Macro-economic stabilization measures crucial to high economic growth

Prime Minister Nguyen Xuan Phuc chairs a regular meeting of the National Financial and Monetary Policy Advisory Council.

Prime Minister Nguyen Xuan Phuc was speaking at a regular meeting of the National Financial and Monetary Policy Advisory Council in Hanoi on July 18.

Council members highly appreciated the effectiveness of macro-economic stabilization measures implemented by the Government, ministries and localities in recent years, helping to maintain high economic growth and strict inflation control, stabilize State budget collection, and ensure high balance of payments surplus as a result of stable trade surplus, overseas remittances and foreign investment.

They said that the world economy this year has showed positive signs of recovery and the domestic economy continues to grow exponentially. However, there should be a closer combination between monetary and fiscal policies so as to keep inflation in check at around 4% while closely monitoring the US Federal Reserve System (Fed) rise in interest rates, and issues arising from the US-China trade war.

The members also discussed macroeconomic issues to ensure the stability and sustainability of the financial and banking system in the long run.

In his speech, Prime Minister Nguyen Xuan Phuc highlighted the steady growth of the national economy over the past two years, during which the first half of this year saw the seven-year highest growth rate. He also underlined the need to collect opinions from independent experts on the monetary and fiscal policies, which is seen as an information channel for the Government to deal with issues timely and properly.

The Government will continue to persist with the goals the Party and the National Assembly have assigned the Government to manage, the cabinet leader said while urging all sectors and localities to double efforts to boost reform towards the comprehensive fulfillment of socio-economic development targets.

The PM expressed hope that the council members would come up with more ideas about growth motivation, solutions and conditions so as to capitalize on opportunities, overcome difficulties and challenges resulting from the fourth industrial revolution.

He asked them to give advice on new issues, aspects and perceptions on macro-economic management, finance, monetary, trade, and investment so that the Government and the Prime Minister have more options of deliberating their management.

PM Phuc also affirmed the State’s readiness to intervene in necessary areas to ensure the country's stable development.