Prime Minister Nguyen Tan Dung on
Sunday made a list of several urgent tasks that ministries and sectors must
implement immediately to help curb inflation, stabilise the macro economy and
ensure social security.

At its
regular monthly meeting chaired by PM Dung, the Government passed Resolution No
77/NQ-CP assessing the country’s socio-economic development in the first quarter
of 2011 and in March.

Participants agreed that in the remaining months of the year, Viet Nam’s economy
would continue to face many difficulties and challenges due to the world’s slow
and unstable economic recovery; the hike in crude oil and essential commodities
prices; and the high inflation rates in many countries. All these factors have
put pressure on the climbing consumer price index (CPI) in Viet Nam.

To
achieve the 2011 targets approved by the National Assembly, the Government asked
all ministries and localities to strictly implement the recent Politburo
conclusion on the country’s socio-economic development in 2011 as well as
Government resolutions No 02/NQ-CP issued on January 9, 2011 and particularly No
11/NQ – CP issued on February 24, 2011 on major measures to fight against
inflation, stabilise the macro economy and ensure social security.

The
resolution issued on Sunday is focused on the three main areas below:

Strict sanctions

The
State Bank of Viet Nam (SBV) must be proactive and flexible in their operations
to achieve the 2011 credit growth target of under 20 per cent and the money
supply at about 15-16 per cent.

By the
end of April at the latest, the SBV must submit to the PM for approval policies
on the elimination of illegal trading of foreign currencies and gold as well as
a road map to reduce the dollarisation of the economy

Cut down spending

The
Government ordered the Ministry of Finance to calculate and clearly state how
much money would be saved by cutting current spending by 10 per cent. The
Ministry should come up with specific measures to cap the overspending at below
5 per cent.

The
Ministry of Planning and Investment must work with relevant agencies to come up
with a list of projects which will be implemented in 2011 using funds from the
state budget and government bonds in the fields of transport, irrigation,
hospitals, school buildings and student accommodations.

Ministries, government agencies, state owned enterprises and groups have been
instructed to send their new 2011 budget proposals for the Government to approve
in the next monthly meeting.

The
Ministry of Industry and Trade must ensure that the imbalance between imports
and exports does not rise above 16 per cent.

The
Ministry of Finance was named the focal point for co-ordinating activities with
other Government agencies and local governments in the common goal of curbing
inflation and avoiding manipulation.

The
Ministry of Construction was named the focal point for the entire nation’s
endeavour to set order to the real estate market and make it transparent.

PM Dung
ordered the Ministry of Finance to come up with a specific policy on the
extension of corporate income tax payments to submit to the PM for approval.

The
Ministry of Industry and Trade must ensure a good supply of oil and diesel for
production and consumption inside the country; impose strict controls on
electricity supplies for production and for daily life activities; try to reduce
electricity consumption by 10 per cent in 2011.

The
Ministry of Labour, Invalids and Social Affairs has to work closely with the
Ministry of Finance to make sure the PM’s decisions to subsidise electricity
prices for poor households and the special allowance given to low income wage
earners and poor households are implemented promptly.

VietNamNet/Viet
Nam News