Finance Minister fields lawmakers’ questions at NA meeting

Minister of Finance Ho Duc Phoc on November 6 morning reported to the National Assembly that the country's credit rating benefited from a positive outlook from international communities, resulting in an upgrade to “prosperous and stable” or BB levels. The rating helps build investor confidence in Vietnam.

Answering questions from National Assembly (NA) deputies, the minister said in his working session with S&P Global Ratings and Moody’s Investors Service during his recent working trip to the US, the rating companies hailed the Vietnamese financial market, and encouraged businesses to invest in Vietnam for dynamic growth.

They put many questions on Vietnam’s settlement of bad debts, disbursement of public funds, and the recovery of the real estate market, and expressed trust in Vietnam's solutions, he added.

The minister said the Finance Ministry is working with the State Securities Commission and the Ministry of Planning and Investment to implement measures to improve the rating of the country's stock market.

In reply to deputies' questions about the implementation of the NA's Resolution No.74/2022/QH15 on stepping up implementation of laws and policies on thrift practice and anti-wastefulness, Phuoc said the Finance Ministry will enhance inspections and examination, while building a database on public assets to keep a close watch on the assets for more efficient management, he stressed.

Regarding questions on challenges in public asset management, including a lack of uniform legal documents on the issue, Phoc said the Government issued 20 decrees, the Prime Minister issued three decisions and the Ministry of Finance issued 15 circulars to guide the implementation of the Law on Management and Use of Public Assets which was adopted in 2017.

However, he admitted that the law has shown some shortcomings, adding that in the time to come, the Ministry of Finance will propose the NA and the NA’s Standing Committee to amend the law.