Monday, 18 Dec 2017

Prime Minister reminds SBV report gold, foreign currency mobilization among citizens

Updated at Thursday, 31 Aug 2017, 15:45
The Hanoitimes - “The Prime Minister also reminds the State Bank of Vietnam (SBV) to timely report to the Government issues related to mobilization of private businesses, including gold and foreign currency, etc.”, Minister of Government Office Mai Tien Dung quoted the Prime Minister.
At the governmental meeting on August 30, correspondent asked Minister of Government Office Mai Tien Dung: “Minister affirmed that the goal to reach a GDP of 6.7% can be achieved this year. Can Minister analyze specifically basis to reach this goal?”
Minister of Government Office Mai Tien Dung.
Minister of Government Office Mai Tien Dung.
To answer the question, Minister Mai Tien Dung stated that the government had just evaluated the capacity to conduct the socio-economic development plan of 2017 to reach the GDP goal of over 6.7%. 2017 ends in 4 months, but in order to reach the growth rate of 6.7%, agriculture needs to develop by 3.05%. Fortunately, the effects of rain, storm and flood damaging agriculture of this year are considerably less than those of 2016. 

Currently, this season is bad for the central provinces of Vietnam. However, up until now, the growth of products from fisheries and breeding is pretty good. Even though the price of pork has experienced ups and downs, but exports of fruits and agricultural products have achieved good results. Export is expected to reach 33 billion USD, but this year, export can reach 35 billion USD. 

In addition, industry needs to reach a growth rate of 7.91%. During the past 8 months, the growth rate of industry was 6.7%, lower than 7.2% in 2016. Mining decreased down to 6.9%, but production and clean water supply increased in comparison to those of last year. Particularly, electricity increased to 8.6%, lower than 12.3% of the same period. However, the smaller number is a good sign, since this year, due to the pleasant weather, people consumed less electricity. 

With regard to tourism and services, the growth rate needs to reach 7.19%. During the past 8 months, the number of tourists increased. Interest rates and consumption cost decreased. However, there are still many obstacles.

The minister said: ”If these barriers along with sub-licenses are removed, we will definitely be successful, as conditions for enterprises to develop and flourish are ensured”.

New enterprises established and back to operation in August is 104,000 enterprises (85,000 new enterprises and 17,000 enterprises back to operation). Quarter I, GDP growth is 5.15%, Quarter II is 6.17%, in overall, GDP of 6 months is 5.75%. The remaining 6 months of 2017, the GDP target is 7.42%. This target along with high determination from central and local governments have been made clear by the Prime Minister, especially in priority industrial complex and provinces/cities.

Such as in Ho Chi Minh city, Dong Nai, Binh Duong, Hai Phong, Vinh Phuc, Quang Ninh, Bac Giang, if there are improvements in these cities, it will turn into the improvements of the whole country. Growth is the decisive factor to balance the state budget to restrict public debt. If growth is positive, Vietnam has more chance to attract foreign investment. 

Minister Mai Tien Dung repeated: “The Prime Minister requested SBV to report to the government with regard to resource mobilization from the private sector, including foreign currencies and gold. In addition, SBV also need to report on the policies and mechanisms, in turn creating favorable conditions to attract investment from local and foreign enterprises, especially private enterprises. Other issues SBV have to pay attention to is capital divestment from state owned enterprises (SOEs), equitization, dissolving ineffective SOEs, frequent spending reduction.

At the upcoming government’s meeting on the independence of public entities, the priority will be to restructure these public entities, as currently, we have 2 million out of 2.4 million officials under state’s payroll, in which 500,000 are public officials of big public entities.

In order to achieve the growth target of 6.7%, it would require consistent measures and solutions. There will be specific tasks to achieve objectives, especially ministries and provinces have to pay attention to strictly follow these measures, in which disciplinary and responsibilities of the leaders are important issues” – the Minister said.
Ngoc Thuy - D.Tung
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