Deputy PM urges solutions to strengthen macroeconomic stability

The National Financial and Monetary Policy Advisory Council convened a meeting in Hanoi on March 29 to evaluate the implementation of the tasks in the first quarter of 2018, under the chair of Deputy Prime Minister Vuong Dinh Hue.

Deputy PM Hue speaks at the meeting. (Photo: VNA)
Deputy PM Hue speaks at the meeting. (Photo: VNA)

In the first three months, the microeconomic situation witnessed positive signals. Vietnam's gross domestic product (GDP) growth in the first quarter is forecast to reach 7.41%, while average inflation for the first three months was 2.68%. Budget revenue is expected to exceed 3%, while the total outstanding public debt is forecast to be equivalent to 61.4%.

Deputy Prime Minister Hue, who is also Chairman of the Council, asked the State Bank to study the modes of electronic payment management and intermediary payments to ensure the active participation of domestic financial and technology enterprises in the market.

The ministries concerned also submitted a draft decree to the Prime Minister amending the decree on public investment and proposed that the National Assembly revises the Public Investment Law in May, 2018, to ensure the effectiveness of State capital for the development of the economy in the future.

He also suggested that council members update the situation and advise the Prime Minister and Government on the administration of the monetary and fiscal policies, as well as evaluating direct and indirect investment attraction and other issues related to interest and exchange rates.

The members were also urged to provide solutions not only for 2018, but also up to 2020, in order to strengthen macroeconomic stability and increase the resilience of the financial and banking system to fluctuations.