Vietnam may face a real challenge when it targets to attain two main goals of macro stability and higher economic growth at the same time.
It is part of the NA’s report, presented at the opening ceremony of the 7th NA working session, to review the implementation of the legislative body’s Resolution on socio-economic performance and State budget in 2009 and in the first months of this year .
Policy adjustments and timely measures
The report shows that Việt Nam has successfully preventedeconomic recession and achieved reasonable growth, reined in high revised inflation, and maintained macro-economic stability.
The NA Economic Committee attributed the above success to sound policy adjustments and measures on a par with domestic and international situations. Economic measures started to prove effective since last year’s end.
Other important reason should also be taken into account is central-to-local sound administration and instruction.
Specific policies on tax exemption, reduction, and cancellation as well as some VND 75,700 billion spent on social welfare have helped consolidate people and businesses’ confidence and spur their effort to realize the country’s socio-economic goals.
The Committee also agreed with the Government to focus on addressing State budget overspending, high trade deficit, and other social and environmental issues.
Macro-economic stability and higher growth
This year’s biggest challenge is how to fulfill two major goals at the same time - macro-economic stability and higher economic growth against 2009, according to the report.
Deputies urged the Government to continue a flexible monetary policy to secure credit growth and the total means of payment. Other measures should also be adopted to further facilitate businesses’ activities.
The NA asked the Government to slash down State budget overspending to 6.2% of the gross domestic product (GDP) this year and less than 5% in coming years./.