Minister talks measures to solve financial issues
Finance Minister Vuong Dinh Hue has affirmed that the concerted combination of fiscal and monetary policies will help remove difficulties for businesses and accelerate corporate restructuring and the implementation of the 2013 budget goals.
In his New Year interview granted to the Vietnam News Agency, the minister said that over the past time, in addition to tax measures, his ministry has put forth other financial solutions, including promoting the effective implementation of public investment activities and the use of official development assistance (ODA), increasing foreign direct investment (FDI) attraction, developing the domestic bond market, restructuring the stock market, and closely managing prices.
The ministry will continue to keep a close watch on the situation and make timely assessments on the effectiveness of the above-mentioned measures in order to propose appropriate solutions to the Government, he said.
According to Hue, a project was built by the ministry on the restructuring of State-owned enterprises (SOEs) with a focus on State economic groups and corporations in the 2011-2015 period, which was approved by the Prime Minister last July.
Although the acceleration of SOE reforms is facing severe challenges in the context of the country’s deep international economic integration, the restructuring will create conditions for SOEs to improve their competitiveness and increase GDP growth, directly serving the tasks of economic restructuring and growth model changing.
Regarding the mobilisation and allocation of resources, the minister said that the allocation of resources for economic development and ensuring social security, for savings and consumption, for key economic regions and difficult mountainous and ethnic minority people-inhabited areas remains a difficult problem that requires flexible adjustments in each period.
To improve the efficiency of public investment and ensure social welfare, Hue emphasised the need to continue restructuring State budget spending in the direction of gradually reducing development investment and increasing spending for human development.
“We also need to strengthen the mobilisation of investment resources from local economic sectors and foreign investors,” he noted.
On the financial sector’s major orientations in 2013, the minister stressed the continued restructuring of the State budget; the strict and effective management of national financial resources; and the guarantee of financial security, actively contributing to strengthening macro economic stability, preventing high inflation and ensuring social welfare, defence, security and foreign relations in the new situation.
In order to fulfill the set targets, the financial sector must take synchronous measures and keep consistent macroeconomic policies, combining fiscal and monetary policies with priority given to increasing the efficiency of tax collection management measures, and strictly managing State budget spending, he said.
Minister Hue said he believes that the economy will continue to see positive developments with gradually recovered growth and more stable and sustainable macro balances, especially when the economic restructuring and growth model renovation will be carried out synchronously in the coming time.
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| Finance Minister Vuong Dinh Hue |
The ministry will continue to keep a close watch on the situation and make timely assessments on the effectiveness of the above-mentioned measures in order to propose appropriate solutions to the Government, he said.
According to Hue, a project was built by the ministry on the restructuring of State-owned enterprises (SOEs) with a focus on State economic groups and corporations in the 2011-2015 period, which was approved by the Prime Minister last July.
Although the acceleration of SOE reforms is facing severe challenges in the context of the country’s deep international economic integration, the restructuring will create conditions for SOEs to improve their competitiveness and increase GDP growth, directly serving the tasks of economic restructuring and growth model changing.
Regarding the mobilisation and allocation of resources, the minister said that the allocation of resources for economic development and ensuring social security, for savings and consumption, for key economic regions and difficult mountainous and ethnic minority people-inhabited areas remains a difficult problem that requires flexible adjustments in each period.
To improve the efficiency of public investment and ensure social welfare, Hue emphasised the need to continue restructuring State budget spending in the direction of gradually reducing development investment and increasing spending for human development.
“We also need to strengthen the mobilisation of investment resources from local economic sectors and foreign investors,” he noted.
On the financial sector’s major orientations in 2013, the minister stressed the continued restructuring of the State budget; the strict and effective management of national financial resources; and the guarantee of financial security, actively contributing to strengthening macro economic stability, preventing high inflation and ensuring social welfare, defence, security and foreign relations in the new situation.
In order to fulfill the set targets, the financial sector must take synchronous measures and keep consistent macroeconomic policies, combining fiscal and monetary policies with priority given to increasing the efficiency of tax collection management measures, and strictly managing State budget spending, he said.
Minister Hue said he believes that the economy will continue to see positive developments with gradually recovered growth and more stable and sustainable macro balances, especially when the economic restructuring and growth model renovation will be carried out synchronously in the coming time.
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