Deputy PM Vuong Dinh Hue chairs monetary, financial advisory council

08:50 | 03/07/2017 Finance - Banking

Deputy PM Vuong Dinh Hue chaired a meeting on July 1 of the National Monetary and Financial Advisory Council to prepare an economic report for the government’s upcoming regular meeting.

Deputy Prime Minister Vuong Dinh Hue

The council’s members assessed that the macroeconomic situation remained stable in the first half of the year with average inflation moderating to the annual target of 4% and imports witnessing strong growth, especially machinery for production.

They noted that economic performance was better than the same period last year when GDP expanded by 5.73% compared with 5.65% in the first half of 2016.

In early 2017, under the pressure of rising inflation and the balance of trade shifting to deficit, the State Bank of Vietnam implemented a range of measures to help stabilise the monetary market.

Broad money supply rose 5.69% while credit increased 7.98%, mainly being channelled into priority sectors.

Members of the council have also forecast that risks and uncertainties in the global economy, the rise of protectionism and slowed export growth to the US and the EU would also affect the Vietnamese economy.

Meanwhile at home, low inflation has made room for the government to take measures to support growth.

Recognising the opinions of the council, Deputy PM Hue asked the State Bank to prepare a complete report to be submitted to the government and the prime minister before the upcoming meeting.

He added that the government would continue to keep a close watch on macroeconomic developments, step up public investment restructuring and State-owned enterprise equitisation and guide the implementation of the National Assembly’s resolution on handling bad debt.

Theo NDO