ID :
30129
Fri, 11/14/2008 - 09:29
Auther :
Shortlink :
http://m.oananews.org//node/30129
The shortlink copeid
PM outlines measures to tackle global financial turmoil impacts
Hanoi (VNA) - Prime Minister Nguyen Tan Dung emphasised the dire need to
boost exports and narrow the trade deficit to halt a slowdown of the
national economy, which is being increasingly affected by the global
financial crisis and the world-wide economic recession trend.
The Government leader raised the matter whilst presenting a review of his
cabinet's recent performance and its goals for next year to the National
Assembly deputies in Hanoi on Nov. 13.
PM Dung said that the national economy is showing more signs of suffering
from the effects of the global financial turmoil and economic slowdown than
was forecasted, particularly in areas such as export, tourism, direct and
indirect foreign investment and access to loans.
To improve this situation, the Government will continue to implement its
tightened but flexible monetary policy in the near future, PM Dung stated.
"Loan interest rates will continue to be slashed and fluctuations in
consumer prices and developments and trends in the global market will be
closely monitored in order to curb rampant inflation rates," he said.
In addition, the Government will complete the drawing up of management
mechanisms and regulations mandating merger and acquisition activities, as
well as keeping a close eye on the operations of banks, financial service
providers, real estate businesses and credit organisations' payment
capacity.
Such moves aim to effectively monitor those financial institutions and
ensure that individuals' savings are safeguarded, the PM affirmed.
He said that a mechanism that will allow borrowers and lenders to agree on
appropriate loan interest rates, as advocated by the National Assembly, will
soon be in place and the prices of coal and electricity would be adjusted
only after outlining an appropriate roadmap.
"Auditing must be compulsory for businesses and the fight against
speculation, fake goods, trade fraud and cross-border smuggling activities
will be intensified," stressed the Government leader, speaking about the
imminent measures to shore-up the economy.
He informed law-makers that during 2009, ineffective government-funded
projects will continue to be suspended and State budget, government bonds
and State businesses' capital will be allocated mainly to power plants,
vital production projects, and seaport and road infrastructure.
PM Dung assured the law-makers that the Government will inject more
investment into agriculture, rural development, education and training,
science and technology, and social affairs to spur development in those
areas.
He stated that the Government would closely monitor investments by
State-owned enterprises' and reiterated the policy of encouraging other
economic sectors to invest in the generation of power, infrastructure
construction, hi-technologies, processing industries, and the development of
production and business services in rural areas.
Regarding efforts to spur production and expand markets, PM Dung stressed
that the Government is currently finalising the establishment of a credit
guarantee fund to aid small and medium-sized enterprises and will soon
outline a number of policies supporting the growth of this sector.
He called upon those businesses to participate in these efforts and, at the
same time requested them to instigate a range of energy-saving programmes,
use modern technology and improve management skills to reduce production
costs and establish efficient distribution networks in local markets before
eyeing foreign ones.
To ensure social welfare and further reduce poverty, PM Dung said the
Government will set up an unemployment insurance fund, implement
developmental projects to assist the poorest communes, and improve the
capacity of the social policy bank to implement effective social welfare
credit programmes targeting students and those in poverty.
Touching upon issues relating to environmental protection and food hygiene
and safety, the Government leader stressed that his cabinet is aware of the
importance of environmental protection and will issue instructions to deal
firmly with those found to be polluting the environment, including the
suspension of licenses for projects and works that threaten to cause
environmental pollution.-Enditem
boost exports and narrow the trade deficit to halt a slowdown of the
national economy, which is being increasingly affected by the global
financial crisis and the world-wide economic recession trend.
The Government leader raised the matter whilst presenting a review of his
cabinet's recent performance and its goals for next year to the National
Assembly deputies in Hanoi on Nov. 13.
PM Dung said that the national economy is showing more signs of suffering
from the effects of the global financial turmoil and economic slowdown than
was forecasted, particularly in areas such as export, tourism, direct and
indirect foreign investment and access to loans.
To improve this situation, the Government will continue to implement its
tightened but flexible monetary policy in the near future, PM Dung stated.
"Loan interest rates will continue to be slashed and fluctuations in
consumer prices and developments and trends in the global market will be
closely monitored in order to curb rampant inflation rates," he said.
In addition, the Government will complete the drawing up of management
mechanisms and regulations mandating merger and acquisition activities, as
well as keeping a close eye on the operations of banks, financial service
providers, real estate businesses and credit organisations' payment
capacity.
Such moves aim to effectively monitor those financial institutions and
ensure that individuals' savings are safeguarded, the PM affirmed.
He said that a mechanism that will allow borrowers and lenders to agree on
appropriate loan interest rates, as advocated by the National Assembly, will
soon be in place and the prices of coal and electricity would be adjusted
only after outlining an appropriate roadmap.
"Auditing must be compulsory for businesses and the fight against
speculation, fake goods, trade fraud and cross-border smuggling activities
will be intensified," stressed the Government leader, speaking about the
imminent measures to shore-up the economy.
He informed law-makers that during 2009, ineffective government-funded
projects will continue to be suspended and State budget, government bonds
and State businesses' capital will be allocated mainly to power plants,
vital production projects, and seaport and road infrastructure.
PM Dung assured the law-makers that the Government will inject more
investment into agriculture, rural development, education and training,
science and technology, and social affairs to spur development in those
areas.
He stated that the Government would closely monitor investments by
State-owned enterprises' and reiterated the policy of encouraging other
economic sectors to invest in the generation of power, infrastructure
construction, hi-technologies, processing industries, and the development of
production and business services in rural areas.
Regarding efforts to spur production and expand markets, PM Dung stressed
that the Government is currently finalising the establishment of a credit
guarantee fund to aid small and medium-sized enterprises and will soon
outline a number of policies supporting the growth of this sector.
He called upon those businesses to participate in these efforts and, at the
same time requested them to instigate a range of energy-saving programmes,
use modern technology and improve management skills to reduce production
costs and establish efficient distribution networks in local markets before
eyeing foreign ones.
To ensure social welfare and further reduce poverty, PM Dung said the
Government will set up an unemployment insurance fund, implement
developmental projects to assist the poorest communes, and improve the
capacity of the social policy bank to implement effective social welfare
credit programmes targeting students and those in poverty.
Touching upon issues relating to environmental protection and food hygiene
and safety, the Government leader stressed that his cabinet is aware of the
importance of environmental protection and will issue instructions to deal
firmly with those found to be polluting the environment, including the
suspension of licenses for projects and works that threaten to cause
environmental pollution.-Enditem
