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Vietnam encourages private participation in key projects

The National Assembly (NA) Economic Committee said that the government should encourage private participation in the country’s key projects and renovate more for startup.

At the seventh session of the 14th National Assembly (NA) in Hanoi yesterday (Photo: SGGP)

At the seventh session of the 14th National Assembly (NA) in Hanoi yesterday (Photo: SGGP)

The committee made the statement at the seventh session of the 14th National Assembly (NA) in Hanoi yesterday. It also said that the government needs to trim administrative procedures as well as strictly impose punishment on violations in all fields especially in public investment, construction and traffic.
After NA Chairwoman Nguyen Thi Kim Ngan spoke at the opening ceremony, on behalf of the government, Standing Deputy Prime Minister Truong Hoa Binh reported the government’s assessment of socio- economic situation and state budget in 2018, the implementation of socio-economic growth plan and state budget in early 2019.
The private sector drives economic growth of the socialist-oriented market economy, helping to form large corporations with strong competitive ability, said Mr. Binh.
He affirmed that thanks to the entire machinery of state, enterprise community and people in the country’s effort, the socio-economy in the fourth quarter has seen significant changes bringing fruitful results in all fields in 2018, the important transitional year to complete the goals of the five-year economic and cultural development plan from 2016 to 2020.
According to his report, socioeconomic performance in 2018 had hit all 12 targets assigned by the NA, including the nation's gross domestic product growth rate, which exceeded the NA target of 6.7 percent to hit 7.08 percent. Vietnam’s GDP per capita last year was US$2,590.
Regarding results achieved in the first months of 2019, the macro-economy continues to stabilize and inflation is under the government’s control. Vietnam recorded a year-on-year rise of 2.71 percent in consumer price index (CPI) in the first four months of this year, lowest in the past three years.
The rate of exchange and the foreign exchange market were still stable while the government’s e foreign exchange reserves set highest record. The country’s GDP in the first quarter reached 6.79 percent and exports in first four months earned $78.8 billion, a year-on-year rise of 5.8 percent. The country posted a trade surplus of some $711 million.
Additionally, the government also tackled long-delayed projects and tighten collection from land, mineral and water as well as prevent environmental incident. Vietnamese government is determined not to trade environmental health for economic growth.
The government said that in the future, the world’s and the Asia’s economy might face risks and increased crisis especially trade war between large countries leading to policy adjustment and fluctuation in financial and monetary markets and fierce competition.
Vietnam is a developing country with weak competition; therefore, this year is very significant for the mission. The government called for participation of the entire machinery of politics to promote strength of all walks of people and firm community in achieving goals and mission of 2019 aiming to complete the five-year plan (2016 – 2020).
Seven major missions ought to be done in the next time including fortifying macro-economy, keeping balance of the country’s economy and promote growth, restructuring the country’s economy attached with growth models, improve productivity effectively for increased competition.
In addition, the government will take heed of developing culture and residents’ living condition and beefing up management on the country’s natural resources to protect environment and fight disasters as well as adapt to climate change.
Vietnam will accelerate administrative reform and increase inspection to deal with complaints and accusation as well as fight corruption and push up information to residents.
Chairman of the NA’s Economic Committee Vu Hong Thanh said increase in in petrol, power, and medical services impacted to inflation and production growth; therefore, deputies proposed the government reviewing the transparency of electricity bill and its impact on CPI and socio-economic aspects.
Mr. Thanh proposed intensified prediction of risks and measures to avoid crisis in 2019.
Moreover, deputies at the session of the 14th National Assembly proposed harsh penalties on child sexual abuse and tackle criminal gangs to keep society’s security.

By PHAN THAO - Translated by HAI SON

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