Government praised for outstanding performance

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VOV News English - 67 month(s) ago 1 readings

Government praised for outstanding performance

National Assembly deputies praised the government for its prompt measures to cushion the impact of the global economic recession on Vietnam, while discussing the government’s report on October 22. The deputies agreed that Vietnam has prevented an economic slowdown, maintained reasonable growth, stabilised macro-economic balances and the monetary market, and ensured social welfare. Deputy Le Quoc Dung said Vietnam is one of the relatively few countries in the world that have managed to overcome their economic woes and achieve steady growth. “It is a great success for Vietnam, given the fact that this year both businesses and individuals have borne the brunt of the economic recession,” said Mr Dung. He said the government’s rescue package has begun to pay off. He acknowledged the government’s quick shift of focus from reining in runaway inflation to preventing an economic downturn, securing reasonable growth and ensuring social welfare. The deputy noted that none of Vietnam’s businesses have gone bankrupt despite the global recession. Deputy Nguyen Hanh Phuc echoed Mr Dung, saying the National Assembly should compliment the government for its all-out efforts to weather the economic storm. On the other hand, the deputies pointed out some weaknesses in the national economy, warning that Vietnam is likely to face new problems if the economy is not restructured and investment policies are not revised. Deputies Dinh Xuan Thao, Le Quoc Dung and Nguyen Ba Thuyen shared the view that after more than 20 years of implementing the Renewal process, the farm produce processing industry has not made much progress. They said the country has mainly exported raw materials, and its farm produce exports will only increase so long as there is a breakthrough in the processing industry. They proposed that the legislature work out solutions to restructure the economy. The deputies also warned that there are considerable risks of imbalance in the national economy. This is th

The deputies agreed that Vietnam has prevented an economic slowdown, maintained reasonable growth, stabilised macro-economic balances and the monetary market, and ensured social welfare.

Deputy Le Quoc Dung said Vietnam is one of the relatively few countries in the world that have managed to overcome their economic woes and achieve steady growth.

“It is a great success for Vietnam, given the fact that this year both businesses and individuals have borne the brunt of the economic recession,” said Mr Dung.

He said the government’s rescue package has begun to pay off. He acknowledged the government’s quick shift of focus from reining in runaway inflation to preventing an economic downturn, securing reasonable growth and ensuring social welfare.

The deputy noted that none of Vietnam’s businesses have gone bankrupt despite the global recession.

Deputy Nguyen Hanh Phuc echoed Mr Dung, saying the National Assembly should compliment the government for its all-out efforts to weather the economic storm.

On the other hand, the deputies pointed out some weaknesses in the national economy, warning that Vietnam is likely to face new problems if the economy is not restructured and investment policies are not revised.

Deputies Dinh Xuan Thao, Le Quoc Dung and Nguyen Ba Thuyen shared the view that after more than 20 years of implementing the Renewal process, the farm produce processing industry has not made much progress. They said the country has mainly exported raw materials, and its farm produce exports will only increase so long as there is a breakthrough in the processing industry. They proposed that the legislature work out solutions to restructure the economy.

The deputies also warned that there are considerable risks of imbalance in the national economy. This is the first year Vietnam has experienced a trade deficit, leading to a shortage of foreign currencies. If no measures are taken, the market will be plunged into chaos, the budget deficit will increase and high inflation will return, they said.

The deputies proposed that the government put an end to its 4-percent interest subsidy package by the end of this year. They quoted statistics showing that since the package was introduced, only 20 percent of businesses had got access to subsidised bank loans.

They also proposed that the government extend its on-going subsidised loan programme for farmers to help them build houses, develop rural infrastructure and purchase machinery for agricultural production.

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