'Request to clarify the current situation of gasoline supply'

The National Assembly's Economic Committee emphasized this when examining the Government's Report on the results of the implementation of the 2022 socio-economic development plan and the projected 2023 socio-economic development plan, at the opening session of the 4th Session of the 15th National Assembly.

Strong economic recovery

The auditing agency agreed with the assessment that, despite many economies in the region and around the world facing many difficulties and declining growth, Vietnam's economic growth has recovered positively since the beginning of 2022.

According to Chairman Vu Hong Thanh, the GDP growth rate for the whole year of 2022 is estimated to reach about 8%, expected to be the highest in the world, exceeding the target and achieving the target according to Resolution No. 43/2022 of the National Assembly. This reflects a strong recovery compared to the 2020-2021 period, creating an important position and driving force for economic growth in the following years.

In particular, macroeconomic stability was maintained, inflation was controlled, and major economic balances were ensured in the context of great pressure from complicated developments in the world economy. The monetary market was basically stable, interest rates and exchange rates were flexibly managed, contributing to controlling inflation and directing credit to priority industries and sectors.

Chairman of the Economic Committee Vu Hong Thanh presented the verification report to the National Assembly on the morning of October 20.

However, the auditing agency commented that the disbursement rate of support policies under the economic recovery program is still low, reaching only more than 20% of the total program capital by the end of September.

“The current context has many differences compared to the time of drafting and promulgating Resolution No. 43. This shows that the Government needs to consider adjusting and perfecting a number of policies during the implementation process, ensuring rationality and multi-dimensional balance between the economy, society and environment, between the short term and the long term,” the Economic Committee stated.

Of the 15 targets assigned by the National Assembly, only the target of increasing social labor productivity was not achieved, estimated at 4.7 - 5.2%, lower than the target by 0.3 - 0.5%. The Economic Committee requested clarification of the reason for not achieving this target because this is an important target reflecting the competitiveness of the economy while economic growth is expected to exceed the plan by about 2% and GDP per capita is also expected to exceed the plan.

Proposal to clarify the current situation of gasoline supply

The Economic Committee also noted that inflation was under control, but domestic gasoline prices increased to a record level in the first half of the year, causing many difficulties for business operations and people's lives.

The increase in gasoline prices in the past year was mainly due to a shortage of domestic supply; inappropriate discount rates, and higher purchase prices than selling prices, causing many gasoline businesses to suffer losses, leading to many gasoline stations having to frequently close or control the amount of gasoline sold to customers.

“It is recommended to clarify the current situation of gasoline supply; analyze both objective and subjective causes in gasoline price management to draw lessons and have timely and appropriate response solutions when world gasoline prices are likely to continue to have unfavorable developments in the future,” the Chairman of the Economic Committee stated.

In addition, there are also suggestions to clarify the shortcomings in the direction, management and control of prices of essential goods; when gasoline prices decrease, prices of many goods remain high, especially input goods for agricultural production, food, etc., greatly affecting people's lives.

Besides, the stock market grew rapidly and shared the role of mobilizing medium and long-term capital for the economy with the currency market, but it was very volatile and had many sessions of deep decline.

The 4th session of the 15th National Assembly is expected to take place in 21 days. Photo: VGP/Nhat Bac

Referring to a number of incidents that occurred at Tan Hoang Minh Group, An Dong Investment Group Joint Stock Company and related organizations and units, along with other incidents related to the corporate bond market and the stock market, the Chairman of the Economic Committee said that they have caused many consequences for the sustainable development of the capital market and society, causing a loss of confidence among people and investors.

“It is necessary to clarify the responsibilities of State management agencies, and carefully and accurately assess the level of impact in order to have appropriate solutions, ensuring the safe, healthy and sustainable development of the monetary and capital markets,” said Mr. Vu Hong Thanh.

The real estate market also showed signs of overheating in the first months of 2022, with a situation of "pushing prices" causing a virtual real estate fever. The risk of interconnected impacts between the real estate market, the capital market and the system of credit institutions increased.

Regarding fiscal policy, the Chairman of the Economic Committee commented that the budget revenue estimate is not close to reality and is too cautious, reducing policy space and "could cause Vietnam to narrow its own fiscal space".

Regarding state budget expenditure, disbursement of development investment expenditure continues to be slow, remaining an unresolved bottleneck. Up to 39/51 ministries and central agencies and 22/63 localities have disbursement rates below the national average (46.7%), of which 14 ministries and central agencies have disbursement rates below 20% of the plan assigned by the Prime Minister.

Regarding the 2023 plan, the auditing agency agreed with the directions, goals and targets reported by the Government. Accordingly, effectively control the Covid-19 epidemic and newly emerging diseases, avoiding being passive and surprised.

“The Government needs to closely follow reality, improve forecasting and warning capacity, proactively develop scenarios, prepare for all possible situations, not to miss the recovery after the pandemic, especially the impact of high oil and gas prices and production materials prices in the world. Develop scenarios to respond to the risk of stagnation and inflation,” the Chairman of the Economic Committee emphasized./.