NA’s economic committee reviews 9-month economic situation

Hanoi (VNA) – The national economy continuously showed signs of recovery and stable growth in the last three quarters, with the GDP growing at an estimated 5.93 percent, heard the 2nd session of the 14th National Assembly ’s Economic Committee in Hanoi on October 7.

According to a Government report on the implementation of the 2016 socio - economic development plan delivered at the meeting, with efforts made by the Government, the macro economy was stable and the inflation rate was still under control.

The inflation rate in the whole year is forecast to be below the 5-percent target set by the NA.

Monetary and fiscal policies were adjusted flexibly to ensure the stability of the macro economy and promote socio-economic development, the report said.

The Government paid attention to directing the implementation of three strategic breakthroughs, focusing on perfecting the legal system, building infrastructure and creating momentums for sustainable economic development.

Efforts were made to accelerate the economic restructuring, with good performances in the restructuring of public investment, State-owned enterprises (SOEs), and commercial banks.

Other fields such as education and training, science and technology, labour and employment, social security and welfare, and health care also reported positive achievements. Notably, the Government timely took policies to support residents in the four central coastal provinces affected by the recent environment incident and those hit by drought and saline intrusion.

Participants basically agreed with the report and the orientations to realise socio - economic development goals in 2017.

However, Vice Chairman of the NA Council for Ethnic Affairs Nguyen Lam Thanh pointed out shortcomings in poverty reduction and administrative reform, and the increase of criminal cases.

Participants also raised their concern about the weak growth of several sectors and the decreasing collection from export-import activities and SOEs.

Le Minh Chuan, a deputy from Quang Ninh province suggested speeding up the application of the market mechanism in the provision of public commodities and services such health care, education, and other essential goods like electricity and water.

It is essential to strictly control credit growth and quality, and avoid maintaining a loose monetary policy for a long time, which will lead to the formation of asset bubbles, he said.-VNA