At the opening session of the 5th session of the National Assembly on the morning of May 22, Deputy Prime Minister Le Minh Khai, authorized by the Prime Minister, presented a supplementary assessment report on the results of the implementation of the socio-economic development plan and state budget in 2022; the implementation of the socio -economic development plan and state budget in the first months of 2023.
Compared with the report at the 4th Session of the 15th National Assembly , with more complete and accurate data and information.
Capital market faces difficulties in liquidity and cash flow
The report clearly stated that our country is a developing economy, in the process of transformation, with high openness, modest scale, limited resilience and competitiveness, low labor productivity, so it is strongly affected from the outside in many fields, especially in export, trade, investment, finance, currency, exchange rate, interest rate; supply chains are broken; FDI attraction is affected by the decline in global investment; competition in the international market is increasing...
The Deputy Prime Minister reiterated that GDP growth in the first quarter of 2023 reached 3.32%, lower than the same period last year (5.03%), in which many localities had low industrial production growth, some even had negative growth compared to the same period last year. The total number of newly established and resuming enterprises decreased; the number of enterprises temporarily suspending operations and dissolving increased.
“Despite many efforts to reform administrative procedures and improve the investment and business environment, the requirements have not been met. Due to accumulated shortcomings over many years, the corporate bond and real estate markets continue to face difficulties in liquidity and cash flow,” the Deputy Prime Minister said.
Deputy Prime Minister Le Minh Khai presented a report to the National Assembly on behalf of the Government (Photo: Quochoi.vn).
Regarding the causes, according to the Deputy Prime Minister, the above limitations and shortcomings have both objective and subjective causes. The main reason is the rapidly changing, complex, and unpredictable world economic and political situation, with many unprecedented developments that exceed forecasts, causing difficulties and creating great pressure on the direction and management work.
Notably, the long-standing inherent weaknesses of the economy have only now gradually become apparent in difficult conditions, especially in the weak real estate, corporate bond, and banking markets.
Policy analysis, forecasting and response in some cases are not timely and effective. Some cadres and civil servants are not decisive, timely and sensitive, and there is also a mentality of avoidance, fear of responsibility, shirking responsibility, fear of making mistakes...
Strictly punish officials who are afraid of making mistakes and shirking responsibility
In the coming time, the Government believes that difficulties and challenges will remain enormous, with the economy continuing to suffer a "double impact" from negative external factors and internal limitations and shortcomings that have lasted for many years.
The Government is determined to continue to consistently implement the goal of maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy.
Grasp the situation, strengthen analysis and forecasting, promptly issue appropriate and effective policies, avoid being passive, surprised about strategy, and sudden state changes. Continue to resolutely and effectively implement the Socio-Economic Recovery and Development Program. Focus on growth drivers (consumption, investment, export); make good use of opportunities and create new development space.
The next solution reported by the Government leader to the National Assembly is to implement a monetary policy that is certain, proactive, flexible, timely, effective, and coordinated with a reasonable, focused, and key expansionary fiscal policy.
The Government will continue to direct the banking system to cut costs and strive to continue reducing lending interest rates.
Manage exchange rates and interest rates flexibly and appropriately; focus on directing the banking system to reduce costs, strive to continue reducing lending interest rates; ensure liquidity of the credit institution system; strictly control credit quality, limit bad debt; promote non-cash payments; effectively implement the social housing credit package of VND 120,000 billion.
Strengthen the management of State budget revenue, ensure correct, sufficient and timely collection; thoroughly save expenditure, especially regular expenditure. Research and propose to the National Assembly on the plan for global minimum tax and the exemption, reduction and extension of taxes, fees and charges in an appropriate and effective manner.
The Government emphasizes tightening discipline, improving public ethics, continuing to improve the organizational structure, streamlining the payroll; implementing the salary reform roadmap. Urgently perfecting the mechanism to encourage and protect dynamic, creative cadres who dare to think, dare to do, dare to make breakthroughs for the common good; strictly handling cadres who are afraid of making mistakes, afraid of responsibility, shirking responsibility, and avoiding when performing public duties.
In the coming time, the Government will promote the disbursement of public investment capital, striving for a disbursement rate of at least 95% in 2023; at the same time, focus on attracting investment capital sources and encouraging investment projects in the form of public-private partnerships (PPP). Speed up the progress of site clearance, construction, and remove difficulties and obstacles related to land, resources, and waste disposal sites, etc.
Make advances, accept, pay, and recover investment capital advances in accordance with regulations and as soon as there is volume. Proactively review and transfer capital according to authority between projects with slow disbursement to projects with better disbursement capacity and lacking capital .
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