Socio-economic plan, State budget estimates under NA discussion

Cabinet members clarified a number of issues raised by NA deputies.

Earlier, in his speech at the fourth plenary session of the 14th National Assembly (NA) in Hanoi, Prime Minister Nguyen Xuan Phuc said that GDP growth rate during the nine-month period reached 6.41% and the figure is estimated at 6.7% for the whole year.

NA deputies agreed that all 13 targets set for this year will be achievable, including export growth of 14.4%, GDP growth of 6.7%, and inflation of 4%. They urged stronger measures to mobilize more domestic and foreign resources.

"It is imperative to promote investment and expand markets at home and abroad. We need to continue to streamline the state apparatus, improve the investment environment, reform administrative procedures, and restructure the state apparatus," said Nguyen Thanh Hai, a deputy for Tien Giang province. 

The deputies suggested focusing on the processing and manufacturing industry, increasing cooperation between local and foreign enterprises, and prioritize key projects.

Hoang Van Ham, a deputy for Phu Tho province said,  " The government  need to prioritize reducing overspending, practice thrift, monitor the signing, management and use of ODA projects. The government should consider cutting US$570 million worth of government bonds to control overspending and restructure public investment."

NA deputies also raised concern for foreign direct investment (FDI), saying despite accounting for 25% of the country’s total social investments, more than 70% of its accumulated export turnover and half of its industrial production value, the FDI sector contributed only 15-19% to the state budget. 

They mulled over measures to ensure State budget estimates in 2018 and ways to deal with tax debts, State budget spending, and budget overspending for next year.