Financial sector urged to control fiscal policies amid East Sea tension
(VOV) - The financial sector should strictly control fiscal policies aiming to achieve a 5.8% economic growth target this year, and remove difficulties in production and business activities.
Prime Minister Vu Van Ninh made the statement at a conference in Hanoi on July 4 to review financial work, the state budget for the first half of the year and implement tasks in the remaining months.
In the reviewed period, the financial sector contributed over VND413, 000 billion to the state budget, fulfilling 52.5% of the set plan, up 15.8% over the same period last year.
Addressing the conference, Deputy Prime Minister Vu Van Ninh highlighted the Ministry of Finance’s outstanding results which have met the demand for socio-economic development and ensured national defence and security.
In the complicated context of the world economy, especially China’s illegal placement of drilling rig Ocean-981 in Vietnam’s exclusive economic zone and continental shelf, domestic production and business activities might be detrimentally affected in the coming time.
In addition, the financial sector should advise local authorities to devise plans to cope with the negative consequences that may arise in dealing with Chinese traders and urged businesses to diversify their products to reduce over dependence on the Chinese market, Ninh said.