People from Nghe An become even more resilient in times of hardship.

(Baonghean.vn)- On the occasion of the Lunar New Year 2012 (Year of the Dragon), Professor Dr. Vuong Dinh Hue - Member of the Central Committee of the Communist Party of Vietnam, Minister of Finance - took the time to answer an interview with Nghe An Newspaper. The following is the content of the interview.

PV:Thank you very much, Minister, for taking the time to answer the Nghe An Newspaper's interview. Minister, in 2011...it was the first yearyfluctuating with the global economy.The sovereign debt crisis has pushed many countries to the brink of bankruptcy and even threatens to plunge the world into a new recession.In this context, Vietnam has been overcoming those difficult challenges..Minister, how did the Finance sector contribute to helping the economy overcome the daunting challenges of 2011?

Minister Vuong Dinh Hue:

It can be affirmed that our country went through a year of storms and challenges in 2011 whenBoth difficulties and challengesLarger than predicted.The global economy is experiencing complex developments, with many factors potentially threatening global economic stability and growth.food prices,pricecrude oil andRaw materials prices on the international market are rising.high; stock market crashes; sovereign debt crises in many countries; slowing global economic growth, inflationsingHigh in most countries... negatively impacting our economy.Within the country,Production and business activities are facing many difficulties;guyeconomic instabilitymacroIt has become a major challenge...In a context of great upheaval, butUnder the leadership of the Party,The State,The decisive, flexible, and correct leadership of the Government, along with the efforts of the entire political system and the whole population.,Our country's economy has gradually overcome difficulties: FishThe basic balance of major sectors is ensured; industrial production and construction are gradually recovering and continuously increasing; the service sector maintains a rapid growth rate;growthGDP growth for the whole year is estimated at around 6%; inflation for the whole year is estimated at around 18%; export turnover is estimated to increase by 31.6% (the plan was 10%),...; the political and social situation is stable, social welfare issues are being addressed, and the poverty rate is estimated to decrease by 2%...

PV:Mr. Minister, one of the key tasks for 2012 is to implement...Restructuring the economy, transforming the growth model.Minister, could you please explain the basic contents of the restructuring of public investment and how this objective affects localities?

Minister Vuong Dinh Hue:Restructuring public investment is a key objective within the 2012 restructuring goals. Public investment comprises four components: investment from the state budget, investment from government bonds, development investment credit, and investment from state-owned enterprises. The restructuring of investment primarily involves reducing the proportion of public investment in the state budget to prioritize increasing investment from state-owned enterprises.investfor humankind,Reforming the wage system and implementing social security policies.Reducing the proportion of public investment is necessary, but it is also crucial to strengthen the mobilization of other social resources for development investment. Simultaneously, the most important aspect is to improve the efficiency of social investment and the efficiency of public investment.

Therefore, the policy of restructuring public investment means that public investment will be much lower than actual needs.Therefore, it is necessary for localities to resolutely review, prioritize, and restructure investment projects, focusing on important and urgent projects in essential infrastructure, agriculture, rural areas, social welfare, national defense, and security; counterpart funding for ODA projects; and reducing or postponing non-urgent projects to concentrate capital on important and urgent projects that can be completed and put into use soon and effectively. For projects that have already been invested in but, upon review, are not prioritized for capital allocation, they should be stopped, postponed, or restructured, and other investors should be invited to participate to continue implementation. Regarding preferential credit lending, a review should be conducted to narrow down the priority sectors and fields to suit the requirements of economic restructuring. Continued preferential credit lending should be provided to the poor, students, and ethnic minority households facing extreme difficulties... in order to achieve social welfare goals.The Department of Finance and the Department of Planning and Investment must make detailed calculations and coordinate closely to advise the Provincial People's Council and the Provincial People's Committee on the allocation and resolution of capital sources. Local authorities need to proactively call for other resources to co-invest.

PV:According to the Minister, what should Nghe An do to increase budget revenue to meet development investment expenditures?

Minister Vuong Dinh Hue:Over the past period, with the attention of the Party and the State, and the efforts of the government and people of Nghe An, the province's socio-economic development has made remarkable progress, with a rapid shift in structure towards modern industrialization, and improved living standards for the people. Entering 2011, despite the economic difficulties and challenges, the province still achieved high results in implementing its socio-economic plan and state budget for 2011.Nghe An's budget revenue reached nearly 7,000 billion VND, ranking first in the North Central region. This is a very impressive achievement. However, compared to the potential and advantages of the locality, this revenue is still modest.

To increase budget revenue, Nghe AnIt is necessary to continue paying attention to and directing efforts to maximize the potential and advantages of the province and successfully implement the tasks and plans that have been set forth, namely:Focus on measures to remove obstacles to production and business.This helps businesses access bank capital, especially small and medium-sized enterprises. Capital should be focused on businesses and projects with feasibility.We need to pay more attention to the management of state budget revenue collection in the area, reduce outstanding debts, and combat tax evasion.Actively assess, analyze, and forecast factors affecting state budget revenue, thereby proposing measures to combat revenue loss and exploit revenue sources; Promote budget revenue collection activities related to the business of mineral resources, real estate, land, etc.;Strengthen price inspection and control in the area; promote the socialization of public service sectors, attract social resources to participate in the development of public services, and meet the increasingly high demands of the people.The province also needs to further promote investment and trade, and strengthen linkages with provinces in the North Central region and neighboring countries in the Mekong sub-region. Emphasis should be placed on developing trade and tourism with Laos and Thailand.

PV:According to the Minister, what should Nghe An do to maximize its advantages and potential?

Minister Vuong Dinh Hue:Nghe An is a province with great potential for development. It boasts a favorable geographical location, vast land, and abundant resources. Nghe An has four border crossings to Laos, a deep-water seaport, and Vinh Airport. In recent years, its technical infrastructure has been comprehensively invested in, with modern urban areas, including Vinh City, which is a Class 1 city. Nghe An is rich in forest resources, white stone, and timber, and has the largest World Biosphere Reserve in Southeast Asia. It also has Cua Lo beach and many other beaches... Currently, Nghe An has five universities, eight colleges, 32 bank branches, and dozens of hospitals… It can be said that Nghe An has many potentials and advantages, and especially, its most valuable potential is its people. The children of Nghe An are known for their studiousness and academic excellence. I understand that in 2011, Nghe An ranked second nationwide in academic achievement. The most valuable quality of the people of Nghe An is their resilience in the face of difficulties, their efforts to overcome challenges, their ability to accomplish difficult tasks, and their numerous initiatives and innovations. To further develop the potential of our homeland, I believe Nghe An needs to closely coordinate with ministries and agencies, strengthen investment and trade promotion to attract more large, effective, and groundbreaking projects. Recently, I've learned that Nghe An has attracted many successful projects such as the TH beer and milk factories, and the Kobelco steel plant from Japan… Nghe An has entered the light industry, high-tech industry, and processing sector. I believe that in the future, Nghe An will make even faster progress, living up to its traditions and potential strengths.

PV:As a native of Nghe An province, Minister, could you please share some words of advice with the youth of Nghe An?

Minister Vuong Dinh Hue:It's not just me who's proud of Nghe An; the whole country, the world, and history books say Nghe An is a land of "spiritual and talented people." Throughout history, many great figures were born and raised in Nghe An, bringing glory to their homeland and to Vietnam. Most notably, our beloved President Ho Chi Minh, the father of the Vietnamese nation, always trusted and nurtured the younger generation. The youth of Nghe An are the future of the province, with a tradition of studiousness, academic excellence, diligence in work and study, and especially a strong will to overcome difficulties… Today, the youth of Nghe An are present throughout the country, enthusiastically working and studying, leading the way in many fields. These are truly valuable qualities.

With all these outstanding qualities, the younger generation will be the masters of the country and will be the leading driving force in the nation-building process.usto develop and become prosperous. However, to contribute...contribute moreFor the sake of the country, young people also need to prepare themselves with the necessary tools to move into the future and fulfill their sacred roles and missions.In the past, studying hard helped people escape poverty; today, we must strive to study even harder to become wealthy, to become useful members of society, and to contribute to the development of our homeland. The youth of Nghe An need to seize every opportunity to improve themselves and become the most useful people for their homeland.

PV:Thank you very much, Minister! We wish you and your family a healthy, successful, and happy New Year.

Chau Lan (Editor)