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The 3rd session of the 8th Congress: Stick to the targets of restraining inflation, properly controlling monetary policies, motivating production and supporting on demand

​To continue the program, on the morning of June 7th, Congress delegates discussed about supplemental estimate of the performance of economic and social development plan and national budget in 2011; expension and performance of economic and social development plan and national budget in first months of year 2012.
 


​Most of the ideas were about the results of inflation restraining and stabilizing macroeconomics implemented in 2011 and first months of 2012, especially inflation restraining target have revealed positive signs. Congress delegates evaluated, in general, macroeconomic targets were reached, economics -social issues appeared superior.
 
 
Speaking of economic and social development solutions in 2012, the delegates suggested from now to the end of the year, the Government needed to stick to the inflation restraining target, boost social insurance activities and market-oriented disburstment of the budget, strongly support manufacturing, trading as well as get more decisive in controlling activities of private corperations, state corperations and fight against waste and corruption.
 
 
Believing that the economic weaknesses could be clearly seen for now, Mr. Huynh Ngoc Dang (Binh Duong Province) suggested that it was essential to execute the inflation restraining program; we should not just withstand the growth pressure without focusing on the program because it is the direct solution to ease up people’s lives.
Thinking the same thought, Mr. Le Huu Duc (Khanh Hoa Province) pointed the essential principle: proritising inflation restraining meant reducing growth target. He suggested the Congress should permit the Government to reasonably reduce growth target in order to complete the mission of inflation restraining in future.  Also speaking of putting inflation restraining target first, but Mr. Pham Quang Khai (Ba Ria – Vung Tau Province) thought that the Government should pay more attention to investment in argicutural, farmer and rural aspects to ensure the national food security.
 
 
In the discussion, fortright ideas were given that consequences of economic and social performances showed the lack of sustainability. The tight fiscal policy and the close monetary policy in recent time have caused the economy negative things, such as stagnant production, big inventory, uncompleted construction projects, more and more broke down and wide up companies causing unemployment, lack of job oppoturnities, growth rate of industrial and service decrease.
It was suggested that the Government should limit inflation more flexibly; espeacially, policies on fiscal year, credit should be more advantageous for enterprises to approach loan capital pursuant to Resolution 13/CP of the Government.
 
 
Mr. Bui Duc Thu (Lai Chau Province) highly appreciated the consequences of economic and social development program, but he said such strong methods to restrain inflation and tighten monetary policy in the first months of year 2012 partly caused some difficulties for the economy. He suggested that we should follow up the practice, especially enterprises’ manufacturing activities and loans in order to make the policies more reasonable; try to avoid “tighten too close, loose too quick”, take effort to prevent inflation.
 
 
Also speaking of the fiscal policy and strongly agreeing with 29 thousand billion support package for business and the Government’s market, Mr. Tran Du Lich (HCMC) suggested right after this 3rd session, the Congess and the Government should prepare for cutting business income taxes in order to gain enterprises’ trust and encourage them to focus on manufacturing and pushing their businesses, which would consequently boost the economy. 
 
 
Having much concern in credit and banking situation, delegates suggested the Government pay more attention to restructure banking system all over the country. Some deleagtes thought that it should cut down small banks which are disorganized, confusing the system of currency and credit.  Mr. Huynh Ngoc Dang recommended banking “Special Pill” being transparent and square at this time. The Government had to supervise banks’ credit policies more closely and carefully. Mr. Pham Quang Khai suggested estimating the consequences of support packages for business and market, introducing banks to estimate business’ rights of capital.
 
 
Even more strongly, Mr. Tran Quang Chieu (Nam Dinh Province) said that the solutions of the Resolution 11/ CP of monetary policy were wholly. But he also said that it was the fiscal policy tightening and low credit growth rate to remarkably affect the money supply for the economy. Mr. Chieu proposed the Government to consider the posibility of changing from tightening monetary policy to a flexible and consecutive policy in order to supply more money for manufacturing and business by particular measures: changing conditions for loans, restructuring delinquent loans, suspending debts and buying debts; adjusting and lowering loan interest rates and present for the Congress the tax reducing process, which helped reduce businesses’ pressure. Disagreed with applying machine and implementing the Resolution 11/CP, Mr. Le Phuoc Thanh (Quang Nam Province) suggested not cut down the projects which were perfectly possible, necessary, directly helping the economy development, enduring social security, especially in educational and heath aspects.
 
Delegates also proposed the Government to fully report on the effects of economic policies to the economy and society in 2011 and first months of year 2012. Fully awaring the achieved intended targets and limitations of the economy, pointing out objective and subjective reasons, especially limitations of every aspect; essential factors have directly affected substainable economic - social development. The Congress continued to discuss about these contains in the same afternoon.
 
Vietnam News Agency
 

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