Wasting trust is more dangerous than wasting material possessions or money.

(Dong Nai) - On the afternoon of June 1st, continuing the program of the 5th Session, the National Assembly discussed the approval of the 2021 state budget settlement; and the work of practicing thrift and combating waste in 2022.

The 5th session of the 15th National Assembly took place on June 1st. Photo: QUOCHOI.VN

Members of the National Assembly assessed that the backlog of documents still exists, affecting policy implementation, and proposed solutions to improve the efficiency of document management and issuance.

Unlocking resources and creating conditions for the economy to absorb capital flows.

During the plenary session, many National Assembly deputies paid close attention to issues such as adjusting medium-term public investment capital, the socio-economic recovery and development program, and budget management.

Representative Nguyen Truc Son (National Assembly Delegation of Ben Tre province) stated that, with the two-year timeframe (2022-2023) stipulated in Resolution No. 43/2022/QH15 and the current disbursement progress, it is very difficult for localities to complete programs and projects by the end of the year, especially those localities allocated funds in 2023.

Tomorrow morning, the National Assembly will discuss in the plenary session the draft Law amending and supplementing a number of articles of the Law on the People's Public Security. In the afternoon, the National Assembly will discuss the draft Law amending and supplementing a number of articles of the Law on Exit and Entry of Vietnamese Citizens and the Law on Entry, Exit, Transit, and Residence of Foreigners in Vietnam.

Delegates proposed that, for localities allocated funds in 2023, the National Assembly supports the Government's proposal to extend the implementation period into 2024-2025. They also suggested flexible adjustments between the two programs for socio-economic recovery and development and the medium-term public investment program for 2020-2025, as the implementation periods of the two programs are close together, in order to unlock resources and create conditions for the economy to absorb capital flows.

Discussing this issue, delegate Nguyen Cong Long (National Assembly delegation of Dong Nai province) argued that public investment is a driving force for growth and attracts investment from the entire society.

According to the delegates, we can flexibly adjust capital in public investment, flexibly transfer funds between the central and local levels, ensuring efficient and economical use of existing resources.

Based on that, delegate Nguyen Cong Long proposed that in the future, certain aspects of local budgets should be managed by the Government using funds from the central budget or through inter-local budget transfers, creating a development effect.

Many projects fail to become operational, causing significant losses and waste.

While generally agreeing with the Government's report on the results of practicing thrift and combating waste, delegate Dao Hong Van (National Assembly Delegation of Hung Yen province) noted that the report mainly focuses on summarizing and evaluating the work of thrift and combating waste in the public sector; while the private sector is mentioned, it is modest, incomplete, and does not fully reflect the difficulties and limitations, nor propose solutions to overcome them.

The delegation of National Assembly representatives from Dong Nai province at the discussion session on June 1st. Photo: QUOCHOI.VN

In addition, delegates noted that there are still difficulties and delays in the implementation of investment projects. Many projects are nearing completion but cannot be put into production or business operations, leading to significant losses for people and businesses, causing waste for society, and to some extent reducing the confidence of domestic and foreign investors.

Delegates expressed concerns not only about material and monetary waste but, more dangerously, about the waste of trust, for example, in renewable energy projects and some other projects.

Regarding the wastefulness stemming from delays and backlogs in the issuance of legal documents, delegates pointed out that the situation in lawmaking, particularly in the issuance of guiding documents for the implementation of detailed regulations, still suffers from delays, backlogs, and untimely policy responses.

This situation has persisted for many years, across multiple terms of office, and although it has gradually improved, it has not yet met expectations, despite both the National Assembly and the Government consistently prioritizing the improvement of the institutional framework.

Restructuring weak banks is a long-standing and difficult issue to resolve.

Earlier, on the morning of June 1st, the National Assembly continued its plenary session discussion on the supplementary assessment of the results of implementing the socio-economic development plan and the state budget for 2022; and the situation regarding the implementation of the socio-economic development plan and the state budget in the first months of 2023.

Representative Nguyen Cong Long, from the National Assembly Delegation of Dong Nai province, participated in the discussion session on June 1st. Photo: QUOCHOI.VN

Addressing some of the issues of concern to delegates during the discussion session, Governor of the State Bank of Vietnam Nguyen Thi Hong stated that there were two reasons for the higher interest rate level in 2022.

International interest rates have risen rapidly and sharply across the board. Domestically, average inflation remains higher than in 2021. Therefore, management cannot afford to be complacent about inflation.

Regarding the implementation of the 2% interest rate support package, Ms. Nguyen Thi Hong stated that the results remain low due to the hesitant attitude of businesses, and credit institutions find it difficult to assess what constitutes a potential recovery.

In light of this situation, the Government submitted a proposal to the National Assembly to transfer this fund (approximately 24 trillion VND) to reduce value-added tax (VAT).

With a credit package of 120 trillion VND, Governor Nguyen Thi Hong emphasized that this package will be implemented until 2030. The capital is mobilized by the four state-owned commercial banks, with interest rates reduced by 1.5-2% for investors and homebuyers of social housing projects, worker housing projects, and projects to renovate and rebuild old apartment buildings.

The State Bank of Vietnam only provides guidance on interest rates applicable during the preferential period for consistent implementation. The Ministry of Construction has issued guidelines and authorized localities to publish the list of projects.

In addition, Governor Nguyen Thi Hong emphasized that restructuring weak banks is a long-standing and difficult issue to address, "difficult even under normal circumstances, and even more so under difficult conditions." The Government and the Prime Minister have decisively directed and requested the implementation of many solutions.

Thanh Hai (compiled)

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