Government’s Resolution 01 targets 6.2 percent GDP

The Government has adopted Resolution 01/NQ-CP detailing key tasks and measures to realise the 2015 socio-economic development. 

Achieving a GDP of 6.2 percent 

The resolution has set a target of obtaining a gross domestic product (GDP) growth of 6.2 percent and a 10 percent rise in export value in 2015.

The consumer price index is expected to increase by 5 percent while total investment for socio-economic development will make up 30-32 percent of GDP.

The nation-wide rate of poor households is forecast to fall 1.7-2 percent and roughly 1.6 million jobs will be created.

These targets were approved by the National Assembly, according to the resolution.

To do that, the resolution asks for strengthening macro-economic stability by clearing business hurdles, going forward with strategic breakthroughs and economic restructuring in tandem with shifting to a new growth model and improving the national economy’s competitiveness. 

More attention is to be paid to the development of socio-cultural life, education, science-technology, environment protection and public well-being, the acceleration of administrative and judicial reforms, especially the fight against corruption and wastefulness.

The government has set to strengthen defence-security, firmly safeguard national sovereignty, and ensure political security and social order. 

It will also improve external relations work and continue the path of international integration and cooperation. 

Hastening economic restructuring 

Restructuring State-owned enterprises (SOEs), credit institutions, securities market, and the farming sector is part of socio-economic development measures for 2015.

Ministries, agencies and localities are requested to keep carrying out an overall plan on economic restructuring and submit their own well thought out restructuring schemes to authorities concerned no later than the end of the second quarter. 

SOEs will focus on equitising and withdrawing capital from non-core businesses, while working on additional plans for the post-2015.

In the meantime, credit institutions are tasked with improving their governance, risk management, auditing and technology capabilities while keeping up to international practices, towards embracing Basel II capital standards step-by-step.

The restructuring of the securities market will continue in line with a government’s blueprint set previously, making it easier to lure investment in and outside the country and deal with bad debts.

The farming sector’s rearrangement covers across cultivation, animal husbandry, aquaculture, forestry, processing, and services. The new rural area construction programme is required to be stepped up towards set goals. Investors are encouraged to involve in agriculture and rural development. 

Industries having a high level of technology, added value, and localisation rate will be boosted, especially the support industry, renewable energy, electronics, engineering, information and bio-technology, oil and gas exploration and processing, and environment, among others. 

Regulating monetary policy in a proactive, flexible manner 

The State Bank of Vietnam (SBV) is requested to work with ministries and localities in regulating the monetary policy in a proactive, flexible manner in close association with the fiscal policy, so as to have active control of inflation, keep macro-economic stability, boost economic growth, and support the development of the financial and securities markets. 

The bank is assigned to manage interest and exchange rates in line with developments of the macro-economy, inflation, and the monetary market. 

At the same time, the SBV should control and enhance credit quality, while applying measures to effectively manage the foreign currency and gold markets, continue measures against the dolarisation and goldenisation of the economy, and increase the national foreign reserves, said the resolution.

The bank is requested to design measures to mobilise gold stocks in society for the country’s socio-economic development. 

It is also asked to coordinate closely with ministries and agencies to design proper solutions to accelerate non-cash payment, tighten the supervision and monitoring of operations of credit institutions, absolutely ensuring the safety for the system, and strictly handle violations in accordance with the law. 

Meanwhile, the Finance Ministry is required to collaborate with ministries and localities to closely manage State budget expenses in conformity with the estimate. 

The ministry is requested not to issue new policies and regulations that lead to a rise in State budget spending when a guarantee source is absent. 

The Government demanded to minimise State budget spending for conferences, seminars, festivals, ground-breaking and inaugural ceremonies, and overseas business trips by ministries, State offices, and localities as well as the purchase of public cars. State budget advances are also not allowed, except for cases involving natural calamities, disease epidemics and defence and security tasks. 

The Ministry of Planning and Investment is to focus investment on important and urgent projects that are supposed to complete in 2015, while removing administrative obstacles to step up the disbursement of development investment, and ensuring corresponding capital for ODA projects.

VNA