Nghị quyết 11/NQ-CP

Resolution No. 11/NQ-CP of February 24, 2011, on solutions mainly focusing on containing inflation, stabilizing the macro economy, guaranteeing the social security

Nội dung toàn văn Resolution No. 11/NQ-CP on solutions mainly focusing on containing inflation





No. 11/NQ-CP

Hanoi, February 22, 2011




Implement Resolutions of Congress, the Government issued the January 9, 2011 Resolution No. 01 02/NQ-CP on major solutions to directing and managing the implementation of the 2011 socio-economic development plan and state budget estimate in 2011. However, the world economic situation is occurring complexly, inflation, oil prices, prices of basic raw materials for input of production, food prices over the world market continues uptrend of high rising. In home, natural disasters, weather effect adverse on production and lives of people, some items that are important input of production such as electricity, fuel have not still fulfill implemented by market mechanism that must be adjusted for uptrend; on the other hand, we have to loosen financial, monetary policy to prevent attenuate, maintain economic growth over the past time. The above situation has caused increase in prices, increased risk of loss of macro-economic stability in our country. Wherefore, focusing on inflation control, macro-economy stability, social security assurance will be goal, key and urgent tasks today.

To achieve goal of curbing inflation, stabilizing macro economy, ensuring social security, Government request the Ministers, heads of ministerial-level agencies, Governmental agencies, chairmen of People's Committee of provinces and cities directly under central government, Chairmen of the Management Board, Members' Council, General Director of economic groups, corporations, state enterprises to concentrate on direction, performance towards a number of main solutions as follow:

1. Implement tightly and prudently to monetary policy

State Bank of Vietnam shall preside over and coordinate with Ministries, agencies and localities

a) To implement tight and prudently towards monetary policy, to harmoniously coordinate between monetary policy and financial policy to control inflation; manage and control to ensure speed of credit growth in 2011 below 20%, total payment means about 15-16%, concentration of credit capital priorities for development of business, production, agriculture, rural, export, supporting industries, small and medium enterprises; to reduce speed and density of credit loans for non-manufacturing sector, especially in line of real estate and securities.

b) To operate on initiative, flexibility and efficiency through monetary policy tools, especially interest rates and amount of supplying money ensuring inflation control.

c) To operate exchange rate and foreign exchange market flexibly, in accordance with market happenings. To strengthen foreign exchange management, implementation of necessary measures for organizations and individuals but firstly all economic groups, state corporations sell foreign currency to banks when have income resource and are entitled to purchase when have reasonable demands, to ensure foreign currency account payment, to stabilize exchange rate, to meet requirements of stable, development business-production and to increase foreign exchange reserve

d)To strictly control activities of gold trading; in second quarter in 2011 to submit Government of issuing a decree on management of gold trading activities by concentrating gold import major, then to remove gold bar business on free market, to effectively prevent gold smuggling operation across border.

e) To coordinate closely with the Ministry of Public Security, the Ministry of Industry and Commerce, People's Committees of provinces and cities directly under the Central Government and functional agencies in inspecting and supervising observance of regulations on foreign exchange, gold trading. To promulgate rules and sanctions to handle violations, including suspension or withdrawal of operation license, collection of property; to stipulate praise, rewards for detection of violations of gold and foreign currency exchange, trading activities. To handle intentional acts of violations strictly under law.

2. Implementation of tight fiscal policy, cutting public investment, reducing state budget deficit.

a) Ministry of Finance will coordinate with Ministries, agencies and localities:

- To direct in striving to increase state revenue 7-8% from budget in 2011 was adopted by the National Assembly. To strengthen inspection and supervision in tax collection management, anti-tax losses; to centralize on processing of tax arrears; to implement coercive measures for recovery of accrued liability and to limit new tax debts arising.

-Ministries, agencies and localities shall rearrange expense tasks of to save an additional 10% expenditure of 9 months left in 2011 estimates (excluding salaries and other expenses related to wage and spending policies for people and saving 10% of normal expenditure to create sources of wage reform in the first year plan.) Ministries, agencies and localities self-specify number of savings then submit to Ministry of Finance for review and report to Prime Minister in March 2011. This additional 10% of saving, Ministries, agencies and local shall manage by themselves; from third quarter 2011 shall consider and arrange urgent tasks arising out of estimates or move towards central budget of Ministry of Finance. To pause equip new car, air conditioning, office equipment, to minimize cost of electricity, water, telephone, stationery, fuel ,...; not to allocate funds for job un-urgent. The heads of agencies, units, localities, organizations using state budget shall reduce maximum cost of conferences, seminars, review, preliminary and final trip in home and abroad. .. No additional budget in the estimates, except for cases implementing   policies and regimes, to prevent and overcome natural disasters and epidemics caused by the Prime Minister's decision. To strictly timely handle and publicize violations.

- To reduce state budget deficit in 2011 less than 5% of GDP; to closely monitor lending and repayment of foreign loans towards enterprises especially short-term loans. To implement review of government debt, national debt, standby debt, not to expand object and scope under government’s guaranty. To guarantee Government balance, public balance, foreign balance within safe and secure national finance.

b) Ministry of Planning and Investment will preside over and coordinate with Ministries, agencies and localities:

- Do not advance state budget funds, government bonds in 2012 for project, except for projects in prevention and recovery urgent disaster.

- Do not prolong duration of implementation of investment capital from state budget, government bonds in 2011 plan, to withdrawal these amounts back central budget to supplement capital for works, projects shall be completed in 2011.

- To establish a group for inspection, review of all works, investment projects from state budget and government bonds has been published capital in 2011, to identify specifically works and projects that should be stopped, suspended, slacken progress of implementation in 2011; to withdrawal or transfer amounts allocated but not urgent, not on target, to report and recommend handling measures to Prime Minister in March 2011.

- To Inspect and review investment of economic corporation, state corporations, state enterprises, to propose handling measures to Prime Minister, to remove investment project inefficiencies, thinned, including investment projects abroad.

c) Bank of Vietnam Development to reduce minimum 10% credit investment plan from State credit sources.

d) Ministries, agencies and localities:

- Do not yet start works, new projects using state budget funds and government bonds, except for urgent projects in prevention and recovery disaster and key national investment projects and projects funded by official development assistance (ODA). To review, cut; rearrange to transfer investment capital from State budget, Government bonds in 2011 within scope of management for centralizing capital and accelerating process of works and important projects, urgent, complete in 2011.

-To report to Prime Minister in April 2011 on list of investment projects cutting investment using state budget funds, government bonds, list of projects to cut investment of state enterprises in jurisdiction, concurrently to Ministry of Planning and Investment to review and report to Government in regular session in May 2011.

e)Economic corporations, state corporations review, reduce, re-arrange investment projects focusing on manufacturing sector, business, to report to Prime Minister in April in 2011 list of projects cutting investment, and Ministry of Planning and Investment to review and report to Government in regular session in May 2011.

3. Promote production, trade, export promotion, deficit retraining, and energy saver use

a) Ministry of Industry and Trade will coordinate with Ministries, agencies and localities:

-In the second quarter of 2011, to promulgate and implement provisions on balanced regulation between supply - demand for each essential commodity to ensure integrated association between domestic production and import-export management; to continue direction, to promptly solve difficulties and problems in production and business in order to promote production of goods or providing services, to manage rice export to ensure food prices efficient and stable in home, and to coordinate with Ministry of Finance in administration of national reserve to ensure food security; often to closely monitor market development in domestic and international to take timely regulation measures and market stability, especially for essential commodities. To proactive take measures for anti-speculation and price boost.

-To set up plan for operating import, export and to strive for guarantee of ensure deficit price does not exceed 16% of total export turnover. To operate process, principles for controlling import of goods, materials and equipment of investment projects funded by State budget, Government bonds, capital guaranteed by government, invested by State enterprises; to coordinate with Ministry of Finance in inspection and supervision to ensure strict implementation towards Directive of Prime Minister on use of goods, materials and equipment produced in country, especially projects using import machinery, equipment and materials, to actively apply appropriate measures to control imports of consumer goods, to reduce trade deficit.

- To direct Vietnam Electricity Corporation, member companies have plans to maximize capacity of power plants for meeting load demand of electricity in dry season, to give priority electricity guarantee for production and to distribute with People's Committees of provinces and cities under directly central government to direct the economical use of electricity, to rationally allocate to ensure response to essential demands of production and life.

b) Ministry of Finance will preside over and coordinate with Ministries, agencies and localities:

- To actively apply necessary measures, reasonable taxes and fees to regulate profits from export trade of some products such as steel, cement ... obtained from use of some factors inputs and price lower than market price.

-To consider, remit, reduce tax and to extend time for tax payment on raw materials imported for export manufacturing towards goods line in country lacking raw materials such as textiles, footwear, seafood, cashew nuts , timber, pharmaceutical, ... to continue implementing temporary tax refund of value added inputs to goods exported in 2011.

- To closely inspect and monitor declaration, application to preferential import tax rate under special commitments in free trade agreements, preferential policies on tax in non-tariff area in accordance regulations. To review for tax reduction towards commodities are raw materials inputs of production, which can not be produced in country, to research for increasing export tax rates appropriate for items not encouraged exports, natural resources, raw materials.

c)State Bank of Vietnam ensure foreign currency to import essential goods that domestic production has not met, to limit loans for import of goods that is not subject encouraged to import under category issued by Ministry of Industry and Trade.

d) Ministry of Agriculture and Rural Development shall preside over and coordinate with Ministries, agencies and localities to focus on guiding implementation of measures to support and encourage development of agriculture and rural development, to increase exports, create jobs and income for employees, to ensure food security.

e)People's Committees of provinces and cities directly under central government, especially in Hanoi, Ho Chi Minh City, base on situation of production, local consumption, to direct production, stockpiling, circulation and distribution of goods through, first of all essential commodities like food, gasoline ,...; to enhance price management, price stabilization in the area.

f) Economic groups, corporations, state enterprises continue to promote equalization and restructuring, tight control of production costs, renovate enterprise administration to improve business efficiency, to ensure prices of goods and services at a reasonable level; to concentrate capital for business- producing industries.

g)Ministries, agencies, localities, organizations, guide and direct drastic implementation , strengthen inspection and supervision towards implementation of regulations on thrift and anti-waste, construction and implementation electricity saver programs, striving to save electricity by 10% under Resolution No 02/NQ-CP of Government concurrently apply necessary measures and appropriate to encourage and warn businesses and people use energy saver (electricity, gasoline), use of high technology, green technology, clean, power-saving technology.

4. Adjust price of electricity, fuel associated with support for poor household

a) To continue implementing route to control prices of petrol, electricity under market mechanism.

- Ministry of Finance actively operate flexible fuel prices as prescribed in Decree No. 84/2009/ND-CP September 15, 2009 of Government on petroleum business, to ensure domestic oil prices adhere to world oil prices.

-In 2011 implement adjustment of a step electricity prices, Ministry of Industry and Trade shall complete to submit Prime Minister for issuing in the first quarter 2011 on operating mechanism of electricity price under market mechanism.

b) State has policies to support poor households, after adjusting electricity price.

5. Strengthening social security

a) Ministry of Labour - Invalids and Social Affairs will preside over and coordinate with Ministries, agencies and localities:

- To perform comprehensive social security policy under programs, projects, plans approved, to promote implementation of measures for social security guarantee under Resolution No. 02/NQ-CP of Government.

- Focus on direct poverty reduction support at local, especially in the poorest communes, villages; to support for poor households, poor local that export labor to make loans for student…

-To direct agencies, local in full implementation, timely and proper subjects of regulations supporting policy, serviceman, man who is especially difficult circumstances (old age alone, homeless …)...

b) Ministry of Finance shall preside over and coordinate with Ministry of Planning and Investment and concerned ministries, agencies and localities to allocate funds for implementation of social welfare policy by new standard of poverty.

c) Ministry of Labour - Invalids and Social Affairs shall preside over and coordinate with Ministry of Finance, Ministry of Industry and Commerce and other Ministries, agencies and localities in directing implementation of provisions on support for poor when electricity price is adjusted.

6. Promote information and propaganda

a) Ministry of Information and Communication shall preside over and in coordination with Central Propaganda Department, agencies managing information, communications, and journalism:

-To direct information service, media, journalism adhere to guidelines and policies of Party and State and content of this resolution to inform, propagandize fully and timely, especially content of financial sector, monetary, price, social security policies, policies to support poor households directly affected by implementation of electricity price adjustment for people to understand and agree.


-To deal strictly and promptly according to its competence with acts of telling false news , improper orientation of Party and Government on implementation of policies to inflation control, macroeconomic stability, social security assurance.

b) Ministries, agencies, departments and People's Committees of provinces and cities under directly central government lead and to actively provide adequate information, accurate, timely, open and transparent to press, especially problems of public opinion’s concern.

7. Organization of implementation

a) Ministries, ministerial-level agencies, Government agencies and People's Committees of provinces and cities directly under Central Government to actively implement seriously and thoroughly content specified in this resolution; monthly, quarterly, review implementation of Resolution No. 02/NQ-CP and this resolution and report to Prime Minister, concurrently to Ministry of Planning and Investment to review and report to Government at a regular meeting monthly.

b) Ministry of Planning and Investment:

-To monitor situation and result towards implementation of Resolution of Ministries, agencies, localities; to synthesize report to Prime Minister in 15 days briefings of Permanent Government monthly.

- To submit to Prime Minister for report to Congress in March 2011 on overall solution, a comprehensive socio-economic development, macroeconomic stability assurance

c) Propose Central Committee of Vietnam Fatherland Front coordinating with Ministries, agencies, localities and member organizations to direct levels and associations do well-organized dissemination on information, propaganda and mobilization to business community, people so that they can get right perception, understanding, active participation and practical, creating consensus in implementing resolution. Associations, professional associations manage business community for them to actively implement policies, mechanisms, policies of Party and State, contents of Resolution.

d) Minister, the heads of central agencies and chairman of People's Committees of provinces and cities directly under Central Government, Chairman of the Board, Member Board, Director General of economic group, State cooperation in scope of their functions, tasks, shall be responsible for government, Prime Minister on implementation of contents of this Resolution.

Perform duties to curb inflation, stabilize macro-economy, ensure social security in difficult conditions, but after 25 years of innovation and potential of our country has been strengthened, political and social stability, under leadership of the Party, with determination of political system, consensus, efforts of all sectors and levels, business community and people, we believe that targets of inflation control, macroeconomic stability, social welfare assurance will be done. /




Nguyen Tan Dung


This translation is made by LawSoft, for reference only. LawSoft is protected by copyright under clause 2, article 14 of the Law on Intellectual Property. LawSoft always welcome your comments

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