On the morning of June 1st, the National Assembly continued its plenary session to discuss the socio -economic situation. Representative Ha Sy Dong, Permanent Vice Chairman of the Quang Tri Provincial People's Committee, debated with Representative Tran Anh Tuan (Ho Chi Minh City) regarding the use of the surplus state budget deposited in the banking system, which currently stands at 1 trillion VND.
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Representative Ha Sy Dong reiterated Representative Tuan's suggestion that this capital could be flexibly used to immediately allocate and support workers, those who have lost their jobs, or to build rental housing and dormitories for workers in export processing zones and industrial parks, and to support job training and career chuyển đổi for workers to immediately stimulate the economy.
"I share the delegates' impatience and agree that this funding should be flexible, but it should be flexible in coordinating monetary and fiscal policies, and removing administrative procedures to ensure the money goes to the right place. That is, into important projects that create momentum for the economy," the Vice Chairman of Quang Tri province emphasized.
According to delegate Ha Sy Dong, if projects that are being prepared for investment and require this funding are not provided with it, then "this waste may lead to other wastes."
"While the current mechanism allows the State Treasury to optimize the use of temporarily idle funds, the question here is whether fiscal policy is truly coordinating well with monetary policy in achieving the current priority of reducing lending interest rates in the economy?" Mr. Dong questioned.
More specifically, does the setting of the bid price and the projected bid volume take into account the operational objectives regarding the liquidity of the banking system, as well as the level of capital costs in the money market that the State Bank of Vietnam is pursuing?
"I hope that government members will provide satisfactory answers to resolve the difficulties facing the economy," said the Vice Chairman of the Quang Tri Provincial People's Committee.
Also related to the opinion of delegate Tran Anh Tuan, Minister of Finance Ho Duc Phoc said that the current budget surplus is 1,043 trillion VND. Of which, 895 trillion VND is deposited with the State Bank of Vietnam at an interest rate of 0.8%/year and the remaining 130 trillion VND is deposited short-term in commercial banks.
"This money has been planned in detail for the projects. The surplus is due to unused funds that have not been fully disbursed, not because it is being reserved or allocated for other purposes," Minister Ho Duc Phoc emphasized.
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