Multiple tasks directed by the Government to stimulate growth and control inflation

VCN - The government recently issued Resolution No. 93/NQ-CP concerning the principal tasks and solutions for fostering growth, controlling inflation, and stabilizing the macroeconomy.
Mounting inflationary pressure requires Government’s flexible moves Mounting inflationary pressure requires Government’s flexible moves
Positive economic transformations in four months Positive economic transformations in four months
Prime Minister stresses 2024 growth, inflation targets Prime Minister stresses 2024 growth, inflation targets
It remains necessary to continue alleviating difficulties for citizens and businesses. Photo: H.Diu
It remains necessary to continue alleviating difficulties for citizens and businesses. Photo: H.Diu

Preventing revenue losses from e-commerce

The resolution sets a goal to persist in prioritizing growth enhancement aligned with consolidating macroeconomic stability, controlling inflation, and ensuring the major balances of the economy. The aim is to manage harmoniously, effectively, and maintain a reasonable balance between growth and inflation control; striving for a GDP growth rate to reach the upper target set by the National Assembly (6 - 6.5%) and controlling the CPI growth rate to achieve the lower target set by the National Assembly (4 - 4.5%).

At the same time, it manages fiscal policy reasonably with focus and emphasis; it coordinates synchronously, harmoniously, and tightly with proactive, flexible, timely, and effective monetary policy and other policies. The resolution also addresses difficulties, boosting the production and business activities of citizens and businesses. It calls for strict control of budget deficits, public debt, government debt, and the country's foreign debt within the limits allowed by the Resolution and Conclusions of the Central Committee, National Assembly.

The resolution outlines key tasks and solutions, including focusing on refining institutions, laws, mechanisms, and policies to immediately address difficulties and bottlenecks, and freeing up resources for socio-economic development.

Accordingly, ministries, agencies, and localities, according to their functions, tasks, and authority, are urged to urgently finalize and submit to the Government detailed Decrees. They should also, under authority, issue Circulars and guiding documents, ensuring alignment with the effectiveness of the Land Law, Housing Law, Real Estate Business Law, Price Law, and Law on Credit Institutions by June 2024.

Review legal documents, especially the State Budget Law, Public Debt Management Law, Investment Law under the public-private partnership method, Tax Laws, Pharmacy Law, and guiding documents. Identify bottlenecks and issues that need to be addressed at the legislative level and send them to the Ministry of Justice in July 2024 for synthesis.

Alongside this, the resolution continues to prioritize growth; it manages monetary policy proactively, flexibly, timely, and effectively; it coordinates synchronously, harmoniously, and tightly with reasonably expanded fiscal policy with focus and emphasis; and it continues to alleviate difficulties for citizens and businesses.

In this context, the resolution mandates the Ministry of Finance to review difficulties and bottlenecks and devise effective solutions to the challenges posed to the corporate bond market. It should lead, coordinate with ministries, agencies, and localities to strengthen financial discipline, budgetary discipline, decisively implement digital transformation, regulations on electronic invoices, especially to promote the application of digital transformation in budget revenue and expenditure, and enhance the effectiveness and efficiency of managing state budget revenue and expenditure.

The resolution ensures accurate, sufficient, and timely revenue collection, expands the tax base, and combats revenue loss, especially from e-commerce, to offset reduced revenue due to the implementation of support policies. It completes the revenue estimate assigned at the highest level; in July 2024, it will submit to the Government to report to the Standing Committee of the National Assembly on handling a 5% reduction in the regular expenditure estimate assigned at the beginning of the year for ministries, agencies, and localities.

The resolution assigns the State Bank to effectively use management tools to regulate exchange rates and interest rates, align with macroeconomic developments and set goals, and meet capital needs for the economy. It also enhances inspections, supervision, close monitoring, and risk control of bad debt, effectively implementing measures to handle bad debt and improve credit quality.

It works immediately with credit institutions, especially state commercial banks, to continue directing cost reduction, enhance the application of information technology, digital transformation to further reduce lending rates; it promotes credit growth, focusing on production and business sectors, priority sectors, and economic growth drivers.

Continuing to expand and diversify the export market

Furthermore, the resolution calls for promoting the disbursement of public investment capital, using public investment to trigger and lead private investment, and enhancing the public-private cooperation. It focuses on renewing traditional growth drivers (investment, export, consumption) and aggressively promoting new growth drivers.

The resolution tasks the Ministry of Industry and Trade to lead, coordinate with the Ministry of Foreign Affairs, related ministries, and agencies to support businesses in effectively utilizing commitments in FTAs that have been signed; it continues to expand and diversify the export market, intensify negotiations, and sign new FTAs. It provides businesses with timely information about adjustments to policies and regulations of countries on export and import of goods, particularly key agricultural products such as rice and coffee. It proactively prepares for handling, guiding, and supporting businesses in complying with procedures, providing documents, and information to meet new regulations of partner countries.

The Ministry of Industry and Trade also needs to intensify the implementation of domestic consumer stimulation programs, market stabilization programs, promote agricultural products, one commune one product (OCOP), and bring Vietnamese goods to rural areas. It strengthens market management, combats smuggling, commercial fraud; it investigates timely, handle trade defense lawsuits against imported goods into Vietnam according to regulations.

The State Capital Management Committee at enterprises directs state corporations and general corporations to continue innovating governance, enhancing production and business efficiency, effectively using state capital for investment and development.

The resolution also suggests ministries, sectors, and localities focus on strongly developing main industries and fields. It continues to address lingering issues within the deadlines directed by the Government and the Prime Minister.

It also implements synchronous, effective measures to control inflation. In this regard, the Ministry of Finance leads, coordinates with Ministries, agencies, and localities to closely monitor the situation, proactively forecast, calculate, and update inflation scenarios to develop an overall price management scenario.

Ministries, agencies, and localities, according to their assigned functions and tasks, proactively assess the impact on inflation, calculate, prepare ready scenarios, and price adjustment routes for goods and services managed by the State, especially electricity, tuition, and medical service prices, when there is room and the conditions allow, at an appropriate level and timing, avoiding concentration at the same time.

By Huong Diu/Tran Minh

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