Deputy Prime Minister Vuong Dinh Hue (Source: VNA) They reached a consensus on the issueafter reviewing the recent global and domestic economic developments such asthe US’s Federal Reserve (FED) raising USD interest rates, and increasing tradeprotectionism and its impact on the domestic economy.
The economists recommended that thegovernment should regularly update and evaluate information from othereconomies to make strategic moves.
They viewed that though the FED’sinterest rate rise, the US government’s withdrawal from the Trans-PacificPartnership (TPP) and increase in the prices of commodities in the world marketwere yet to hurt the Vietnamese economy much in the first quarter this year, butwill affect the control of inflation, exchange and interest rates in the comingtime.
The government must maintain the macro-economicstability and stay consistent in steering fiscal and monetary policies sinceearly this year and while reacting promptly to external policy changes, theysaid, asking for speedy disbursement of public investment as well as reviewing theLaws on Public Investment and Construction to clear barriers to the process.
As average inflation tends to godownward, the government was advised to oversee and adjust prices of publicservices, including electricity supply.
In the meantime, the governmentshould prioritise the restructuring of five key areas, including the commercialbanking system, public investment, State-owned enterprises, budget collectionand spending, and operation of public services establishments.
Deputy Prime Minister Vuong Dinh Hue,who chairs the Council, asked the ministries of Finance, Planning andInvestment, and the State Bank to refine socio-economic reports and supplementmore norms regarding growth quality to be submitted to the government’s monthlymeeting slated for early April.-VNA
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