Major solutions to socio-economic development in 2016

The Government has promulgated a Resolution underlining key measures to realise the socio-economic development plan and State budget estimates in 2016. 

The Resolution No. 1/NQ-CP clarifies that the overall target of the 2016 socio-economic development plan is maintaining macro economic stability, recording higher economic growth than 2015, improving growth quality, and ensuring sustainable development. 

Expediting the implementation of strategic breakthroughs, together with boosting economic restructuring and shifting growth models, are also among the general goals apart from increasing productivity, quality, efficiency and competitiveness of the economy. 

The plan is structured to remove difficulties for businesses so as to stimulate production and expand business. But it is also about ensuring social equality and welfare, and improving local living standards. 
It looks to carefully manage, while making effective use of natural resources, proactively cope with natural disasters and climate change, and protect the environment. 
Enhancing administrative reform, increasing the efficiency in corruption prevention and state management, and encouraging thrift practices - are each essential alike. 

Strengthening national sovereignty defence and security, as well as ensuring political and social order, and promoting external affairs and international integration - are all included in the 2016 socio-economic plan. 
In 2016, the national gross domestic product (GDP) is expected to increase by 6.7 percent, while the export turnover is hoped to expand by 10 percent, with a trade deficit of below 5 percent. 

The country strives to keep the consumer price index growth below 5 percent; reduce the rate of poor households according to multi-dimensional poverty standards by 1.3-1.5 percent; and increase health insurance coverage to 76 percent. 
The total investment in social development will be equal to 31 percent of the GDP. 

The Government requested the State Bank of Vietnam to coordinate with relevant ministries, agencies and localities to put forth flexible monetary management policy, fiscal policy, and macro economic policy - to curb inflation, stabilise the macro economy, and boost economic growth. 

Meanwhile, the Ministry of Finance is responsible for managing the State budget estimates in a strict manner - such as increasing budget collection while reducing spending and ensuring all expenditures are in line with the estimates. 
The ministry should devise measures to balance the State budget collection in 2016 in case of fluctuating oil prices, while intensifying tax inspection. 
Is is tasked with keeping close control of public debts, Government debts, and foreign debts; speeding up the selling of State-capital in businesses in which the State does not need to hold ownership. 

The Government asked the ministries, centrally-run agencies, and localities, to reduce spending on organising conferences and workshops, as well as limit expense on fact-finding tours overseas, or purchasing expensive cars and equipment. It suggested popularising online workshops and conferences to save State budgets. 

Special attention should be paid to economic restructuring: towards increasing the economy’s efficiency and competitive edge – focusing on public investment, State-run economic corporations and companies, commercial banks, and credit organisations. 

The Ministry of Planning and Investment is responsible for keeping a close watch on investment targets and efficiency, along with monitoring the impacts of official development assistance (ODA) loans and foreign loans on the macro economy. 

It is recommended to focus investment of State credit capital on key and urgent projects, that are crucial to socio-economic development, while encouraging domestic and foreign investors to inject money into building infrastructure via public-private-partnership (PPP), foreign direct investment (FDI), and joint ventures. 

The Finance Ministry is asked to devise measures to improve the capacity of management and inspection agencies, which oversee finances of State-run businesses and those businesses receiving State capital. 
The State Bank of Vietnam ought to push ahead with restructuring credit organisations, especially poor-performing ones, to improve their financial capacity - by redirecting their activities towards a low-risk and efficiency ethos. 

The Government directed the Ministry of Industry and Trade to forecast the import-export situation so as to map out orientations for business and production plans, while strengthening measures to boost exports of high added value products to new markets. 

The Ministry of Home Affairs must push the implementation of the State administrative reform programme in 2016-2020. 

The Government Inspectorate and the Ministry of Finance are requested to continue with legal and institutional improvements in anti-corruption and thrift practices.

Date: 12/01/2016

Source: Vietnam Plus

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