National Assembly discusses growth target of 6.7% for 2017

The National Assembly discussed the government's socio-economic report on Friday and asked for more investment in social security, poverty reduction, and the fight against corruption and waste.

Many deputies pointed out bright spots, including improvement in investment, business climate, administrative reform, and the establishment of working groups to handle policy-related problems. Deputy Tran Hoang Ngan represents Ho Chi Minh City: Despite the high level of public debts, Vietnam maintains its macro-economic stability, ensures social security, and improves income of state employees and retired cadres. This is the 5th consecutive year that inflation is under control with stabilized exchange rates. Current account balance continues its surplus, the 5th year in a row, raising the national foreign exchange reserve. While settling bad debts and restructuring the credit organizations, the banking system remains safe.

Minister of Planning and Investment Nguyen Chi Dung reiterated a resolve to achieve a growth target of 6.7% this year, paving the way for fulfilling the 5-year plan:The government has issued Directive 24 to enable ministries and sectors to set their own targets. There are two sets of measures. In the long run, Vietnam will continue to stabilize its macro economy, control inflation, boost economic restructuring, reform institutions, and increase labor productivity. In the short run, we will remove obstacles for businesses, promote sectors' development, and speed up capital disbursement.

Minister of Finance Dinh Tien Dung said Vietnam's public debt rate was 50% in 2010 and 62.5% in 2015 and that Resolution 7 has been issued to restructure the State budget and ensure public debts' safety: In 2016 and 2017, public debts were curbed through the issuance of long-term bonds. If the 2013 government bonds' duration was 3 years, it was more than 8 years last year. This was a good result. All loans from 2011 to 2013 with high interest rates have been rolled over with interest rates of over 6%. So the restructuring of public debts has gone smoothly.

Source: VOV5