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National Assembly member: Worried about public investment bottlenecks slowing economic recovery

10:46 | 02/11/2022

VCN - Appreciating the socio-economic results achieved in nine months as well as the whole of 2022, however, during the discussion session at the National Assembly group on October 22, the National Assembly deputies raised the following concerns, such as slow disbursement of public investment capital and risky capital market.

Online public service: Contributing to promoting the disbursement progress of public investment capital Online public service: Contributing to promoting the disbursement progress of public investment capital
Public investment disbursement among measures to promote growth: PM Public investment disbursement among measures to promote growth: PM
By end of August, disbursement rate of public investment is still low By end of August, disbursement rate of public investment is still low
Public investment is a very important area in the economic recovery process. Photo: N.Thanh
Public investment is a very important area in the economic recovery process. Photo: N.Thanh

Worry about bottlenecks from public investment

Accordingly, commenting on the positive aspects, Ms. Do Thi Lan, delegate to the National Assembly of Quang Ninh province, said that the Government has made many efforts to promote economic recovery, and implemented fiscal solutions.

Along with that, the handling of 12 weak projects, the review of law projects also had the determination to improve.

Similarly, Mr. Le Kim Toan, a member of the National Assembly of Binh Dinh province, also expressed his delight at the results achieved after nine months and forecasted a high growth rate for the whole year, exceeding the set plan. Besides, the macro-economy is stable, all the pillars have growth.

However, the National Assembly deputies raised a number of difficulties including the delayed disbursement of public investment capital. According to Ms. Do Thi Lan, the disbursement of public investment and development investment capital of the three national target programs, including some policies to support the economy, is still slow, so it is necessary to specify the reasons and there is a solution to take care of.

This position also mentioned shortcomings, many guiding documents on capital disbursement are slow. Ms. Lan proposed the development of criteria for allocating capital to localities, setting a ceiling or having specific instructions for localities to base on, otherwise, each locality would have a different approach, delaying progress.

On this issue, delegate Duong Khac Mai, Deputy Head of the Delegation of the National Assembly of Dak Nong province said that public investment continues to be a bottleneck, while public investment is considered a resource important and necessary, especially in the current post-pandemic recovery period.

Therefore, delegate Duong Khac Mai proposed the Government, relevant ministries and branches study and propose radical solutions for this problem.

In addition, the National Assembly deputies also raised a number of problems related to investment and bidding in the health sector. Member of the National Assembly of Tien Giang province, Mr. Nguyen Van Duong, said that the shortage of drugs and medical supplies in public health facilities is affecting medical examination and treatment, but the bidding problem is unsatisfactory.

At present, the bidding method is choosing the cheapest bidding package, but the cheapest price is not of the desired quality, affecting the patient's health. Delegate Nguyen Van Duong suggested that there should be specific characteristics in the bidding of the health sector.

The National Assembly deputies suggested that there should be solutions to accelerate the disbursement of public investment capital. Photo: H.Deu
The National Assembly deputies suggested that there should be solutions to accelerate the disbursement of public investment capital. Photo: H.Diu

Needing to strongly restructure the financial market

During the discussions at the group, many National Assembly deputies agreed that Vietnam will face many challenges affecting socio-economics when the Russia-Ukraine conflict continues to drag on, inflation increased in many countries.

In particular, the issue of raising interest rates in USD by the US Federal Reserve (Fed) has affected the world's monetary system, as well as exchange rate fluctuations with foreign currencies. This will lead to the decline of the global economy, and it will be hard for Vietnam to avoid it.

Mr Tran Hoang Ngan, member of the Ho Chi Minh City National Assembly, said that with the current external situation, we will face many challenges in managing monetary policy, so it is necessary to be more drastic in managing the macroeconomy in the near future. Therefore, according to Mr. Ngan, the Government has solutions to strongly restructure the financial and the real estate market.

Regarding corporate bonds, Mr. Tran Hoang Ngan said this is a very good capital mobilization channel for businesses in the medium and long term. However, it is necessary to improve the legal framework, clear and transparent mechanism to increase the credibility of the corporate bond market and protect the interests of investors. He also proposed strengthening inspection and supervision of corporate bond issuance; at the same time, it is necessary to strengthen handling of weak credit institutions to create a tight and effective monetary security system.

Assessing this issue, National Assembly Secretary General, Chairman of the National Assembly Office Bui Van Cuong stated that, although good results have been achieved, the Government, ministries and branches need to pay attention to the slow disbursement of investment capital. The implementation of the National Assembly's Resolution on fiscal and monetary policies to support the Socio-economic Recovery and Development Program is also very slow. In addition, the support for businesses encountered many problems, the interest rates of banks were recorded at high levels, even with loan packages up to 15%/year. The stock market is bleak.

The economic recovery support package was slow to be disbursed even though businesses were short of capital The economic recovery support package was slow to be disbursed even though businesses were short of capital

Therefore, Mr. Bui Van Cuong suggested, these are the problems we need to pay attention to to ensure the macro economy, control inflation, and promote growth.

By Huong Diu/ Quynh Lan