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PM urges fiscal prudence in 2014

Update: December, 31/2013 - 09:12
Banking transactions at head office of the Viet Nam Public Commercial Joint Stock Bank. Prime Minister Nguyen Tan Dung has called for stronger cooperation between the Ministry of Finance and other ministries, financial organisations and localities to achieve budget targets for 2014. — VNA/VNS Photo Tran Viet
HA NOI  (VNS) — Prime Minister Nguyen Tan Dung yesterday pressed for all possible measures to be adopted to ensure effective use of next year's State budget.

His remarks were made at a teleconference in Ha Noi to review the performance of the 2013 State finance-budget and to set tasks for 2014.

Touching on budget collection and expenditures, PM Dung called for stronger cooperation between the Ministry of Finance and other ministries, agencies, and localities to achieve budget targets for 2014, such as ensuring economic growth of 5.8 per cent next year.

Inflation must settle at 6.5-7 per cent and foreign exchange rates must be stable, while social welfare and national defence and security is ensured, he stated.

According to a report presented at the conference, Deputy Finance Minister Nguyen Cong Nghiep said that in the final months of 2013, the collection of the State budget was projected at some 99 per cent of the total estimate.

Earlier this year, the National Assembly approved the government's request to extend the State budget deficit to 5.3 per cent of the GDP from the current 4.8 per cent.

He also requested the finance sector to prioritise spending on salary reforms and social welfare. The costs of working trips at home and abroad should be reduced, he added.

The government leader called for macro-economic stability on the back of fiscal and monetary policies, the removal of barriers to business and production, and an impulse for growth recovery.

In terms of price management, PM Dung urged the ministry to manage prices more effectively, especially those of essential goods, in the run-up to the traditional Lunar New Year.

The ministry must direct the restructuring and equitisation of State-owned enterprises that must divest themselves of non-core areas.

Governor of the State Bank of Viet Nam Nguyen Van Binh said the financial and banking sectors must exert stronger efforts to control the State budget's over-spending at 5.3 per cent and curb inflation at below 7 per cent next year. — VNS


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