Deputy Prime Minister "orders" experts to contribute their intelligence to build development strategy

This proposal was made at the first quarter meeting of 2019 to evaluate the management of macroeconomic policies in 2018 and recommend management solutions for 2019 to the Government and the Prime Minister. The meeting was chaired by Deputy Prime Minister Vuong Dinh Hue.

In 2018, the global economy continued to maintain its growth momentum, but the growth rate showed signs of slowing down from the second half of the year. The commodity, currency, and financial markets fluctuated unpredictably with strong fluctuations in the prices of basic commodities in the world market, inflationary pressures increased at many times, the USD appreciated, and central banks of major countries continued to gradually reduce monetary policy easing, leading to a trend of increasing interest rates, even intervening in foreign currencies to stabilize exchange rates in many emerging and developing countries. Trade tensions between major economies pose risks to the stability and development of global trade and finance. World stocks fluctuated continuously and frequently.

Although the world economy has many fluctuations, the domestic economy has been resilient, achieving positive results with 12/12 targets achieved, of which 9 targets exceeded the plan assigned by the National Assembly, especially economic growth of 7.08%, the highest level in the past 11 years. The macro economy continues to be stable, inflation is controlled.

The Council members highly appreciated the Government's direction and management in socio-economic development in general, including the management of macroeconomic policies and the close coordination between relevant ministries and branches; the synchronous and flexible management of monetary policies, proactively contributing to stabilizing the currency; and believed that the country's economy will have more opportunities for development in 2019.

However, many opinions also believe that the world economy still has many complicated developments that continue to affect the domestic market. Meanwhile, the internal economy still has many "bottlenecks" in the equitization process, divestment of state capital in state-owned enterprises, slow implementation of key national projects and works, enterprises with thin capital, "black credit" is still rampant, improvement of the business environment has not kept up with the reality of economic life and there are still risks in coping with external challenges.

View of the meeting. Photo: VGP/Thanh Chung

Appreciating the opinions of the National Financial and Monetary Policy Advisory Council, Deputy Prime Minister Vuong Dinh Hue affirmed that the Council has effectively advised the Government and the Prime Minister in directing, operating and achieving positive results in 2018.

The Deputy Prime Minister acknowledged the recommendations of the Council members on financial and monetary policy management in 2019 and the following years and said that the Government is actively building a legal corridor for implementation, including the development of digital economy, sharing economy, intermediary payments and peer-to-peer lending, limiting the situation of black credit, etc.

The Council Chairman agreed with the request to continue promoting improvements in the business environment, linking the statements of ministries and branches on cutting administrative procedures, business conditions and facilitating trade with reality through legal documents.