The Government Office has just issued Document No. 231/TB-VPCP dated May 18, 2024 announcing the Prime Minister's conclusion at the meeting on fiscal policy, monetary policy, gold market, exchange rate, interest rate and capital mobilization for development investment.
Prime Minister Pham Minh Chinh chaired a meeting on fiscal policy, monetary policy, gold market, exchange rate, interest rate and capital mobilization for development investment - Photo: VGP/Nhat Bac
The Prime Minister highly appreciated the State Bank of Vietnam, the Ministry of Finance, the Government Office and relevant agencies for timely and quality preparation of Reports for the meeting. Delegates attending the meeting expressed and contributed many specific, profound, practical and relevant opinions.
The socio-economic development results in the first four months of the year showed many positive results, especially the macro-economy was basically stable, inflation was controlled, growth was promoted, major balances were ensured; public debt, government debt, and foreign debt of the country were within the allowable limit; politics and society were stable, national defense and security were maintained, and the material and spiritual life of the people was constantly improved and increased.
In the coming time, our country's economy will continue to have opportunities, advantages and difficulties, challenges intertwined but with more difficulties and challenges, requiring courage, not being subjective, negligent, losing vigilance but also not being pessimistic, fearful and paying special attention to proactively monitoring the situation, analyzing, forecasting, having timely, appropriate, effective policy responses, early, from afar, right from the starting point to continue to harmoniously, synchronously, and effectively manage macroeconomic policies, especially monetary policies, fiscal policies with the spirit of steadfastly aiming to promote growth, maintain macroeconomic stability, control inflation, ensure major balances of the economy, maintain political and social stability, ensure national defense, security, social order and safety, effectively implement the work of preventing and combating corruption, negativity, waste, smuggling, hoarding, price gouging...
Thoroughly cut regular expenditures to supplement resources for development investment; research tax and fee reductions for people and businesses.
In the remaining months of 2024, the Prime Minister requested ministries, agencies and localities to focus on implementing a number of key tasks and solutions:
Implement a reasonable, focused and key expansionary fiscal policy. Strengthen financial discipline and order, resolutely promote digital transformation, regulations on electronic invoices, especially promoting the application of digital transformation in budget revenue and expenditure, improving the effectiveness and efficiency of state budget revenue and expenditure management; ensure correct, sufficient and timely collection, expand the collection base and prevent tax losses, especially for food and beverage services, restaurants, e-commerce, business on cross-border platforms...; resolutely and thoroughly cut down on regular expenditures, non-urgent expenditures such as domestic and foreign business trips, receiving guests, entertaining, using public vehicles, actively review and resolutely cut down on investment-related public expenditures... to supplement resources for development investment. Continue to research and propose, within authority, the reduction of taxes, fees and charges for people and businesses; further promote public investment; Research on issuing government bonds for development investment, especially strategic infrastructure investment, digital transformation, green transformation and social housing...
Strengthening the application of information technology and digital transformation to continue striving to reduce lending interest rates by 1-2%.
In addition, ministries, agencies and localities focus on operating monetary policies proactively, flexibly, promptly and effectively, closely coordinating, synchronously and harmoniously with fiscal policies. The State Bank of Vietnam presides over and coordinates with ministries, branches, localities and relevant agencies to operate interest rates in a harmonious, reasonable and synchronous manner with exchange rate management and other monetary policy tools, paying close attention to developments and the world economic situation and the monetary policy management of central banks; Work with state-owned commercial banks and large non-state commercial banks to direct and request effective implementation of solutions to increase access to credit for people and businesses, continue to reduce operating costs, enhance the application of information technology, digital transformation to continue striving to reduce lending interest rates by 1-2%, especially for traditional growth drivers, emerging industries, digital transformation, green transformation, circular economy, social housing...
Conduct open market operations, money supply... effectively and flexibly, closely following monetary policy goals, ensuring liquidity and safety of the credit institution system and the economy.
Flexible exchange rate management to stabilize the foreign exchange market, contributing to macroeconomic stability; proactively develop scenarios, plans and policy responses more promptly and effectively to fluctuations in the domestic and foreign exchange market.
Actively and flexibly manage credit, in line with macroeconomic developments and inflation, meeting capital needs for the economy, supporting economic growth, ensuring safety of banking operations and the credit institution system. Actively deploy credit growth solutions, directing credit to production, business, priority sectors and growth drivers; control credit for potentially risky sectors, ensuring safety and efficiency. Determined to have practical and effective solutions to strive for credit growth of the entire system by the end of the second quarter of 2024 at 5-6%.
Immediately implement measures to manage, operate and stabilize the gold market according to regulations.
In particular, the Prime Minister requested ministries, agencies and localities to continue implementing measures to manage, operate and stabilize the gold market, ensuring more timeliness and efficiency; focusing on information and communication work to create consensus in society.
The State Bank of Vietnam shall preside over and coordinate with relevant agencies to continue to resolutely, seriously, fully and effectively implement tasks and solutions to manage the gold market both in the short and long term according to the direction of the Government, the Prime Minister, and Government leaders in Resolutions, Official Dispatches, Directives and related documents, ensuring that the gold market operates stably, effectively, healthily, openly, transparently, in accordance with legal regulations, national financial and monetary security, and not to goldify the economy, affecting macroeconomic stability and monetary policy management. The Governor and Deputy Governors of the State Bank of Vietnam shall promote a sense of responsibility, discipline and public service discipline, directly direct the organization and implementation of solutions according to regulations, and act for the common interests of the nation, people and people.
Pursuant to the functions, tasks, authority and provisions of Decree No. 24/2012/ND-CP dated April 3, 2012 of the Government on the management of gold trading activities, Article 18 of Decree No. 50/2014/ND-CP dated May 20, 2014 of the Government on the management of state foreign exchange reserves (which clearly stipulates that the Governor of the State Bank of Vietnam decides on specific intervention plans including: timing, volume, gold price, form of intervention...) and relevant legal provisions, immediately implement measures to manage, operate and stabilize the gold market according to regulations and must ensure efficiency, effectiveness, timeliness, and avoid delays, inappropriate implementation methods, and reduce the effectiveness of the State's management tools; have effective and timely solutions, immediately and permanently overcome the high difference between domestic gold prices and world gold prices using current tools and promote responsibility according to authority; ensure strict implementation of discipline and public service discipline; enhance the sense of responsibility, promote initiative and creativity in direction and management; take full responsibility before the Government and the Prime Minister for the results of management and stabilization of the gold market.
Complete inspection and examination of the gold market in May 2024
The Prime Minister also requested the State Bank of Vietnam to strengthen discipline, order, and comply with legal regulations on gold trading activities; work with enterprises, gold trading organizations, and commercial banks that trade in gold and SJC gold bars to direct and strictly prohibit the exploitation of market manipulation and strictly handle violations of the law.
Urgently carry out inspection and examination of the gold market in accordance with the direction of the Government leaders in relevant documents, to be completed in May 2024; strictly handle violations of legal regulations in gold production and trading; in case of signs of law violations, promptly transfer the file to the Ministry of Public Security and relevant authorities as prescribed.
The Ministry of Finance shall coordinate with the State Bank of Vietnam and relevant agencies to inspect, supervise and strictly implement legal regulations on electronic invoices connected to tax authorities for each time in business activities, buying and selling gold, to be completed no later than June 15, 2024; strictly handle, resolutely withdraw and immediately revoke business licenses for enterprises and units that do not comply with regulations on electronic invoices and handle them according to current laws.
Research on issuing an additional 100 trillion VND in government bonds for investment in key national projects
In addition, the Prime Minister also requested ministries, agencies and localities to focus on promoting the disbursement of public investment capital, taking public investment as the leading force, activating and attracting all social resources. Issuing government bonds to mobilize capital for development investment, focusing on strategic infrastructure investment, digital transformation, green transformation and social housing; in the immediate future, studying the issuance of about 100 trillion VND more in government bonds for investment in key national projects.
Minimize administrative procedures, promote digital transformation, especially in the banking and finance sectors.
Continue to effectively and substantially implement Project 06 and administrative procedure reform, creating changes in the provision of public services, reducing inconvenience, time and costs for people and businesses. The Government Office shall preside over and coordinate with relevant agencies to urgently draft the Prime Minister's Directive on minimizing administrative procedures, promoting digital transformation, especially in the fields of banking and finance, and report to the Prime Minister before May 30, 2024.
The Ministry of Public Security, the Ministry of Finance, the Ministry of Industry and Trade, the Government Inspectorate, the State Bank of Vietnam and other ministries, agencies and localities, according to their assigned functions, tasks and authorities, shall closely monitor the situation, strengthen inspection, examination, supervision and strict control, promptly prevent, detect and strictly handle acts of smuggling, hoarding, price manipulation and other violations of the law.
Strengthen information and propaganda, especially communication work on the Party's guidelines and policies, the State's policies and laws, the management work of the Government, the Prime Minister and ministries, branches and localities, creating momentum, trust, motivation and consensus among people, businesses and the whole society, promoting the strength of great national unity, the will of self-reliance, self-improvement, and striving to successfully achieve the set socio-economic development goals and targets.
The Government Office informs relevant agencies to know and implement./.
According to VGP News
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