Lawmakers discussed the State budget estimate for 2018 and the  allocation for 2019, as well as the State budget financial plan for 2019-2021 during the ongoing sixth session of the 14th National Assembly (NA) in Hanoi on October 29, which was broadcast live nationwide. 

Under the direction of NA Vice Chairman Phung Quoc Hien, they also reviewed the mid-term public investment plan for 2016-2020. 

As many as 44 legislators gave opinions about outcomes and shortcomings in State budget estimate for 2018, including revenues from export; spending on healthcare, education, environment, social welfare policies, and public and government debts; as well as discipline in managing State expenditures and revenues. 

They offered feedback on improving transparency and accountability for the use and management of public investment; capital disbursement in key national projects; the national target programmes; the use of official development assistance; and legislation in public, public-private partnership, and build-transfer projects. 

Other issues such as tax reform strategy, improvement of national financial capacity, and the State budget allocation for 2019 were also tabled for discussion. 

Minister of Transport Nguyen Van The, Governor of the State Bank of Vietnam Le Minh Hung, Minister of Planning and Investment Nguyen Chi Dung, and Finance Minister Dinh Tien Dung made clear several issues raised by deputies. 

On October 30, the legislature will hear a report on the implementation of the NA’s resolutions on supervising question-and-answer sessions from the beginning of the tenure up to the 14th NA’s fourth session, and a report on the outcomes of dealing with voters’ suggestions sent to the fifth session. 

The NA will also conduct question-and-answer sessions later. 

The continued meeting will be broadcast live across the nation. 

SBV Governor talks monetary, fiscal, macro policy management

Governor of the State Bank of Vietnam Le Minh Hung

Governor of the State Bank of Vietnam (SBV) Le Minh Hung shed some light on issues regarding collaboration among ministries and agencies in monitoring monetary, fiscal, and macro policies during the ongoing sixth session of the 14th National Assembly in Hanoi on October 29. 

Hung said the Government’s macroeconomic management working group led by the Minister of Planning and Investment, and also including the Minister of Finance, the Minister of Industry and Trade, and the SBV Governor to hold periodic meetings to discuss policy planning and direction. 

On price management, the Steering Committee on Price Management, led by Deputy Prime Minister Vuong Dinh Hue, also holds regular meetings and works closely with concerned units to provide relevant information. 

Thanks to close cooperation with the Ministry of Finance, the SBV has kept monetary policy stable and inflation under control. Basic inflation was kept at 1.83 percent in 2016, 1.14 percent in 2017, and 1.41 percent during the first nine months of this year. 

He said he also discussed with the Minister of Finance on how to stabilise liquidity and interest rates so as not to put pressure on the monetary market. 

The interest rate of five-year bonds in 2018 was reduced by 2.83 percent over 2016, while those of 10-year, 15-year, 20-year, and 30-year bonds decreased by 2.1 percent, 2.8 percent, 2.58 percent, and 2.6 percent, respectively. 

According to Hung, ministries and agencies also worked together closely to control credit quality, especially credit in the securities market. Whenever any contingencies arose, they also asked units concerned to promptly announce information, thus strengthening trust amongst investors. 

During working sessions with international organisations and ministries, the SBV also provided them with the latest, transparent information so that they could gain an objective assessment of the macro-economy. 

In the near future, Hung said the Ministry of Finance, the SBV, and ministries and agencies concerned will be able to aptly control inflation assigned by the legislature, manage deposits at banks to stabilise interest rates, reduce State debts, and issue bonds at appropriate times. 

VNA