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The financial branch with economic restructure and renovation of growth model for sustainable development
1/6/2012 10:41' Send Print

In that situation, the Communist Party of Viet Nam has opted for renovation of the model of economic growth, shifting focus from expansion to in-depth growth with high quality and effectiveness. In this process, the financial branch plays in important role. To implement the Party’s policy, since 2011, the financial branch has taken a series of solutions. They are:
- To closely control State budget to reduce inflation and improve effectiveness of public expenditure.
- To reduce State budget deficit and public debt
- To implement Government’s solutions to ensure social security
- To strictly control market prices to reduce inflation and to implement the roadmap of adjusting market prices of some commodities and service.
In 2012 and the following years, to restructure the economy, the financial branch will concentrate on:
First, maintaining strict financial policies, combining financial and monetary policies to control inflation, stabilize macro economy and achieve growth at reasonable rate.
Second, restructuring State budget expenditure giving priority to human investment, salary reform and social security.
Third, stepping up renovation and restructure of State enterprises, particularly State-owned economic groups and corporations.
Fourth, effectively implementing the Conclusion 37-TB/TW dated 26 May, 2011 of the Political Bureau on renovation of public agencies and socialization of some service provision modalities.
Fifth, consistently implementing market price mechanism under the State management, gradually abolishing the mechanism of subsidy and compensation in prices of some commodities among consumers.
Sixth, developing roadmap and concrete steps to restructure the security and insurance markets.
Seven, improving effectiveness and efficiency of State management through practicing thrift, cutting waste, corruption, public administration, and monitoring./.

Prof. Dr. Vuong Dinh HueMember of the Party Central Committee, Minister of Finance