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NA Chairman: fiscal policy plays leading role in harmonization with monetary policy

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National Assembly Chair Vuong Dinh Hue has asked commercial banks to share difficulties with businesses, stressing that such support will also help themselves and that banks cannot have profits without businesses.

NA Chairman: fiscal policy plays leading role in harmonization with monetary policy

National Assembly Chair Vuong Dinh Hue

The Vietnam Economic Forum, with nearly 200 delegates, including four Politburo members, the Secretary of the Central Party Committee, 20 members of the Party Central Committee, 25 ministries and heads of industries, and nine ambassadors and charge d’affaires closed on December 5.

Twenty presidents and CEOs of large corporations also attended the meeting.

Emphasizing that the Covid-19 pandemic was ‘unexpected, unprecedented and unpredictable’, Hue agreed with economists that in such a special context there should be special solutions. The bailout for economic recovery needs to support both aggregate supply and demand, with priority given to supply.

It’s necessary to implement both fiscal and monetary policies in a flexible and harmonious way, with a reasonable roadmap, wide coverage and a reasonable amount. The time for implementation is 2022-2023 and at most the first months of 2024.

The targets must be feasible and timely so as to satisfy businesses and people’s demands.

“It’s very difficult and time consuming to maintain macro stability, and it’s very easy to quickly lose stability,” Hue said.

He agreed with economists that Vietnam could accept overexpenditures and public debt increases in the short term in exchange for economic recovery, but it must ensure national financial security in the long term, especially debt payment capability.

The management and allocation of resources needs to be transparent and public to prevent wrongdoings and conflicts related to interest groups. To do so, there must be a mechanism to supervise and inspect implementation in different ways.

Stressing that the socio-economic crisis is due to Covid-19, Hue pointed out that medical solutions will be the decisive and primary factors, while fiscal policy will play the leading role, implemented in harmonization with monetary policy.

He said that helping businesses and people overcome difficulties will help nurture sources of revenue for the state budget and the banking system.

“It’s not granting of favors here. By supporting businesses, commercial banks will support themselves. They cannot have profits without businesses,” he said.

Stand on your own feet

Replying to the warning that Vietnam may repeat the mistakes it made in 2008 when it launched an interest rate subsidy package, Hue said the package at that time did not have specific targets, which was a problem.

“We must not avoid the difficult and do the easy. There should be an interest rate subsidy package,” Hue said, adding that it would be better to focus on important fields, businesses, cooperatives and business households that can pay debts or recover.

It’s also necessary to give financial support to upgrading of old apartments. Hanoi, for example, has thousands of apartment buildings that need upgrading, HCMC has 600, and Hai Phong also has such buildings.

“We will obtain a high growth rate if these bottlenecks are removed,” he said.

The National Assembly Chair said that social housing projects are seriously needed, especially for low income workers, and the state should continue to divest from enterprises as parts of the economic recovery program.

Hue agreed with the opinion that businesses need reasonable regulation, not money, emphasizing that institutional improvement is the most important factor in the economic recovery program.

He said the important message of the forum is to have self-reliance, self-improvement, and ability to stand on one’s feet, as well as better national and corporate governance.

At the same time, Vietnamese need to be optimistic, turn risks into opportunities and seek opportunities in challenges.

“The consistent message is that we need to go together. There’s a saying that if you want to go far, go together with your friends,” Hue said. 

Thu Hang

Source: https://vietnamnet.vn/en/feature/na-chair-fiscal-policy-plays-leading-role-in-harmonization-with-monetary-policy-798892.html

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Việt Nam, Hungary foster parliamentary cooperation

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Standing Vice Chairman of the National Assembly (NA) Trần Thanh Mẫn holds talks with First Officer of the Hungarian NA Márta Mátrai in Hà Nội on Thursday. VNA/ Photo 

HÀ NỘI — Standing Vice-chairman of the National Assembly (NA) Trần Thanh Mẫn and First Officer of the Hungarian NA Márta Mátrai discussed measures to develop the cooperation between the two legislative bodies more practically and effectively during their talks held in Hà Nội on Thursday.

First Officer Márta is leading a high-ranking delegation from the Hungarian NA on a working visit to Việt Nam from January 18-22.

They appreciated that in spite of the impacts of the COVID-19 pandemic, bilateral parliamentary cooperation between the two countries was ensured.

Last July, NA Chairman Vương Đình Huệ held a phone talk with his Hungarian counterpart László Kövér to discuss ways to promote the relations between the two countries and two NAs in the future.

The two NAs established a bilateral friendship group of parliamentarians while parliamentarians of the two countries kept meeting, coordinating and supporting each other at multilateral parliamentary forums such as the Inter-Parliamentary Union (IPU) and the Asia-Europe Parliamentary Partnership Meeting (ASEP).

They said the two NAs should continue organising such activities as well as exchanges and dialogues to share law building experience.

At the talks, Vice Chairman Mẫn spoke highly of the Hungarian delegation’s visit, saying that this was the first international delegation visiting and working with the NA of Việt Nam on the occasion of the new year.  

Mẫn said he believed that it would be a good start in the parliamentary relations between Việt Nam and Hungary as well as between Việt Nam and parliaments of other EU member countries.

The Vietnamese NA appreciated the progress in the relations between the two countries over the past years, particularly the development of the bilateral relations to the comprehensive partnership during the visit to Hungary by Party General Secretary Nguyễn Phú Trọng in 2018, which demonstrated the determination of leaders of the two countries in promoting the bilateral relations.

Vice-Chairman Mẫn stressed that with a traditional friendship of over 70 years, Việt Nam always attached importance to enhancing the multi-faceted cooperation with Hungary – the first comprehensive partner of Việt Nam at Central and Eastern Europe.

Appreciating the effective cooperation between the two countries at multilateral platforms, Mẫn thanked the Hungarian Parliament for supporting the signing and approval of the EU-Vietnam Free Trade Agreement (EVFTA). The EVFTA, which took effect from August 2020, has created a strong motivation to promote trade exchanges and investment cooperation between Việt Nam and Hungary and other EU member countries.

Hungary was also the first member country of the EU to approve the EU-Vietnam Investment Protection Agreement (IVIPA), he said.

He also expressed delights at the development of the economic and commercial cooperation between the two countries. Two-way trade turnover reached a record of US$1.3 billion in 2020, despite the pandemic’s impacts.

He said he appreciated that Hungary has considered Việt Nam as a priority partner in its ODA policy with a commitment of Euro 440 million of preferential loans to help implement projects in the fields of priority cooperation between the two countries.

First Officer Márta affirmed that Việt Nam was the most important foreign trade partner of Hungary in Southeast Asia.

She thanked Việt Nam for sending face masks and medical equipment for Hungary to support its COVID-19 prevention and control.

She wished that the Vietnamese NA would have supports to help realise cooperation agreements between the Governments, ministries, and sectors of the two countries. —

 

 

 

 

 

 

Source: https://vietnamnews.vn/politics-laws/1117642/viet-nam-hungary-foster-parliamentary-cooperation.html

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Man in Phú Yên Province imprisoned for anti-State propaganda, storing explosives

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Nguyễn Bảo Tiến in protective suit at the trial on Friday. — VNA/ Photo Xuân Triệu

PHÚ YÊN — The People’s Court of the central province of Phú Yên on Friday sentenced a man to six and a half years in prison for distributing anti-State materials and illegally storing explosives.

According to the indictment issued by the provincial People’s Procuracy, Nguyễn Bảo Tiến, born in 1986 and living in Ward 4 of Tuy Hòa City, followed foreign newspapers and often shared and posted articles with distortions and anti-State content.

From August to October 2019, he received six parcels that contained several books spreading subversive information.

He also sent 46 parcels to other people, and was arrested while handling procedures for sending the 21 others.

An additional 22 parcels with 38 books were also found at his home.

On April 20, 2021, the police discovered a hand grenade hidden by the man.

Tiến said he had secretly brought home the explosive with the detonator attached while participating in a military drill in April 2008.

At the trial, Tiến made pleaded guilty.

The jury sentenced him to six years and six months, including five years and six months for “storing, distributing, and disseminating materials against the State of the Socialist Republic of Việt Nam” and one year for “appropriating and illegally storing explosives” under Article 305 of the amended Penal Code. —

Source: https://vietnamnews.vn/politics-laws/1118116/man-in-phu-yen-province-imprisoned-for-anti-state-propaganda-storing-explosives.html

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Việt Á imported 3 million COVID quick test kits from China at less than US$1 apiece: VN customs

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Phan Quốc Việt, former Việt Á CEO is being prosecuted for overcharging for COVID-19 quick test kits. — Photo courtesy of Việt Á

HÀ NỘI — Việt Á Technologies JSC, the company which has been prosecuted for overcharging RT-PCR COVID-19 tests, had imported three million quick test kits from China at less than US$1 per kit, said the General Department of Việt Nam Customs (GDVC).

The deal from China was worth VNĐ64.7 billion (US$2.8 million) in total.

Last month, the police arrested and initiated legal proceedings against Phan Quốc Việt, general director of Việt Á Technologies, for raising the price of RT-PCR COVID-19 test kits and bribery of health officials to facilitate purchases of their test kits.

According to the GDVC, Phan Quốc Việt was also named the director of 11 other companies, but only Việt Á was trading medical equipment and materials.

From 2017 to 2021, the company imported chemical materials, reagents, lab equipment, and other substances for testing with a total trade turnover of VNĐ286 billion ($12.6 million).

This includes VNĐ162 billion ($7.2 million) for quick tests and reagents, and VNĐ123 billion ($5.4 million) for equipment for laboratory use.

The GDVC is also investigating seven other companies related to Việt Á Technologies JSC: Technique Import and Export JSC (Technimex); Biomedic Science Material JSC; Việt Nam Applied Biology and Technical JSC; Lan Oanh Science Equipment Co Ltd; Việt Hoàng Long Trading Co Ltd; Vina Chemistry Biology Science Equipment Co Ltd; and TBR Technology Corporation. —

Source: https://vietnamnews.vn/politics-laws/1118065/viet-a-imported-3-million-covid-quick-test-kits-from-china-at-less-than-us1-apiece-vn-customs.html

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