Business

Government aims to further reduce interest rates

Further reducing mid- and long-term lending interest rates is a priority task, the Government says in the resolution of its regular monthly meeting for March.
Further reducing mid- and long-term lending interest rates is apriority task, the Government says in the resolution of its regularmonthly meeting for March.

The State Bank isrequired to try and reduce the interest rate by 1-1.5 percent usingmarket tools, while continuing with a proactive and flexible monetarypolicy. The Government also emphasizes that foreign exchange managementshould be based on the ultimate goal of macroeconomic stability, fullytaking into account the impacts of foreign exchange rate onimport-export, inflation and public debt. At the same time, strongmeasures should continue to be taken to restructure the system of creditorganisations and settle bad debts.

The Ministryof Planning and Investment is tasked with speeding up the disbursementof investment capital from the State budget, Government bonds, OfficialDevelopment Assistance (ODA), foreign direct investment (FDI) andPublic-Private Partnership (PPP) sources.

Meanwhile, the Ministry of Finance is to follow the developments ofworld oil price and have plans in place to respond accordingly in aproactive manner. The ministry should intensify inspections to discoverand strictly punish such illegal activities as tax evasion and pricingtransfer with a view to curbing tax losses. Management of State budgetwill be tightened to ensure effective and economically spending, whiledebt payment will be carried out in line with budget estimates.Attention will be paid to restructuring the securities and insurancemarket in order to enhance their roles in mobilizing mid- and long-termcapital for development investment.

The Ministryof Finance is tasked to work with the Ministry of Industry and Trade toseek tax solutions to ensure the country fulfils commitments onimport-export tariff reduction while still protecting and promotingdomestic production.

The Ministry of Industryand Trade is told to work on expanding markets for local exports,especially farm and fishery products.

Allministries, agencies and local administrations are instructed to workharder in implementing the government resolution 19/NQ-CP dated March12, 2015 on main tasks and solutions to improve business environment andlifting national competitive capacity in 2015-2016.

The resolution also urges relevant ministries and agencies to continuewith efforts in dealing with outstanding issues such as the prolongeddrought in the central and Central Highlands regions and hospitaloverload, besides implementing the yearly working plans in theirrespective fields./.
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