The Government requests ministries, sectors and localities in the remaining months of this year to continue to vigorously take synchronous, effective measures to curb inflation, stabilize macro-economy and ensure social security, according to a Cabinet’s newly issued Resolution 91/NQ-CP.

Gradually decreasing lending interest rates

The Government asks the State Bank of Việt Nam to continue implementing effective, tightened monetary policies; gradually lower lending interest rates in line with the target of maintaining credit growth of below 20% and gaining GDP growth of some 6%.

The central bank will be responsible for coordinating with the Ministry of Public Security and relevant agencies to better manage and control gold and foreign currency trading.

Meanwhile, the Ministry of Planning and Investment is tasked to prioritize resources for production and business development; quickly review performances of enterprises, especially those in difficulty, recommend measures to deal with, and report them to the Prime Minister.

The Ministry of Finance is assigned to strengthen measures to control prices of goods, especially petroleum and oil and quickly implement the 13^th National Assembly’s Resolution 08/2011/QH13 on tax reduction and exemption .

Bolstering large scale goods production

The Ministry of Agriculture and Rural Development is required to host and coordinate with localities to instruct the further development of large-scale goods production, apply scientific and technological advancements to raise productivity and quality of plants and animals; monitor and ensure food security, foster export of agricultural products, improve income and life of farmers.

The Resolution also states that the Ministry of Natural Resources and Environment, the Ministry of Industry and Trade, the Ministry of Construction and agencies and localities should temporarily cease licensing the exploration and exploitation of minerals nationwide; focus on reviewing the current situation of licensing the exploration, exploitation, processing and export of minerals; recommend measures to effectively manage and use mineral resources, ensuring sustainable development goals.

Strengthening social security

The Government tasks ministries, agencies and localities to continue to take synchronous measures to ensure social security, especially in disadvantaged areas and people; pay due attention to dealing with issues relating to legitimate interests and rights of laborers, build up harmonious and sound labor relations in enterprises…

According to the Resolution, the 10% saved from regular spending in the last 9 months of 2011 is earmarked for social security.

Striving to gain economic growth rate of 6.5% next year

The Government has set general targets for 2012: Continuing to focus on curbing inflation, stabilizing macro-economy, achieving sound economic growth rates in relation with reforming growth models and economic restructure, improving quality, effectiveness and competitiveness of the economy; ensuring social security and welfares, improve people’s life; maintaining political security, reinforcing national defense, ensuring social security, order and safety; enhancing effectiveness of external affairs and international integration.

The major socioeconomic targets set for 2012 include gaining economic growth of some 6.5%, keeping trade deficit and state budget overspending lower than the realized targets set for 2011; keeping consumer price index under 10%; striving to reach poverty reduction rate of 2%, mainly in poor districts.

Source: VGP News