Vietnam NA wants gold market stability

HANOI – Shortcomings in management and stabilization of the gold market should be remedied next year so that local and global gold prices can match and legitimate interests of citizens can be protected, says a resolution passed by the National Assembly (NA).

The NA on Thursday gave the nod to the resolution on a socio-economic development plan for 2013, calling for greater efforts to stabilize the macro-economy and to achieve lower inflation and higher growth than 2012.

The resolution underscores the need to continue to solve difficulties for enterprises and create conditions for them to access bank loans by lowering lending rates.

Banks are encouraged to give out low-interest loans to businesses active in agriculture, export and supporting industries, small and medium-sized enterprises, labor-intensive firms and developers of low-cost houses.

The resolution names eight major objectives and solutions for next year, says Vietnamnet.

Regarding economic development, the fiscal and monetary policies should be in harmony. Export must be further promoted, while import of luxury items, and obsolete machines and technologies should be restricted.

The NA demanded strict supervision on compliance to the State regulations, including regulations on interest rate cuts and access to credit.

Tackling bad debts remain a must. Loans for production and business purposes can be restructured.

In addition, the NA urged policies to prop up the real estate market next year.

As for social development, the resolution presses for further reforms of education, wages and administrative procedures.

Healthcare should receive proper investment. The coverage of social security policy should be extended, focusing on the poor and the priority entities.

The resolution stresses the need to fight corruption and wastefulness. Celebrations, conventions and state-financed business trips should be reduced.

Complaints and denunciations over land issues, especially the complicated and prolonged ones, need to be settled in 2013 and reported to the sixth meeting of the NA.

According to the Government’s report on the 2012 socio-economic situation released earlier, five targets for this year had yet to be achieved, including gross domestic product (GDP) growth, the ratio of capital for social development to GDP, job creation, poverty reduction and forest development.

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