Vietnam Law & Legal Forum Magazine is your gateway to the law of Vietnam

Official Gazette

Sunday, June 25, 2017

Government sets major solutions for socio-economic development in new year

Updated: 14:12’ - 06/01/2017
Inflation control and macroeconomic stabilization are the two top priorities of the national development targets in 2017, according to Resolution No. 01 issued by the Government at the beginning of this year.

Setting out key solutions for performing the 2017 socio-economic development plan and state budget estimates, the Government asks the Ministries of Planning and Investment, Finance, Industry and Trade, and Foreign Affairs and the State Bank of Vietnam (SBV) to closely follow global affairs and prepare contingency plans to respond to changes in the global and domestic economies, trade or financial markets.

Inflation control and macroeconomic stabilization are the two top priorities of the national development targets in 2017__Photo: VNA

The SBV is requested to coordinate with ministries, sectors and localities in actively and flexibly controlling monetary policies and effectively carrying out banking activities in combination with fiscal policies and other policies so as to ensure macroeconomic stabilization and sustainable economic growth.

Ministries, central agencies and local administrations must minimize their regular spending, and balance their own budgets to stick to the wage increase plan approved by the National Assembly, says the resolution.

The Government asks the Ministry of Planning and Investment to develop support policies for small- and medium-sized enterprises (SMEs), especially startups operating in sectors in which Vietnam has competitive advantages.

Meanwhile, the Ministries of Finance and Natural Resources and Environment will, together with the SBV, push for tax, credit, land and human resources incentives that help promote the application of high technologies, encourage the production, processing and consumption of agricultural products, and provide supports for SMEs.

The resolution says that economic restructuring will further be implemented along with renewing the growth model, with a focus on restructuring public investment, state enterprises and credit institutions; the state budget, public debts and public non-business units; and sectors and fields in parallel with increasing productivity and economic efficiency and competitiveness.

Other tasks and solutions set out in the resolution include stepping up the realization of three strategic breakthroughs in socio-economic development for 2011-20, attaching importance to improving socialist-oriented market economy institutions, building synchronous infrastructure systems, and raising the quality of human resources.

The Government requires the Ministry of Home Affairs to collaborate with other ministries, sectors and localities to continue realization of the state administrative reform plan during 2016-20, and adjust public administrative reform indexes for ministries, ministerial-level agencies and provincial-level People’s Committees, reads the resolution.- (VNS/VLLF)
 

Send Us Your Comments:

See also:

Video

Vietnam Law & Legal Forum