Free up resources, take advantage of new opportunities for development

At the discussion session on the morning of June 1, Minister of Finance Ho Duc Phoc and Minister of Planning and Investment Nguyen Chi Dung explained and clarified many issues of interest to delegates such as policies to support people and businesses, management of life insurance business activities, promoting disbursement of public investment capital...

Strictly handle violating insurance companies

Minister of Finance Ho Duc Phoc emphasized that in 2022, the socio- economic management was a great success. Economic growth reached 8.02%; budget revenue exceeded the same period by 15.7% and exceeded the estimate by 28.6%; budget deficit was under 4%. CPI, or inflation index, was 3.15% and public debt decreased to only 38%; government debt was 34.7% of GDP.

Explaining the inaccurate budget estimate leading to high over-collection, the Minister of Finance said that the budget estimate was prepared in September 2021, the period when the COVID-19 pandemic broke out. At that time, growth was negative, budget revenue was negative compared to the same period. The budget estimate was appropriate to the context at that time.

However, by 2022, our country had successfully fought the pandemic, with growth reaching 8.02% for the year. From there, the budget revenue exceeded.

The Minister of Finance pointed out that crude oil revenue exceeded the estimate due to increased oil prices and increased production. In addition, increased declaration and increased revenue from real estate transfers; domestic revenue also increased... "The above results show that the 2022 fiscal year is relatively successful," Minister Ho Duc Phoc stated.

Minister of Finance Ho Duc Phoc explained and clarified a number of issues raised by National Assembly deputies. Photo: An Dang/VNA

Regarding support policies for people and businesses, the Minister of Finance said that after the National Assembly issued Resolution 43/2022/QH15, the Government issued Decree 15/2022/ND-CP on tax exemption and reduction, accordingly, there have been many policies such as reducing value added tax, reducing environmental protection tax by 50%... In addition to tax exemption and reduction policies, the Government also designed stimulus policies, invested in building infrastructure, highway systems... to promote economic growth.

Regarding the management of life insurance business activities, the Minister of Finance said that recently there have been problems in the connection between commercial banks and insurance companies (commercial banks sign contracts with insurance companies to sell insurance to customers through introducing banks to receive commissions). Long-term contracts are not clear, buyers often lose when filing lawsuits...

Faced with this situation, the Ministry of Finance has coordinated with the State Bank to inspect and strictly handle banks and insurance companies that violate the law. The Ministry of Finance is consulting on the development of decrees and circulars to implement the law on insurance business.

In particular, focusing on the principle of providing clearer, shorter, more focused insurance products and insurance contracts, clarifying the rights, terms and obligations of the parties; regulating the maximum bonus package, regulating issues on agent expenses, inspection, examination and handling of violations.

Creating positive changes in public investment disbursement

Explaining at the meeting, Minister of Planning and Investment Nguyen Chi Dung said that in 2022, the world economic situation was very difficult, but the figures and targets were higher than those reported to the National Assembly. This is a very positive signal, this result is very valuable and proud; recognized and highly appreciated by the international community and especially the people's agreement, support and trust in the leadership of the Party, the State, the National Assembly and the Government's management.

Regarding the socio-economic situation in the first months of 2023, the Minister assessed that Vietnam is in the process of deep integration, the legal system is in the process of being built and perfected, so it is inevitable that there will be contradictions, overlaps or conflicts, lack of synchronization and incompleteness in the transition process. It is important to promptly detect and adjust and supplement in accordance with reality.

Minister Nguyen Chi Dung pointed out some limitations such as: limited capacity to withstand and respond to external fluctuations, and limited competitiveness. The consequences of the COVID-19 pandemic are extremely severe and businesses are struggling to cope. In addition, a number of officials are afraid of making mistakes, afraid of responsibility, avoiding and shirking in handling public affairs.

Regarding some solutions to carry out tasks from now until the end of the year, the Minister said that the Government has basically identified the existing problems and limitations, continues to closely monitor the situation, promptly removes obstacles, clears bottlenecks, frees up resources, and takes advantage of new opportunities for development to achieve the highest goals.

In the coming time, the Government will continue to research and direct measures to implement development policies more strongly, promptly and effectively to support businesses and workers.

Regarding public investment, the Minister emphasized that the Government has thoroughly implemented decentralization and delegation of power, assigning all powers to ministries, branches and localities, from project selection to project establishment, project preparation, public investment disbursement, project adjustment and site clearance. The Ministry of Planning and Investment only does the work of synthesis and review.

Pointing out the fact that with the same legal basis, some localities have implemented it well while others have not, Minister Nguyen Chi Dung emphasized that the problem lies in the implementation organization. The Minister suggested that People's Councils at all levels pay attention to and supervise their localities and sectors, and together with the Government, create more positive changes in the issue of public investment disbursement in the coming time.

The Minister of Planning and Investment said that the Government continues to focus on long-term and medium-term issues, including continuing to review legal regulations, accelerating economic restructuring, innovating the growth model, improving labor productivity, enhancing competitiveness, developing the domestic market, attracting foreign investment, digital transformation for green growth, circular economy, improving tourism, education, and healthcare services...

Proposing many solutions to stabilize the macro economy

Concluding the discussion on socio-economic and state budget issues after 1.5 working days, Vice Chairman of the National Assembly Nguyen Duc Hai stated that 75 National Assembly deputies spoke, 13 deputies participated in the debate. 6 Ministers participated in speaking and explaining some related issues.

In general, the discussion atmosphere was lively, frank and responsible. The rich, comprehensive and profound opinions expressed the delegates' enthusiasm for important issues of the country and issues that the majority of voters were interested in. National Assembly delegates highly appreciated the efforts of the entire political system, the entire Party, the entire army, the entire people, the National Assembly, the National Assembly Standing Committee, the Government, sectors at all levels and acknowledged the great contributions of the entire nation, our overseas Vietnamese, and international friends to overcome the difficulties and challenges in 2022, our country's economy achieved quite comprehensive results in many fields.

Delegates also pointed out the shortcomings and limitations that emerged from the fourth quarter of 2022 and the first months of 2023, and requested to clarify the challenges and prospects of Vietnam's economy in 2023 to orient appropriate macroeconomic management, complete the growth target and socio-economic targets in 2023, restructure the economy; and have positive solutions to improve two important indicators that did not meet the 2022 target, including labor productivity and the proportion of processing and manufacturing in industry.

Delegates proposed many solutions to stabilize the macro-economy; control inflation; prevent the decline of many growth drivers and growth areas; be more proactive and timely in policy responses, enhance the efficiency and effectiveness of fiscal and monetary policies to avoid a situation where banks have abundant liquidity, investment capital is stagnant, and cash is in the treasury and banks, but the economy lacks capital and cannot absorb capital.

At the same time, delegates proposed implementing solutions to exempt, reduce, extend taxes and fees, and reduce loan interest rates to support production and business; solutions to maintain stable and safe development of the system of credit institutions, the monetary market, real estate, securities, corporate bonds; handle bad debts, handle weak banks; ensure balance of supply and demand, appropriate management and price stabilization... At the same time, speed up the progress of establishing, appraising, and approving plans and disbursing capital for the Socio-Economic Recovery and Development Program, ending the slow disbursement of public investment capital; enhance the responsibility of leaders, tighten discipline and public service discipline, overcome the situation of avoiding responsibility in a part of the staff and civil servants; continue to perfect the legal system to create favorable and smooth conditions for production - business, operations of enterprises and people...

The Vice Chairman of the National Assembly said that the National Assembly Standing Committee will direct research agencies to absorb opinions expressed in the hall and opinions discussed in groups to include important contents on socio-economics, the State budget and the policy of investing in additional charter capital for the Vietnam Bank for Agriculture and Rural Development in the General Resolution of the session to be sent to National Assembly deputies for comments and submitted to the National Assembly for consideration and approval.

According to VNA/Tin Tuc Newspaper

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