HÀ NỘI — The National Assembly Economic Committee held a plenary session on Thursday to review the implementation of the national socio-economic development plan in 2016 and early 2017. They also talked about the amended law on credit institutions and a resolution on bad debt settlement.

The Government report stated that over recent months, the economy has overcome many difficulties to develop, with the macroeconomy basically stabilised and inflation within acceptable limits.

Money markets, banking activities and the stock market witnessed positive changes. State budget revenue was quite high, exceeding the set target.

Domestic and foreign investors’ confidence increased thanks to the improvement in the business environment, while more than 110,000 new enterprises were established with registered capital reaching more than VNĐ891 trillion (US$39 billion), the highest number ever.

Despite these achievements, the economy still faces many big challenges, the report said.

Economic growth and exports have not met targets. Business production was difficult, especially in the first four months of 2017. Large-scale diseases occurred and avian flu is at risk of breaking out, while the pork industry is in a state of "overcapacity" due to a serious imbalance between supply and demand. In addition, environmental pollution is a concern.

Deputy Chairman of the Economic Committee Nguyễn Đức Kiên said that to reach targeted GDP growth of 6.7 per cent in 2017, the Government needs to focus on some key solutions.

It is necessary to foster the disbursement of investment capital. If capital disbursement of construction and transport projects is done properly, capital from other economic sectors will be mobilised. He also emphasised the need to increase private capital mobilisation for investment in development.

In addition, he said if the Government wanted tourism to be the spearhead industry, it is necessary to concentrate investment in it.

In the afternoon, the Committee examined the draft law on credit institutions and the draft resolution of the National Assembly on dealing with bad debts of credit institutions. — VNS