The government has instructed the State Bank of Vietnam to "strive to further reduce lending interest rates by 0,5% from now until the end of 2017; and strive for a credit growth rate of approximately 21% for the whole year to promote production and business."
Specifically, in the Resolution of the Government's regular meeting in August 2017, recently signed and issued by Prime Minister Nguyen Xuan Phuc, the Government requested the State Bank of Vietnam to proactively and flexibly manage monetary policy in accordance with macroeconomic developments, inflation, and the money market.
1. Reduce lending interest rates by 0.5%
At the same time, strengthen inspections, examinations, and strictly handle violations in the credit sector to ensure the safety of the system.
The Ministry of Planning and Investment, the Ministry of Finance, and other central and local ministries and agencies should focus on implementing the main tasks and solutions to accelerate the disbursement of public investment capital as outlined in Resolution No. 70/NQ-CP.
Specifically, the Ministries of Planning and Investment, Finance, Construction, Transport, and Natural Resources and Environment will focus on reviewing and promptly resolving difficulties and obstacles within their respective jurisdictions to accelerate investment progress.
The Ministry of Finance is focusing on directing the effective implementation of solutions to strengthen revenue management, combat revenue losses, thoroughly save on expenditures, and strictly enforce financial and budgetary discipline.
Continue coordinating with ministries, departments, and localities to review and reduce fees related to businesses; analyze and assess the impact of the proposed increase in value-added tax.
2. No tax increase for the time being.
In 2017, no taxes, fees, or charges were increased in order to facilitate and support the development of production and business.
The presiding body, in coordination with the Ministry of Health, shall develop a plan to ensure the safety and sustainability of the Health Insurance Fund.
Also in this Resolution, the Government assigned the Ministry of Planning and Investment to take the lead, in coordination with the Ministry of Finance, the Ministry of Transport, and other relevant ministries and agencies, in considering forms of mobilizing investment resources for key transport projects; and to review and report to competent authorities on appropriate capital allocation plans for the North-South expressway, the North-South railway, and Long Thanh airport projects.
According to Baochinhphu.
