(Hanoi Composite Electric) Vietnam maintained its economic growth target in 2023 at 6.5%, and strives to increase the growth rate to about 9%in the second half of the year.
The official website of the Vietnamese government published an article, quoting the speech at the Cabinet Conference on Saturday (August 5th), the Prime Minister Fan Mingzheng, that the government will "achieve economic growth by promoting the three major growth momentum of investment, consumption and export", and at the same time strive to be begged"Balance between interest rates and currency exchange rates."
The cabinet pressures the central bank to reduce the cost of borrowing
Affected by high interest rates, global commodity demand is sluggish, and Vietnam, which relies on trade, may not be able to achieve the goal of achieving 6.5%growth this year.
In this regard, the Vietnamese government is trying to achieve its original order growth rate, including pressure on the central bank, to reduce borrowing costs to increase credit and promote economic activities.
This article pointed out that the central bank of Fan Ming's political leaders "adopt flexible monetary policy" and "continue to reduce the interest rate of commercial loan, increase monetary supply, increase bank credit limit, and delay the repayment of lenders."
The central bank has had two interest rates this year but has not further relaxed the monetary policy
Although the Vietnamese central bank has reduced interest rates four times since the beginning of this year, the central bank has not actively responded to further relaxation of monetary policy on the grounds of worrying about bad debt threatening financial stability.
Fan Mingzheng ordered the relevant departments to rationally expand fiscal policies, such as continuing to provide tax reduction and exemption, accelerating the government's expenditure on key infrastructure projects, and simplifying the administrative process to attract more foreign investment.In addition, he also asked to strengthen administrative reforms, solve corruption problems, control natural disasters, and ensure political security and stability.
/>
Vietnam News reported that in the first seven months of this year, Vietnam's public investment funds were 26.763 billion Vietnamese shields (about S $ 15.11 billion), reaching 37.9%of the annual target, an increase of 3.4%year -on -year; Vietnam attracted the same period of attractionForeign direct investment (FDI) nearly US $ 16.24 billion (about S $ 21.75 billion), an increase of 4.5%year -on -year.
The Vietnamese government is also trying to revive the real estate market and promote domestic consumption.In July, Vietnam's overseas shipments decreased for five consecutive months, the longest decline in 14 years.
Government data shows that the overall inflation rate in Vietnam in July was 2.06%; the core inflation rate rose 4.1%year -on -year.
