Prioritizing 7 groups of solutions for socio-economic development

This is the proposed opinion of the National Assembly's Economic Committee given at the session.opening2nd session, 13th National Assembly.

In preparation for the 2nd Session of the 13th National Assembly, the Economic Committee held a plenary meeting to review the socio-economic reports and submitted them to the National Assembly Standing Committee for comments at the 2nd session.

Implementing the conclusions of the 3rd Conference of the 11th Party Central Committee, the Economic Committee prepared the socio-economic review reports.

Nghe An Newspaper would like to introduce a summary report on the review of the results of the implementation of the 5-year socio-economic development plan 2006-2010; the implementation of the 2011 socio-economic development plan; the 2011-2015 and 2012 socio-economic development plans of the Economic Committee.

I./.Evaluation of the implementation results of the National Assembly's Resolution on the 5-year socio-economic development plan 2006-2010.

Implementing the Resolution of the 10th Party Congress, the 11th National Assembly issued Resolution No. 56/2006/QH11 on the 5-year Socio-Economic Development Plan 2006-2010. Assessing the results of the past 5 years, the Economic Committee basically approved the Government's Report submitted to the National Assembly at this session.

The economic growth rate, averaging 7% over the past 5 years, although lower than the set plan, is still a fairly good growth rate compared to other countries in the region and the world in the context of the impact of the financial crisis and global economic recession, bringing our country into the group of middle-income countries.

Improving the quality of human resources and stabilizing market prices are among the solutions that the National Assembly's Economic Committee recommends as priorities (Photo: Laodong.vn)

Most of the Millennium Goals committed to the international community have been achieved; rapid poverty reduction results have been highly appreciated by the world. Social security policies have been effective, contributing to maintaining political and social stability.

The fields of education, training, science and technology, health care, culture and information have made progress, national defense and security have been maintained, foreign relations have been expanded, and our country's position in the international arena has been enhanced.

The limitations and weaknesses in the report have been fully and comprehensively mentioned. The Economic Committee recommends that the following issues be analyzed and evaluated more deeply:

The Economic Committee believes that the mobilization of the state budget in the recent period was too high at 28.4%/GDP compared to the plan of 21%-22%/GDP, which has reduced the accumulation of businesses and people.

Total social investment capital is 42.7%/GDP, far exceeding the plan, causing a large imbalance between investment and savings, leading to a current account deficit and increasing national debt.

The economic efficiency in the 2006-2010 period decreased compared to the previous period: In the 2001-2005 period, the total social investment capital ratio was 39%/GDP, the average growth rate was 7.5%, while in the 2006-2010 period, the total social investment capital ratio was 42.7%/GDP but the average growth rate was lower, only reaching 7%. The ICOR coefficient in the 2001-2005 period was 5.1, increasing to 6.3 in the 2006-2010 period.

The macroeconomic situation is unstable, the Vietnamese currency has depreciated sharply while most other currencies have appreciated against the USD, inflation is high, credit balance is increasing rapidly, trade deficit and trade deficit have been persistent, budget deficit has been high for many years, public debt has increased to the safe threshold while public investment efficiency is low, raising concerns about debt management and repayment in the medium and long term.

Social issues such as: Crime, social evils, domestic violence are increasing, some cases are very serious, accidents, traffic jams in big cities, corruption, waste have not been pushed back, complaints occur in many places causing resentment among the people.

The quality of education and training has changed slowly; the overload situation at central hospitals has not decreased, while the quality of medical examination and treatment at lower levels is still low. The lives and jobs of workers are affected by inflation and rising prices. Poverty reduction is not really sustainable.

The Economic Committee recommends that the Government take strong solutions to promptly and effectively overcome limitations and weaknesses due to subjective causes as reported by the Government to the National Assembly.

II. Evaluation of the results of the implementation of the 2011 socio-economic development plan

The Economic Committee basically agreed with the Government's report on the results achieved in 2011.

Faced with the complicated developments of the economic situation in the last months of 2010 and the first two months of 2011, the Politburo, the National Assembly and the Government promptly issued policies and solutions to prioritize curbing inflation, stabilizing the macro-economy and ensuring social security.

After 9 months of implementing socio-economic development tasks and evaluating trends in the remaining months of 2011, our country's economy has achieved some basic results as follows:

Our country's economy has maintained an economic growth rate of about 5.8% - 6%, and the macroeconomic instability issues in the first months of 2011 have initially changed in a positive direction.

Consumer price index and bank interest rates have gradually decreased in recent months, the whole year's export is expected to reach 31.6%, higher than the target of 10% according to the National Assembly's Resolution.

Trade deficit and budget deficit were controlled lower than the set target, the foreign exchange market gradually stabilized, foreign exchange reserves and international balance of payments improved.

Budget revenue exceeded estimates. Thanks to increased revenue, the budget deficit is likely to reach below 4.9% of GDP, down 0.4% of GDP compared to the plan.

Social security is basically guaranteed, especially in rural areas. Some localities with a large agricultural economic structure have intensively cultivated and increased the number of crops, taking advantage of the high demand and prices of agricultural products in the world. Agricultural production has had a good harvest and good prices, especially reaching a high level of output, ensuring national food security and the ability to export 7 million tons of rice, contributing significantly to social stability and the lives of farmers.

The State has issued many policies to support low-income people to reduce difficulties caused by inflation and natural disasters; thanks to close direction and timely implementation by sectors and levels, there has been no widespread hunger, including in areas affected by natural disasters, epidemics, mountainous areas, and ethnic minority areas.

Health care has made progress, the National Assembly Resolution's targets on health care and population such as: reducing the rate of child malnutrition; number of hospital beds/10,000 people; rate of medical solid waste treated; and birth rate reduction targets have all met the set plan.

The scale and educational network continue to expand. Research activities and application of scientific and technological advances are of interest, and the science and technology market has developed.

The movement "All people unite to build a cultural life" and the program for building new rural areas have received attention and direction, initially creating an exciting atmosphere in the agricultural, rural and farmer sectors.

Political stability, national defense, security, order and social safety are maintained; our country's position in international relations continues to be strengthened. Border and territorial issues on land, at sea and on islands are resolved in accordance with international law.

The above achievements demonstrate the high determination in leadership, direction, and concentrated, drastic management of the Government, the efforts of sectors, levels and the business community, and the consensus and sharing of difficulties of all classes of people.

However, the results achieved are only initial, not ensuring stability and sustainability, especially in the context of the world economy continuing to develop in a complex and unpredictable manner and the domestic economy showing increasingly deeper difficulties.

In addition to the structural limitations and weaknesses accumulated from previous years, new difficulties arising from the negative impacts of implementing solutions to control inflation and stabilize the macro-economy, and limitations in direction and management need to be focused on and overcome soon in the coming time, specifically:

Of the 6/22 forecast targets not achieved according to the National Assembly Resolution, the economic growth rate target was lower than in 2010 and the consumer price index increased higher than the National Assembly Resolution target and the Government's management target. High inflation was not only caused by the impact of rising world prices but also by the simultaneous increase in prices of many domestic goods such as the adjustment of electricity, gasoline, coal prices and exchange rate adjustment.

Indicators of reduced electricity consumption and increased inventories are the first warning signs that our economy is facing unstable macroeconomic stability and, if prolonged, will negatively impact growth recovery.

Some targets, although reaching or exceeding the plan, are not stable, such as: State budget revenue is higher than the estimate and compared to the number reported to the National Assembly at the 1st Session, mainly due to the increase in world market prices; the mobilization rate compared to GDP is at a high level. Trade deficit tends to decrease but the absolute number is still large, causing pressure on the foreign exchange market.

Solutions to curb inflation and stabilize the macro-economy have not been implemented synchronously, especially public investment cuts have not been large enough and ineffective projects have not been made public.

In 2011, in the context of high inflation, people's lives, especially the poor and low-income people, faced many difficulties. Many businesses limited or stopped production due to difficult business conditions, affecting the goal of job creation.

Traffic accidents are very serious, many of them tragic. Traffic congestion in Hanoi and Ho Chi Minh City is getting worse, but there is no effective solution.

The establishment of many universities and upgrading of colleges to universities without adequate lecturers, facilities, and teaching aids has led to many problems. Some localities have not seriously implemented the recent high school graduation exam, which will affect the quality of training.

Food safety violations, counterfeit goods and poor quality goods still occur, affecting consumers' health.

Drug trafficking, drug use, prostitution, gambling, serious crimes, and resistance to law enforcement officers are on the rise; although authorities at all levels have taken measures to prevent them, deforestation still occurs.

Some factories and hospitals discharge untreated wastewater and waste or waste that is not treated properly, causing serious environmental pollution, affecting health and causing public outrage.

From the results achieved and through the assessment and analysis of the limitations and weaknesses of the socio-economy in the first 9 months of 2011, the Economic Committee agrees with the assessment of the situation and the solutions that need to be implemented in the coming time of the Government, and at the same time recommends continuing to implement more drastically the priority goals of curbing inflation, stabilizing the macro-economy, and ensuring social security.

In policy management in the last months of 2011, special attention should be paid to the following issues:

Properly handle the relationship between inflation, exchange rate and interest rate, with priority given to curbing inflation and stabilizing exchange rate, continuing to control credit growth at a low level and adjusting credit structure to serve production and export, strictly controlling credit quality, and limiting the occurrence of bad debt.

Strengthen inspection and supervision of the safety of the credit institution system. Use this year's increased budget revenue mainly to reduce budget deficit, reserve for increased spending to ensure social security and promptly overcome the consequences of natural disasters and epidemics that arise outside the budget.

Check and handle the situation of scattered and ineffective investment, stop investment in projects that are found to be ineffective after inspection and take decisive measures to handle them. Continue measures to reduce trade deficit, along with measures to increase exports, it is necessary to effectively control to reduce the import of luxury consumer goods, goods that can be produced domestically.

III. Socio-economic development plan for 5 years 2011-2015 and 2012

In the first year of implementing the 5-year Socio-Economic Development Plan 2011-2015, the world economic situation continued to have complex and unpredictable fluctuations; public debt, inflation, unemployment, and political and social instability became global issues.

In international relations, the main trend in the coming years will still be cooperation and development but fierce competition for national interests. Climate change will have a negative impact on development.

That context is putting our country's economy in front of greater difficulties and challenges than forecasted in early 2011.

The general opinion of the Economic Committee is that, basically, the new developments have been identified and forecasted by the 11th Party Congress, so most opinions agree with the Government's Report on maintaining the goals and orientations approved by the Party Congress, and at the same time suggest that, in order to adapt to the new developments of the situation, the organization and implementation of the 5-year Plan should be focused more drastically and have appropriate steps.

Based on the results achieved in socio-economic development in 2011, in the following years, there needs to be a specific plan to strive to ensure the successful implementation of the 5-year general plan.

The Economic Committee proposes the following specific guiding viewpoints: In the first 2-3 years of the plan, focus on implementing the goals of stabilizing the macro economy, ensuring social security, achieving reasonable growth, and taking strong steps to restructure the economy in conjunction with renewing the growth model; in the next 2-3 years, the key task is to basically carry out restructuring to ensure rapid and sustainable development, harmonizing economic growth, macroeconomic stability, and ensuring social security.

The Economic Committee agreed with the Government's Report on the development of education - training, science - technology, and environment indicators and thoroughly grasped the viewpoint of ensuring social security goals even in the most difficult conditions, and at the same time gave opinions on a number of key indicators as follows:

1./. Regarding economic growth rate: with our country's economic potential and experience in macroeconomic management in recent years, along with the drastic implementation of economic restructuring associated with growth model innovation, improving efficiency, competitiveness and implementing 3 strategic breakthroughs.

The Economic Committee agreed on the plan for an average economic growth rate of about 6.5%-7% for the next 5 years, striving to reach the lower limit of the Party Congress target.

According to forecasts and assessments of experts, most economies in the world have anticipated the level of macroeconomic instability and have taken drastic measures in 2011.

Along with the important initial results of implementing Conclusion No. 02-KL/TW of the Politburo and Resolution No. 11 of the Government, the Economic Committee believes that the economic growth rate in 2012 striving to reach about 6%-6.5% is reasonable if the country's resources are allocated and used effectively.

2. Regarding the consumer price index: In 2011, inflation continued to be high, and in 2012 it is forecasted that there will be little possibility of major fluctuations in world commodity prices. Therefore, it is recommended to control the consumer price index to increase at a single digit in 2012, striving to control the consumer price index to increase at a low level in order to increase social confidence, which is the basis for stabilizing the macro economy and improving the speed and quality of growth in the following years.

The 2011-2015 five-year plan plans to apply drastic solutions to develop production, increase the total supply of the economy, regulate and reduce total demand, especially reducing the ratio of total social investment capital compared to GDP, maintain a stable level of government bond issuance, allocate and use investment capital from the state budget more effectively, and increase the growth rate of outstanding credit.

Therefore, it is proposed to control CPI below 6%-7% in 2013 and 2014 and from 5% to below 7% in 2015, as a basis to control the average consumer price index in the next 5-year Plan below 5%/year like other countries with stable economic development.

3. Regarding trade deficit: The Economic Committee found that, by applying many strong solutions, the ratio of trade deficit to export has decreased sharply, from 29.2% in 2007 to 28.8% in 2008, to 22.5% in 2009, 17.5% in 2010 and about 10%-11% in 2011.

Although the trade deficit has decreased sharply in the past 4 years, its large scale is still one of the causes of macroeconomic instability. To achieve the goal of balancing import and export turnover before 2020, based on the results of reducing the trade deficit in recent years, it is recommended to resolutely control the trade deficit in the direction of gradually reducing both the relative rate (%) and the absolute number every year.

In addition to transforming the economic structure associated with strengthening import control in the Five-Year Plan, it is necessary to focus on developing supporting industries; regulate public spending and investment to use domestically produced goods, equipment and machinery and effectively implement the campaign "Vietnamese people prioritize using Vietnamese goods".

4. State budget deficit: The Government proposes to reduce the state budget deficit to 4.5% of GDP by 2015. The state budget deficit according to the current calculation includes principal repayment and does not include expenditures from government bond capital sources.

According to this calculation, the budget deficit in 2010 is 5.53%. If we add the capital of Government bonds implemented in the year of about 51.6 trillion VND, the budget deficit is about 8.14% of GDP. If we calculate according to international practice (excluding principal repayment but including expenditures outside the budget), the budget deficit in 2010 is about 7% of GDP.

Although the state budget still ensures the ability to repay debts when due, the state budget deficit has increased sharply recently, therefore, there is a need for a more effective solution to use capital in conjunction with the ability to repay debts. It is recommended that the Government study the budget deficit calculation in the coming time according to international practice, striving to reduce it to below 4.5% of GDP in 2015.

5. Regarding the balance of international payments, foreign borrowing and debt repayment: It is forecasted that in the next 5 years, the overall balance of international payments will have a surplus of 18 billion USD according to option 1 and 27 billion USD according to option 2. While the economy still has a high trade deficit, forecasting and calculating the overall balance of surplus and increasing foreign exchange reserves to 12-15 weeks of imports must be cautious, with specific and feasible solutions. Therefore, if accepting to sharply reduce the trade deficit as proposed by the Economic Committee, it is necessary to have very specific calculations for each option to report to the National Assembly for consideration and decision.

Regarding foreign borrowing and debt repayment, in the face of complicated developments in public debt of countries, the International Monetary Fund (IMF) recently warned that countries need to strengthen management of public debt ceilings below 60% of GDP, even developing countries below 40% of GDP. In the context that our country's public debt at the end of 2011 was estimated at 58.9% of GDP, however, it cannot be reduced immediately to avoid congestion in the implementation of the Socio-Economic Development Plan, especially the implementation of strategic breakthroughs and continued investment in agriculture, rural areas, poor households and areas frequently affected by natural disasters.

The Economic Committee agreed that public debt in 2012 would not exceed 60% of GDP, and by 2015 it would not exceed 65% of GDP, government debt would not exceed 55% of GDP, and national debt would not exceed 40% of GDP. The use of these loan sources must be carefully calculated, investments must bring about broad socio-economic efficiency, and plans to reduce public debt must be developed starting in 2016.

In addition to the above targets, the Economic Committee recommends that the Government increase investment, find solutions to reduce poor households by 2%/year and poor districts and communes by an average of 4%/year and strive to create new jobs for 1.6 million people/year.

6. Some main tasks and solutions

The Government's report submitted to the National Assembly incorporated many opinions at the second session of the National Assembly Standing Committee and the verification reports.

The Economic Committee agreed on 11 groups of tasks and solutions for developing sectors, fields and economic structures in the Government's Report, and proposed a number of key tasks and solutions that need to be focused on in the 5-year Plan 2011-2015 and 2012 as follows:

1./. Carry out economic restructuring associated with growth model innovation

Restructuring public investment, reducing its proportion in total social investment capital; having mechanisms and policies to guide and facilitate continued socialization of investment, reducing investment pressure from the state budget, encouraging the form of public-private partnership. Improving the quality and sustainability of foreign direct investment capital, resolutely not attracting foreign investment at all costs. Early research and amendment of mechanisms and policies to strictly manage Vietnamese enterprises investing abroad. Focus on reviewing, adjusting, supplementing planning and having mechanisms and policies to maximize the comparative advantages of each locality in the economic region, creating linkages between regions; reasonably arranging economic zones and industrial parks associated with the shift of regional economic structure; focusing on key economic regions to create spillover and create conditions for faster development than difficult regions.

Continue to promote industrial development to serve domestic and export needs, especially products with competitive advantages and the ability to participate in global value chains and value-added service industries. Review and synchronously adjust land, tax, credit, labor and market policies to attract businesses to invest in agricultural and rural development. In the next 10 years, the Land Use Planning and Plan must prioritize the retention of 3.8 million hectares of rice land, associated with the issuance of support mechanisms and policies for localities and rice farmers to ensure long-term food security, taking into account the impacts of climate change and rising sea levels. Effectively implement national target programs and new rural development programs to contribute to greatly changing the face of rural areas, especially in mountainous areas and ethnic minority areas.

Restructuring the financial market, focusing on restructuring the banking system, improving service quality and increasing system safety, gradually reducing the ratio of outstanding credit to GDP; creating conditions for enterprises to mobilize investment capital from the capital market to increasingly make their business performance and finances transparent; strictly controlling the activities of securities companies and appropriately structuring the number of securities companies, improving the efficiency of securities market operations; increasing the efficiency of insurance operations; effectively controlling investment funds, preventing market manipulation and speculation.

Restructuring enterprises in all economic sectors, focusing on restructuring state-owned enterprises, especially economic groups and state-owned corporations, to improve corporate governance capacity so that this force can become a tool to lead the market according to the State's development goals. Building a roadmap for equitization of state-owned enterprises operating outside the main production and business sectors; gradually withdrawing investment capital from the financial sector (banking, securities, insurance, investment funds), real estate and ending by 2015 at the latest. Enterprises must enhance financial transparency and operating results to contribute to increasing the safety of the economy; increase access to capital for small and medium-sized enterprises, export enterprises, agricultural processing enterprises, consumer goods production enterprises that directly serve people's lives, create jobs and income for workers.

Review and restructure the state budget revenue and expenditure in a reasonable manner, increase investment in human resources, allocate resources to meet salary reform, ensure that the contingent of cadres, civil servants and public employees can live on salaries at an average level in society. Strengthen management, supervision and control of government debt, public debt and foreign debt of the country, ensure a reasonable debt structure and within safe limits. Persistently reduce budget deficit to ensure long-term fiscal sustainability.

Strongly shift the labor structure, in which it is necessary to focus on promoting vocational training for workers in the agricultural and rural areas to have the necessary skills when moving to work in the industrial and service sectors; at the same time, promote new training and retraining to improve labor productivity in the entire economy. Make the most effective use of the golden working age period and consider this an important advantage of the country.

2./. The group of tasks and solutions to control inflation and stabilize the macro economy recommends attention to:

Regarding fiscal policy: In the coming years, research options to gradually reduce corporate income tax rates. Innovate policies on land revenue, real estate business revenue, and increase resource tax rates.

Regarding monetary policy: The primary goal is to stabilize the value of the currency, control the increase in total means of payment and increase credit balance in line with economic growth rate and restrain the increase in consumer price index. Issue a strict legal framework for the gold market and foreign exchange market.

Regarding import-export policy, curbing trade deficit: In 2012-2013, continue the policy of encouraging exports, build reasonable technical barriers to limit imports, apply solutions to strongly reduce trade deficit, continue to invest in agricultural products and products with national advantages, import substitutes and rapidly develop supporting industries, mechanical and manufacturing industries, implement market price mechanisms for electricity and coal prices by 2013 at the latest.

Implement solutions to gradually reduce the gap between savings and investment: In addition to rebalancing investment, it is necessary to launch and maintain a social savings movement in both production and consumption, creating a common social awareness and exemplary behavior among all cadres and civil servants. Promote the practice of savings, combat waste, especially in basic construction investment, exploitation and use of natural resources, creating a strong change in social consumption awareness in accordance with the country's development level.

3./. Group of tasks and solutions to implement strategic breakthroughs: Perfecting the legal system in conjunction with reforming economic institutions on the basis of amending the Constitution, Land Law, State Budget Law, Public Investment Law, Public Procurement Law, and laws on State apparatus organization. Strengthening the role and coordination capacity of ministries and branches; urgently reviewing and adjusting the current assignment and decentralization of state management by field and administrative boundaries towards clearly defining the decision-making responsibilities of the central and local levels; decentralization to localities must go hand in hand with strengthening the guidance and supervision of superior state agencies. Strengthening public service discipline, improving the individual responsibility regime, and strictly handling violations of the law.

Improve the quality of human resources, especially high-quality human resources, develop and apply scientific and technological achievements to increase the added value of industrial production, improve service quality; support high-tech agricultural production; increase the added value of export products and key products of the country's main economic and technical sectors.

Focus on investing in roads serving economic driving regions, rapidly developing urban transport systems, especially public transport. Gradually develop synchronously and modernize the infrastructure system of large cities in conjunction with the arrangement, restructuring of production and population distribution. Modernize and improve the capacity of comprehensive services of three major seaports in three regions. Focus on consolidating and completing the existing sea dyke system, river dykes, pumping stations, existing saltwater prevention and flood discharge works in accordance with climate change forecasts; natural disaster prevention works, storm shelters for ships to reduce damage.

4./. Group of tasks and solutions to ensure social security: Review all social security policies, focusing on strengthening the social security network with 3 contents: employment security, social insurance policies, health insurance and support policies for social protection beneficiaries. The State has support policies for social policy beneficiaries, poor and near-poor households affected by the increase in gasoline, oil, electricity and coal prices according to the roadmap.

Comprehensively reform education and training, especially civic responsibility education, to increase students' practical ability. Complete and implement legal regulations on preschool education development. Synchronously apply policies to create strong changes in the development of general education, pay more attention to vocational training to reduce pressure on university training, focus on vocational training in ethnic minority and mountainous areas to gradually increase endogenous capacity to enhance the ability to absorb investment resources.

Research and amend the Law on Pharmacy, the Law on Health Insurance, the Law on Social Insurance, and the Ordinance on People with Merits to suit reality. Increase health spending and focus on supporting the purchase of health insurance, raising the level of health insurance card support for near-poor households to 70%-80% (currently 50%) and households engaged in agriculture, forestry, fishery, and salt production. Continue to issue investment bonds for health care, but focus on hospitals under construction, giving priority to mountainous and disadvantaged areas.

5./. Group of tasks and solutions on environment: Strengthen mechanisms, policies and measures, especially forest planting and protection. Manage, exploit and use effectively land, water, mineral and other resources. Soon announce the National Program on climate change response, sea level rise in each region and locality and specific implementation plan so that people can feel secure and proactively prevent and minimize unfortunate damage. Focus on promoting the remediation of environmental pollution in industrial parks, export processing zones, craft villages, hospitals, regularly inspect and check to promptly detect and strictly handle violations.

6./. Tasks and solutions on national defense-security and foreign affairs: Prioritize resources to ensure the strengthening of national defense and security potential; focus on investment in developing infrastructure for border patrol routes to ensure border patrol and protection and create conditions for socio-economic development in border provinces; synchronously and effectively implement solutions to create a comprehensive strength to firmly protect independence, sovereignty, unity and territorial integrity, especially in the seas and islands of the country. Promote foreign affairs activities, enhance dialogue, policy explanation, information management, promptly resolve complaints and pressing social issues, create consensus, maintain political and social stability, and create the best environment for national development.

7./. Tasks and solutions on administrative reform, judicial reform and anti-corruption: Continue to promote administrative reform, reduce staff, overcome limitations in judicial activities; improve the quality and effectiveness of law and crime prevention and control, especially organized crime; resolutely handle acts of resisting law enforcement officers. Synchronously apply strong measures to prevent and combat bureaucracy, strictly handle corruption, contributing to increasing internal and public trust.

Above is the socio-economic audit report, the Economic Committee respectfully submits to the National Assembly for consideration and decision./.

(According to VOV)