit institutions should operate within the scope allowed by law though some suggested that the State Bank should allow them to undertake certain activities not listed in their license.

By staff writers – Translated by Truc Thinh

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