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Economy
Oct 15, 2015 / 08:36

The economy's quality and questions

By Tuan Minh

NA Standing Committee opened the 42nd session, commenting on the report of the Government on the results of the implementation plan of socio - economic development in 2015 and socio - economic plans in 2016; results of implementation of the State budget in 2015, the state budget estimates and budget allocation plans in 2016.

Commenting on the situation of socio - economic in the first nine months of 2015, Deputy Minister of Planning and Investment Dao Quang Thu said that in the last 9 months, notably macroeconomic has been stabilizing, the economy continues to recover crisp. Remarkably, GDP growth reached the highest level in 5 years, industrial production increased significantly. Assessing the situation, the Government is expected that from now until the end of the year, out of 14 targets for development of socio - economic plan set for 2015 at the National Assembly resolution, there are 13 targets achieved and exceeded. In particular, GDP growth of 6.5% (6.2% planned); consumer price index (CPI) rose by 1.5 to 2.5% (the plan was contained at around 5%). Only one indicator does not meet the plan, that is forest cover rate.
 
 
Production of electronic devices at Panasonic Vietnam Co., Thang Long Industrial Park
Production of electronic devices at Panasonic Vietnam Co., Thang Long Industrial Park

 
For proposed allocating of 6.7% GDP growth in 2016, many warnings that the development of socio - economic next year can be difficult. National Assembly Vice Chairman Nguyen Thi Kim Ngan noted some expression of interest, assess the quality of the developments in the country's economy. First is that after 3 years of surplus, the trade deficit in 2015 has come back, including problems increase the trade deficit from China. This was the question posed on the quality of economic growth as the Government's report on the results rather optimistic GDP growth is likely to exceed the target of 6.2%.

Finance Minister Dinh Tien Dung said that this year's total state budget revenues exceed the budget, estimating 16,400 billion (up 1.8% compared with the estimates and up 7.4% compared to the figures achieved in 2014). However, Chairman of the Finance Committee of Parliament Budget Phung Quoc Hien said: Increase state budget revenue mainly from local budgets (about 47,700 billion), while the budget deficit has collected 31,300 billion. This leads to difficulty in balancing the state budget.

To handle the offset of revenue deficit, the Head of the Ministry of Finance said that the government proposed using part of the sale of stakes in state capital companies (10,000 billion). This proposal is agreed by  the Budget and Finance Committee, but Chairman Phung Quoc Hien said that the Government should clarify that where is the remaining revenue deficit (21,300 billion) to be processed from.

National Assembly Standing Committee members also gave comments about allowing diversification of term government bond issuance; Scheme to issue government bonds in the international capital markets by 2020

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