return icon Vietnamnet.vn

Petrol price hits record high, NA seeks to support low-income earners

The National Assembly seeks to strictly handle goods speculation, hoarding and unreasonable price hikes, as well as solutions to support low-income earners and disadvantaged people.

On June 16, the National Assembly passed a resolution on Q&A activities at the third session of the 15th NA. 

The National Assembly asked the Government and relevant agencies to focus on implementing solutions and commitments to fix existing problems, and to create drastic improvements in state management in their fields.

In terms of agriculture and rural development, the National Assembly asked to continue accelerating the restructuring of the agricultural sector on the basis of science and technology application, innovation and digital transformation, associated with rural economic development in the direction of ecological agriculture, modern rural areas, and civilized farmers.

The National Assembly also asked to curtail the list of goods and products subject to professional examination; and shorten the examination time, strengthen risk management, prevent business harassment in the licensing, plant and animal quarantine. It is expected that at least 20 percent of procedures and 20 percent of law compliance costs would be cut by 2025.

For the finance sector, the National Assembly wants to soon approve the plan on mobilizing resources for the socio-economic recovery and development program.

The National Assembly emphasized the need to strengthen the implementation of measures to control inflation, such as supervising price declarations, price quotation and the observance of laws on prices.

At the same time, it is necessary to strictly handle the speculation of goods, and unreasonable price augmenting; and have solutions to support low income earners and disadvantaged people as the prices of essential goods are on the rise, especially petroleum and textbook prices.

The National Assembly requested to urgently amend and supplement regulations on centralized procurement, bidding for public procurement, standards and norms for using public assets; and strengthen the inspection and examination on the compliance of the laws in the field of procurement, management and use of public assets, and strictly punish violators.

The comprehensive restructuring of the capital and stock markets in accordance with the project on restructuring the stock and insurance markets by 2020, with the vision towards 2025, will ensure that the stock market can develop in a stable, safe and sustainable way, and is a good capital mobilization channel for the economy.

The National Assembly asked to heighten the effectiveness of supervision at all levels, from securities companies, stock exchanges to State Securities Commission (SSC). It required the strengthening of inspection to strictly punish the behaviors of manipulating the stock market, and spreading of false rumors. 

As for the banking sector, the National Assembly requires flexible implementation of the tools of monetary policy, and harmonized implementation of fiscal and other macroeconomic policies in order to control inflation. This will stabilize the macro economy, support socio-economic recovery and development, and adapt to domestic and international markets.

The National Assembly has agreed on the continuation of Resolution 42/2017 on bad debt settlement. Serious measures ate needed to collect debts, and provisioning against risks. Commercial banks are required to improve credit quality and minimize bad debts to curb the bad debt ratio of the whole banking system at below 3 percent.

Regarding the transportation sector, the National Assembly set a series of requests, including the acceleration of the approval and deployment of transport projects in accordance with National Assembly resolutions, especially national key projects and regional connection projects. 

The National Assembly also emphasized that it is necessary to inspect and examine fields prone to corruption and wrongdoings; and organize periodic and unexpected inspection tours to key projects.

The Nation al Assembly wants to completely solve the problems and inadequacies in toll collection stations, BOT (build, operate, transfer) projects; and deploy the non-stop electronic toll collection.

Also on June 16, the National Assembly passed a resolution on continuing to strengthen planning policies and laws and a number of solutions to remove difficulties, and speed up and improve the quality of planning in 2021-2030.

Immediately after the resolution was passed, the Government set detailed regulations on the process of national, regional and provincial planning.

Ministers and heads of ministerial-level agencies, chairs of cities and provinces can consider and make decisions on direct appointment of contractors for consultancy packages to draw up national, regional and provincial planning that cannot find contractors.

Thu Hang

MORE NEWS

Fashion shows to spread quintessence of Vietnamese culture and heritage

The series is the brainchild of former supermodel Ha Vy and director Hoang Cong Cuong, who is the mastermind of several big events in Vietnam including the opening ceremony of the Southeast Asian Games (SEA Games) 31 in Hanoi in May.

Low-carbon rice production helps Vietnam meet emission target

Rice, which is Vietnam’s most important crop and grown on more than half of its agricultural land area, accounts for 48 per cent of the agriculture sector’s GHG emissions and over 75 per cent of methane emissions.

VIETNAM BUSINESS NEWS SEPTEMBER 26

Number of air passengers down 14% in September

Vietnam needs highly skilled labour force to compete

The vocational training system of Vietnam needs reforming to create highly-skilled human resources that meet the requirements of the labour market in increasingly integrated international market, experts said.

Lengthy visa process a setback for FDI firms

The visa process does not always go smoothly. Sometimes, it moves so slowly that some specialists cannot enter Vietnam on schedule, leading to production disruptions.

Petrol and oil price stabilisation fund requires thorough appraisal

The Government needs to carefully evaluate the effectiveness of the petrol and oil price stabilisation fund in keeping the commodity’s retail prices stable before deciding to maintain or eliminate the tool, experts said.

Embedded finance the next big thing: summit

Embedded finance is the next big thing in the financial services industry as it has integrated seamlessly into the local fintech landscape in recent years, experts said at a meeting last Friday in HCM City.

Entertainment and cultural events of the week (September 26-October 2)

Upcoming entertainment and cultural events in Vietnam's major cities on September 26-October 2.

VIETNAM NEWS HEADLINES SEPTEMBER 26

PM orders urgent measures against Storm Noru

Beauties wow in traditional costume contest at Miss Grand Vietnam

Vietnamese beauties boasted of their charm in a traditional costume segment of the ongoing Miss Grand Vietnam 2022 taking place on September 23.

State Bank’ rate hike necessary to defend VND, control inflation: ADB Country Director

ADB Country Director Andrew Jeffries has talked on the recent interest rate hike by the State Bank of Vietnam in the context of the Fed, ECB and a number of countries raising their rates to curb inflation.

Prop-tech has potential but faces challenges

Many prop-tech startups are facing challenges, though it is a new market with potential in Vietnam.

Prime Minister asked to stabilise rice price

India's restriction on rice exports is said to have an impact on the volume and price of Vietnamese rice exports.

Vietnamese artworks to go under the hammer in France

The auction’s highlight is Les Rapides de Cho Bo, a six-panel lacquer screen with gold highlights, painted in 1942 by Le Quoc Loc. The artwork is estimated to fetch €400,000 ($396,000), the highest price of the lot.

A pearl in mountainous province

Referred to as the “Halong Bay of the northwest region”, Nong Dung Lake has recently been attracting tourists as an ecotourism destination due to its emerald water and poetic scenery.
back_to_top