Today, May 29, continuing the 7th session, the National Assembly spent a whole day discussing in the hall the socio-economic development plan, state budget, thrift practice and anti-waste in 2023; results of implementing national goals on gender equality in 2023.
Delegate Ha Sy Dong speaks at the National Assembly on May 29 - Photo: TT
Have timely policies to support businesses
Speaking at the discussion session, delegate Ha Sy Dong, member of the National Assembly's Finance and Budget Committee and Permanent Vice Chairman of the Quang Tri Provincial People's Committee, stated that in the first four months of the year, 86,400 enterprises withdrew from the market and on average, over 21,600 enterprises withdrew from the market in a month.
The National Assembly's Economic Committee also emphasized that this is the first time in five years that the number of businesses entering and re-entering the market in the first four months of the year has been lower than the number of businesses withdrawing from the market.
The delegates suggested that the National Assembly pay special attention to the difficulties of enterprises from the perspective that if enterprises develop, the country will develop. Given the above-mentioned figures, the National Assembly is requested to focus on discussing, analyzing, and evaluating more carefully to have timely decisions at this session to remove obstacles and support business operations, including credit issues.
Delegates analyzed that the increase in state budget revenue stronger than expenditure has created a surplus of nearly 300 trillion VND in the first 4 months of the year, but it also means that a large amount of money from businesses and people has been withdrawn from the economy without being redistributed in time.
This has led to low capital mobilization growth in the banking system, even negative (-1.1% by the end of April), while the industry's credit growth was 1.9% compared to the beginning of the year. Therefore, delegates commented that achieving the credit growth target of 15% by 2024 is quite a challenge.
Prioritize promoting growth but pay special attention to controlling inflation
Delegates expressed concern about the risk of inflation and pointed out that, by the end of April, the consumer price index (CPI) had increased by 4.4% over the same period in 2023 and the average increase in 4 months was 3.93%.
The main reason is the pressure from the sharp increase in world commodity prices, especially oil prices, leading to an increase in domestic gasoline and oil prices; transportation costs, house rental prices, and other costs also increased quite high; exchange rates and gold prices fluctuated strongly, creating a psychology of increasing commodity prices.
Inflationary pressure is present until the end of the year due to a number of factors such as: uncertain world commodity prices, potential risks of increasing when geopolitical conflicts are at a peak; minimum wage increase from July 1st causing prices to increase; resonance with seasonal factors such as summer, the beginning of the new school year; risk of unusual natural disasters in the last months of this year...
The delegate also emphasized the monetary factor causing inflation risks when we have been pursuing expansionary fiscal policy and loose monetary policy for quite a long time to support economic recovery and development.
When consumer demand increases again, the discovery of prolonged demand will be clearer, similar to what developed economies have experienced in the post-COVID-19 period, and inflation is also emerging as gold prices and real estate prices in the apartment segment in some large cities fluctuate strongly. Therefore, it is recommended that in addition to prioritizing growth, inflation control should be given special attention in the coming time.
Proposal to apply special mechanism for Cam Lo - Lao Bao expressway
Finally, delegates agreed with the pilot policy of adding some specific mechanisms and policies for the development of Da Nang City and Nghe An Province. Currently, 10 provinces are implementing specific mechanisms. It is recommended that the implementation of specific mechanisms in these 10 provinces be evaluated. If found to be correct, effective and efficient, it should be replicated for other localities to implement.
With this spirit, the delegates proposed to apply a special mechanism for the Cam Lo - Lao Bao expressway in Quang Tri province. This is the starting point of the East - West Economic Corridor, with a length of 56 km and an estimated budget of 13,000 billion VND. Investing with a special mechanism is to increase the proportion of state capital participating in the project to a maximum of 70% of the total project investment. In the initial phase, it is proposed that the central government support a part of the capital as "seed capital" because Quang Tri province is a locality with many difficulties.
Nguyen Ly - Thanh Tuan
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