Disbursement of public investment capital has not had many breakthroughs
Speaking at the discussion session, delegate Nguyen Dai Thang (Hung Yen delegation) commented that in the first 9 months of 2023, with the efforts of the entire political system, 10/15 targets were achieved and exceeded the targets set by the National Assembly. However, in addition to the achieved results, the socio-economic situation of our country still has many difficulties and challenges as pointed out in the Government's report. In particular, the 3 growth drivers have not met expectations, the disbursement of public investment capital has achieved positive results but has not had many breakthroughs and has not played a core role in promoting economic growth.
In order to effectively implement the socio-economic development plan for the last months of 2023 and the socio-economic development plan for 2024, delegate Nguyen Dai Thang proposed that the Government continue to direct ministries, branches and localities to have drastic and timely solutions to remove difficulties and obstacles in the implementation of construction material supply and stabilize construction material prices for projects. The announcement of construction material prices must be timely and close to market prices at the time of announcement, especially for key road traffic projects. Continue to have solutions to promptly remove difficulties and obstacles in the implementation of real estate projects and the real estate market.
Delegate Nguyen Thi Ngoc Xuan (Binh Duong Delegation) said that voters fully support the Government in administrative reform associated with digital transformation, promoting decentralization and delegation of power associated with strict control of state power. However, there are still many limitations due to many objective and subjective reasons that have been clearly pointed out in the report submitted to the session.
Through research and listening to voters' opinions, delegate Nguyen Thi Ngoc Xuan recommended that the Government have a detailed plan and list, focusing on perfecting institutions for the public investment sector. At the same time, it is necessary to study stronger decentralization and promptly issue standards and norms related to public investment for local implementation.
Businesses still face many difficulties
Speaking at the meeting, delegate Duong Van Phuoc (Quang Nam delegation) pointed out the reality of Quang Nam province, where businesses are facing many difficulties, despite the State's support and companionship policies. In particular, tax pressure, price fluctuations, access to capital, etc. have created major challenges for businesses, especially small and medium-sized enterprises. The delegate recommended that the State continue to have more timely and practical policies for businesses.
Currently, businesses are seriously lacking capital. “The government needs to design a credit package to serve production and business. In the immediate future, it is necessary to focus on unblocking capital sources from banks by continuing to lower interest rates and loosen lending conditions; continue to accompany and share risks with businesses,” delegate Duong Van Phuoc suggested.
According to the delegate, the Government needs to continue promoting tax reform, listening to and sharing solutions to resolve business recommendations related to tax issues; researching tax policies suitable for small and medium enterprises. In the current difficult conditions, the delegate noted that it is necessary to focus on nurturing revenue sources, considering the conditions of each enterprise to have appropriate tax reduction policies.
According to delegate Tran Chi Cuong (Da Nang delegation), the economy is thirsty for capital but has difficulty absorbing capital, although the State Bank has adjusted the operating interest rate four times. This shows that the production and business situation is facing many difficulties, at the same time, the ability of enterprises to absorb capital is also facing many obstacles. The lending mechanism is complicated, reducing the attractiveness of borrowing capital. The capital market and stock market show signs of instability.
The delegate also said that the policy of supporting interest rate of 2% per year is not feasible, only a small amount of money is disbursed. Business operations are facing many difficulties, and it is difficult to access capital, especially real estate businesses. The delegate suggested that it is necessary to review and re-evaluate the lending mechanism and procedures as well as the management of credit orientation for production and business activities to contribute to economic development, promote rapid recovery and sustainable development in the future.
Delegate Tran Van Lam (Bac Giang delegation) said that, in addition to the achieved results, enterprises have been facing a shortage of orders and reduced capital absorption capacity. A number of enterprises have had to reduce production scale, cut output and the number of dissolved and bankrupt enterprises has also increased.
The delegate said that at this session, the Government had Report No. 20 on the results of handling the shortcomings and weaknesses of projects and enterprises that are behind schedule and ineffective (12 projects). However, the implementation progress is still very slow, many existing problems have not been resolved, and the Government and relevant ministries and branches are requested to be more urgent and drastic, with synchronous and specific measures for both the short-term and long-term handling of the 12 projects.
Regarding credit growth and bad debt on the balance sheet, delegate Nguyen Ngoc Son (Hai Duong delegation) said that credit growth up to October 11, 2023 reached 6.29% compared to 2022, slower than the same period, the bad debt ratio on the balance sheet is higher than the set target. However, the report did not specify the credit growth in each sector, if the growth is focused on real estate during this period, it will lead to an increase in bad debt, when the real estate supply is in excess, the real estate market is sluggish, and confidence in the real estate market is declining.
“The Government should analyze and clarify this issue, from which it should carefully consider loosening lending conditions, finding solutions to remove bottlenecks for production and business, strongly promoting growth drivers, and controlling credit for potentially risky areas,” delegate Nguyen Ngoc Son suggested.
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