Suitable financial, monetary policies needed to promote growth
Management agencies need to focus on financial and monetary policies besides long-term solutions such as restructuring the economy, reforming State-run businesses, and developing private economy.
Hanoi (VNA) – Management agencies needto focus on financial and monetary policies besides long-term solutions such asrestructuring the economy, reforming State-run businesses, and developingprivate economy to promote economic growth in the remaining months of thisyear, heard a workshop in Hanoi on July 14.
Deputy Minister of Planning and InvestmentNguyen The Phuong said the business and investment environment improved in thefirst six months of 2017 with the expansion of the gross domestic product (GDP)growth, stable macro-economy and curbed inflation.
Some restrictions such as high public debts,ineffective operation of State-run companies, and unsustainable growth of privatebusinesses should be addressed, he said.
According to economists from the Academy ofPolicy and Development under the Ministry of Planning and Investment, financialand monetary policies are on the right track but they fail to catch up withreality.
Therefore, relevant agencies need to improve themanagement efficiency, especially the responsibilities of individuals andleaders, participants said.
They evaluated that the exchange ratecontrolling policy of the State Bank of Vietnam is suitable with the economicreality, noting that if the exchange rateis not controlled, it will pose negative impacts on the economic growth.
Experts suggested curbing the exchange rateamplitude between 2-3 percent to stabilise the monetary market.
According to Can Van Luc, a financial and monetary expert, theFederal Reserve (Fed) is likely to increase interest rates once more time in2017 and twice in 2018.
The pursuant of high economic growth target in the short run athome and the lack of sustainable growth momentums will pose a lot of risks tothe macro-economy and the financia-banking system in the long term.
He recommended taking measures to expand moneysupply and credit growth at a reasonable level of 16-18 percent in 2017,while speeding up the restructuring of financial credit and handling of baddebts.
Meanwhile, Nguyen Thac Hoat, a representativefrom the financial and monetary faculty of the Academy of Policy andDevelopment, emphasised the need to take strong actions in the coming months toachieve growth target.
It is necessary to improve the management ofexchange rates and maintain low interest rates, he noted.
Other experts suggested monitoring the creditquality and strengthening management of budget collection.-VNA
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Illustrative image (Source: VNA) 
