Deputy PM chairs National Financial and Monetary Policy Advisory Council’s meeting

13:34 | 28/09/2019 Finance - Banking

The National Financial and Monetary Policy Advisory Council convened its third-quarter meeting on September 25, under the chair of Deputy Prime Minister Vuong Dinh Hue, to offer policy recommendations to the government.

Deputy PM Vuong Dinh Hue speaking at the meeting - Photo: VGP

At the meeting, the State Bank of Vietnam, the Ministry of Finance, the Ministry of Industry and Trade and the Ministry of Planning and Investment presented important reports on financial, monetary and trade policies since the start of the year while proposing macroeconomic policies for the remainder of 2019 and 2020.

The council members agreed that despite global uncertainties, the domestic economy has remained positive and expressed their belief that the targets for 2019 will be met.

A number of council members noted that the quality of growth continues to improve in terms of labour productivity, total factor productivity (TFP) and incremental capital - output ratio (ICOR).

However, there are still a number of problems, such as delays in public investment allocation and disbursement, enterprise development, business climate environment, private investment and the implementation of public-private partnership contracts.

The council warned that if such problems are not resolved, Vietnam would barely be able to sustain high growth and may even experience slowdown in the time ahead.

Speaking at the meeting, Deputy PM Vuong Dinh Hue stated that the council’s opinions are considered important recommendations for the government to carry out its socio-economic policies in the final months of the year and create a solid foundation for 2020.

Informing the council members on attracting foreign investment, the Deputy PM stated that the government will fine-tune the laws and tighten requirements in line with the spirit of the resolution recently adopted by the Politburo.

He added that the government will step up the implementation of a sharing economy to increase value for the economy and boost economic growth.

Theo NDO