National Assembly Delegate: Do not let gold price fluctuations affect macroeconomic stability

Continue to improve credit management mechanism, stabilize gold market

On the morning of December 3, according to the program of the 10th Session , the National Assembly discussed in the hall the Summary Report on the implementation of Government members regarding the Resolution of the National Assembly for the 14th and 15th terms on thematic supervision and questioning.

Vice Chairman of the National Assembly Tran Quang Phuong chaired the discussion session. (Photo: DUY LINH)

Speaking at the meeting, delegate Nguyen Thi Viet Nga (Hai Phong) highly appreciated the efforts of the banking sector in the context of economic fluctuations, which have contributed to controlling inflation, stabilizing exchange rates, reducing interest rates and ensuring system safety. However, through the report, the delegate said that there are still some issues that have not fully met the requirements of the National Assembly.

Regarding the credit quota mechanism, delegates reiterated that Resolution 62/2022 required research to limit and eventually eliminate the allocation of credit growth targets to each credit institution. The report showed that the State Bank has made adjustments towards greater transparency, expanding autonomy for a number of credit institutions.

However, the quota mechanism is still maintained and delegates said that the report has not clearly shown the roadmap to completely eliminate this mechanism and has not fully explained why after many years of requesting to move towards abolishing quotas, there is still no specific timeline.

Delegate Nguyen Thi Viet Nga (Hai Phong) speaks. (Photo: DUY LINH)

Regarding the handling of weak credit institutions and bad debts, delegates commented that the report still focused on procedures, while the actual results were not clarified. Delegates suggested that the report should include additional information such as: the number of remaining weak credit institutions, the gross bad debt ratio including debts sold to the Vietnam Asset Management Company (VAMC), the level of overcoming cross-ownership and bank manipulation.

Regarding targeted credit programs, especially social housing credit, delegates pointed out that the disbursement progress is still slow, failing to meet the requirements of the National Assembly. Despite the huge demand, many programs such as the 500,000 billion package for digital technology infrastructure and green economy have not yet been disbursed due to the lack of project portfolios from ministries and branches.

The delegate also mentioned the gold market, saying that although the State Bank has taken drastic actions such as increasing gold supply, bidding, inspecting businesses, and advising on amending Decree 24, the gold market has not really been stable and sustainable, the gold price difference has sometimes increased sharply again, potentially leading to speculation and market manipulation.

The female delegate suggested that the report should clearly analyze the root causes and show a roadmap for reorganizing the gold market after amending Decree 24 in the direction of reducing monopoly, increasing healthy competition, and not allowing gold price fluctuations to affect macroeconomic stability as the National Assembly has requested many times.

National Assembly deputies participating in the discussion session. (Photo: DUY LINH)

From the above issues, delegates recommended that the State Bank soon issue detailed instructions after amending Decree 24, publicly announce the roadmap for reorganizing the gold market to ensure healthy competition, reduce monopoly, increase transparency; and study the possibility of establishing a centralized gold trading floor with a strict management mechanism, approaching international practices.

At the same time, the State Bank also needs to develop and report to the National Assembly a specific roadmap to gradually reduce and eventually completely eliminate the administrative mechanism of allocating targets and credit growth.

During the period when credit quotas have not been completely eliminated, they need to be implemented stably, mid-year adjustments should be limited, and the number of credit institutions that are autonomous in controlling credit growth within the established safety framework should be expanded.

Regarding credit programs for social housing, workers' housing, renovation of old apartments, and digital infrastructure, delegates suggested that the State Bank be more proactive in advising on inter-sectoral coordination mechanisms, simplifying the process of determining loan procedures and conditions, reviewing program designs, and if conditions are found to be too strict or the mechanism is not attractive, boldly proposing adjustments to ensure capital reaches the right subjects and the right addresses.

Removing obstacles for backlog projects

Delegate Tran Hoang Ngan speaks. (Photo: DUY LINH)

Speaking at the meeting, delegate Tran Hoang Ngan (Ho Chi Minh City) assessed that the Government had fully reflected the results of implementing 16 supervisory resolutions in many fields. The delegate emphasized the great significance of Resolution 43 on fiscal and monetary policies to support socio-economic recovery, contributing to macroeconomic stability and ensuring social security. However, the implementation process is still stuck in procedures, there are programs issued but not implemented, and lessons need to be learned.

Delegates expressed concern about the impact of climate change, emphasizing the severe damage people are facing and hoping that policies will be implemented more effectively and more practically in the coming time.

Delegate Nguyen Thi Thuy (Thai Nguyen) highly appreciated the Government's seriousness in implementing the resolution on supervision and questioning, especially the work of practicing thrift and fighting waste.

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The female delegate emphasized that the Prime Minister established Steering Committee 751 to review all backlogged projects nationwide, specifically assess the causes, and propose solutions. Initial results showed the effectiveness of 5 specific policies in Resolution 170, helping many projects return to operation.

Delegates recommended that the National Assembly accept the Government's proposal and pass a resolution allowing the Government to apply five specific policies in Resolution 170 of the National Assembly to remove difficulties and obstacles for backlogged projects nationwide.

At the same time, it is recommended that localities, immediately after the National Assembly issues this resolution, focus on directing drastic measures to remove difficulties and obstacles in projects in their localities.

In the coming time, in the process of removing obstacles for the project, if new legal problems continue to arise, delegates recommend that the authority to remove these obstacles must be promptly resolved at the level under which the problem is resolved.

Delegate Tran Nhat Minh speaks. (Photo: DUY LINH)

Focusing on programs related to the lives of ethnic minorities, delegate Tran Nhat Minh (Nghe An) said that the target program for providing electricity to rural, mountainous and island areas in the 2016-2020 period only reached 18.5% of the total capital demand of VND30,116 billion of the program due to lack of capital.

The public investment program for rural, mountainous and island electricity supply in the 2021-2025 period, although approved, has not been implemented due to lack of capital and legal regulations. Although the rate of households with electricity has reached 99.74%, there are still villages and hamlets without electricity, affecting life, digital transformation and access to essential services.

Regarding the Program for resettlement of people in disaster-hit and particularly difficult areas, delegates noted that nearly 21,900 households have been resettled but pointed out many difficulties: The list of projects is slow, the total investment is large, some policies such as land support and relocation are still low, and implementation is not proactive in some localities.

From there, delegates suggested that the Government in the 2026-2030 period needs to have a roadmap and specific solutions for the above programs, in which priority is given to land, financial, science and technology resources for relocation and resettlement projects in high-risk areas.

At the same time, prioritize allocating sufficient resources to complete the rural, mountainous and island electricity supply program as proposed, considering this an extremely necessary and urgent task.

Nhandan.vn

Source: https://nhandan.vn/national-congress-deputy-khong-de-bien-dong-gia-vang-anh-huong-toi-on-dinh-vi-mo-post927624.html