Fiscal and monetary policies support businesses

Deputy Head of the National Assembly Delegation of Quang Nam Province - Duong Van Phuoc discussed the results of thematic supervision of the implementation of Resolution 43. Photo: NQ

On the afternoon of May 25, Vice Chairman of the National Assembly Nguyen Duc Hai continued to chair the discussion session in the hall on the Report of the monitoring delegation and the draft Resolution of the National Assembly on the results of the thematic monitoring of "the implementation of Resolution No. 43/2022/QH15 dated January 11, 2022 of the National Assembly on fiscal and monetary policies to support the Socio -economic Recovery and Development Program and the resolutions of the National Assembly on a number of important national projects until the end of 2023 (Resolution 43)".

Participating in the discussion, delegate Duong Van Phuoc - Deputy Head of the National Assembly Delegation of Quang Nam province assessed that Resolution 43 is a correct and timely decision of the National Assembly, which has supported the work of preventing and controlling the COVID-19 pandemic and recovering and developing the socio-economy with positive results; encouraging and motivating people to overcome the most difficult and unprecedented period. However, the implementation of some policies is still not really suitable, causing many difficulties and limitations.

Specifically, in terms of fiscal policy, group B projects are usually implemented within 4 years, but urgent projects must be implemented within 2 years and are not allowed to be designated contractors according to Clause 1, Article 5 of Resolution 43. Contractor selection must still be organized through online bidding; other steps also follow the normal project implementation process, so the organization and implementation process encounters many difficulties, slowing down the progress of project implementation.

Some proposed health projects are still not practical, lack feasibility, and do not meet the requirements of disease prevention and people's need for medical examination and treatment. In addition, investment projects to build, renovate, and modernize social assistance facilities, training, and vocational training in the labor, invalids, and social affairs sector are not really suitable.

Regarding monetary policy, in the first 10 months of 2023, the loan growth rate was very slow; some policies did not clearly identify beneficiaries, many businesses and people subject to the policy could not access support resources; commercial banks' trust in customers and the market also hindered credit growth.

Delegation of National Assembly deputies of Quang Nam province attends the 7th session of the 15th National Assembly. Photo: NQ

In the context of many economic difficulties, fiscal and monetary policies play an important role in supporting and helping businesses continue to recover after the COVID-19 pandemic and withstand strong market fluctuations. Given the impact of the domestic and international situation, delegate Duong Van Phuoc suggested that the National Assembly, the Government and central ministries and branches continue to pay attention to the following contents:

Firstly, it is recommended that the National Assembly consider and promulgate mechanisms and policies to continue supporting socio-economic recovery and development as well as solutions to remove legal obstacles and barriers to unlock resources for investment in production and business.

In particular, continue to apply the solution of reducing 2% value added tax rate to create favorable conditions for people and businesses; allow extending the implementation time and disbursement of projects to the end of 2025.

On the other hand, while waiting for the amendment of the Law on Minerals, it is recommended that the National Assembly have a mechanism to allow localities to simplify procedures and shorten the time for granting licenses for mining minerals for common construction materials to serve local investment projects to clear bottlenecks, speed up the implementation of projects and works, and promote socio-economic development.

Second, the Government is requested to flexibly manage fiscal and monetary policies; continue to synchronously implement solutions to remove difficulties in the financial and monetary markets, corporate bond markets, and real estate markets; and create conditions for businesses to access resources (credit, land, resources, etc.).

Third, the Ministry of Health is requested to coordinate with ministries, branches and localities to effectively use the program's capital according to Resolution 43. Focus on building new, upgrading and modernizing the grassroots health care system and preventive medicine; in which, pay attention to investing in commune-level health stations, supplementing the list of drugs for medical examination and treatment under health insurance, improving the quality of medical examination and treatment services for people.

Fourth, propose the Ministry of Finance and the Ministry of Planning and Investment to study and simplify administrative procedures, and implement bidding according to a specific mechanism to implement programs and projects of Resolution 43; propose to arrange budget capital to subsidize interest rates for commercial banks that have provided interest rate support under previous credit programs.

Continue to research and advise the Government on policies to support businesses and taxpayers to overcome difficult periods, stabilize and develop production and business activities; support healthcare, labor, war invalids and social policies that directly impact people for sustainable socio-economic development.

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