NA Standing Committee convenes 10th meeting

The 10th meeting of the National Assembly Standing Committee (NASC) commenced in Hanoi on May 15 under the chair of NA Chairwoman Nguyen Thi Kim Ngan, discussing many important contents in preparation for the third session of the NA to open on May 22.

NA Chairwoman Nguyen Thi Kim Ngan (centre) speaks at the meeting.

In her opening speech, the top legislator noted that during its three-day sitting, the NASC will comment on a supplementary assessment report in relation to the implementation of socio-economic development and state budget plans in 2016; the realisation of plans in the opening months of 2017; a draft resolution on dealing with bad debts of credit institutions; and the acquisition and amendment of a draft law on amending and supplementing a number of articles of the 2015 Penal Law.

NASC members will also discuss the separation of the compensation, support and resettlement component into a subproject in service of the implementation of the Long Thanh International Airport project alongside many other important issues, she added.

In addition, legislators will comment on the dismissal of Vo Kim Cu, member of the NA’s Economic Committee and President of the Vietnam Cooperative Alliance, as a NA deputy.

After the opening session, the NASC discussed the supplementary assessment report on the implementation of socio-economic development and state budget plans in 2016 and the implementation context so far this year.

The majority of legislators agreed with the outcomes attained in the first four months of the year as reported by the government, however, some gauged that the national socio-economic situation is still confronted with numerous difficulties and challenges, with growth yet to be fully sustainable. Specifically, the estimated GDP growth rate of 5.1% in the first quarter was the lowest level compared to recent years.

In order to achieve a growth rate of 6.7% by the end of the year, the growth level must be approximately 7% on average in the remaining quarters, which will struggle to be achieved in the current conditions. Budget deficit and public debt remain high, causing pressure on debt repayment and creating risks for sustainable development of the economy.

According to NA Vice Chairman Do Ba Ty, the number of newly established businesses in Vietnam is relatively large but efficiency is yet to be as high as expected. Despite their strong exports, FDI enterprises have made limited contributions to the budget as they enjoy many incentive policies. Meanwhile, domestic firms are faced with numerous obstacles and find it difficult to access preferential sources.

Ty suggested discussing measures to remove difficulties for domestic enterprises in the remainder of 2017 and subsequent years.

Some recommended that the government be persistent with the goal of stabilising the macroeconomy and continue enhancing the quality of growth in order to ensure sustainability. In addition, it is also necessary to thoroughly consider measures to further increase crude oil production and mining activities across the country aiming to achieve the growth target.

(Source: NDO)