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Government extends stimulus probe
Chief Government Inspector Tran Van Truyen talks to Thoi bao Kinh te Viet Nam (Vietnam Economic Times) about a probe into the implementation of the Government’s stimulus package.
What’s the focus of the probe into the stimulus package?
We have instructed Government inspectors of all ministries and departments to find out if funds from the stimulus package actually went to the right people for the right purposes; we want to ensure there were no errors in the implementation of the stimulus.
In addition, Government inspectors are also investigating the implementation of projects at cities and provinces to find out if these projects are imperative and whether they satisfy goals such as promoting production, boosting exports and fostering investment and consumer spending.
The investigators are working with the State Bank of Viet Nam and all relevant ministries, including the finance, planning and investment, industry and trade and agriculture and rural development ministries as well as the Government Office and relevant industries. They all have the responsibility to uncover any abuse of the stimulus package.
Municipal and provincial branches of the State Bank of Viet Nam, for instance, regularly investigate the implementation of interest rate subsidies for loans. They have inspected more than 200 branches of 45 commercial banks so far.
Government inspectors have been working hard to investigate how the stimulus package was implemented in localities and if there were any irregularities during the past eight months.
We plan to finish assessing the situation by the end of next year before putting forward key goals that we need to reach.
A report released by the State Bank of Viet Nam said it was impossible to avoid errors in implementing of the stimulus package in the area of subsidised loans. Do Government inspectors agree with the report? What is the view of Government inspectors about the stimulus package?
Regarding the interest rate subsidy, Government inspectors have established two task forces. One of them focuses on inspecting the implementation of banking measures on interest rate subsidies at different levels. The other task force was set up to inspect and assess tax cuts, exemptions, and other State budget support measures targeted at boosting production and consumption.
The results of investigations carried out by the two task forces are similar to those of the State Bank of Viet Nam. Difficulties and errors are hard to avoid during implementation.
In general, the State Bank of Viet Nam and the Ministry of Finance have carried out implementation of the stimulus in a determined and timely manner.
Is it possible to implement the stimulus package while carrying out inspections on the progress of the work at the same time? Why are Government inspectors postponing the probe?
In principle, inspectors are not allowed to obstruct the operation of enterprises. We are able to inspect while implementing measures to stimulate the economy. However, it is a matter of psychology. If inspection is carried out straight away it will prove too distracting for enterprises and may interfere with business. At the same time, enterprises may be alarmed over why they have been targeted for inspection. This is also due to the ‘psychology’ of the matter, so Government inspectors decided to postpone inspections at a number of corporations and companies this year.
A report by the National Assembly’s Law Committee found that the execution of post-inspection verdicts was still too slow and not strict enough. Does this mean some enterprises are not being punished properly?
It happens because regulations on sanctions for violations uncovered by inspectors have not yet been issued. Inspectors, for instance, can ask the relevant authorities to confiscate the property of companies that have been found to have broken financial regulations, but the companies might reject the inspectors’ conclusion. Perhaps, the law must be revised to supplement regulations in this area.
vietnamnet, vietnamnews
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