Delegate: People have no need for gold, it could be due to speculative groups monopolizing the market.
Báo Dân trí•23/05/2024
(Dan Tri) - Delegates said that with the gold market, we clearly see that this is not the actual need of the people but may be due to some speculators manipulating the market for profit.
This morning (May 23), the National Assembly discussed in groups the assessment of the results of the implementation of the socio-economic development plan and the State budget in 2023 and the first months of 2024. The majority of National Assembly deputies acknowledged the positive socio-economic results according to the Government's report. We are a country with quite good economic growth. Deputy Tran Hoang Ngan (HCMC) said that the economic situation in the context of the world economy in the recent past has been unfavorable, even disadvantageous for countries with large economic openness like Vietnam. However, our country's economy has still achieved quite good growth in recent years and the first months of this year. Mr. Ngan cited that in the 2023 report, economic growth reached 5.05%, although low compared to 2022 (8.12%), but in 2021, there was only a growth of 2.6%. On average, the economy grew by only 5.22% over the past 3 years. "This shows that we are a country with good growth. But compared to the target of the National Party Congress Resolution (growth of 6.5-7%), we need to try and make more efforts," Mr. Ngan emphasized.
Delegate Tran Hoang Ngan (HCMC) spoke during the discussion at the morning group on May 23 (Photo: Tran Khang).
In addition, according to Mr. Ngan, in addition to economic growth, the macro economy is stable, inflation is controlled, but there are warning indicators that need attention. Specifically, in the first months of the year, the exchange rate increased again, inflation was higher than the average of other years. Regarding the budget deficit, the state budget revenue in 2023 reached over 1,754 trillion VND, an increase of 8.2% according to the estimate, but lower than in 2022 by 1.7%. Why is the budget revenue lower with economic growth of 5.05%? Explaining this, Mr. Ngan said that one of the reasons for the decrease in budget revenue is the import-export situation. Because our country's trade activities in 2023 are greatly affected, import and export revenue in 2023 will decrease compared to 2022. Specifically, according to Mr. Ngan, there are 3 main items subject to high taxes but reduced imports such as: automobiles (reduced imports cause tax revenue to decrease); machinery and equipment (business situation is difficult); iron and steel (construction investment is decreasing). People do not have a need for gold, is it possible that there are speculators monopolizing to profit? Also acknowledging the positive socio-economic results in 2023 and the first months of 2024, delegate Ta Thi Yen (Dien Bien) said that, in the context of geopolitical, geo-economic and local conflicts in the world, the Government has had very wise and clever directions and management, taking advantage of opportunities to develop new industries such as hydrogen, semiconductor chips and continue the national digital transformation process.
Delegate Ta Thi Yen (Photo: Quochoi.vn).
However, according to Ms. Yen, it is impossible not to mention some unusual fluctuations in the market, for example, the gold market, real estate, corporate bonds; there needs to be early guidance, removal, stabilization, and clarification from the media, to avoid negative impacts on the economy and disturbances to people's psychology. "For the gold market, we can clearly see that this is not the actual need of the people but may be due to some speculators, manipulating the market for profit," Ms. Yen commented. For the real estate market, Ms. Yen also said that the lack of low-cost commercial housing segment suitable for people's financial capacity also needs to be adjusted. Ms. Yen added that there is a surplus in social housing in some places and a shortage in others; the 120,000 billion VND credit package for social housing has only disbursed 83 billion VND, which is very low. "It is necessary to clarify the responsibilities of relevant agencies as to why our policies are very good and humane; people are very eager and waiting for them, but their implementation is slow," Ms. Yen suggested.
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