Monday, July 23 2018


Nation targets lower inflation

Update: March, 07/2012 - 09:57


A cashier counts currency at a Maritime Bank office in Ha Noi. The Government continues to see curbing inflation and stabilising the economy as its top priorities this year. — VNA/VNS Photo Tran Viet
HA NOI — Curbing inflation and stabilising the macro-economy should remain top priorities, according to the two-day Government monthly meeting that concluded yesterday.

Other important tasks were to promote production and business activities, to prevent an economic recession and to ensure social welfare.

Chairing the meeting, Prime Minister Nguyen Tan Dung said the global economy this year would still be plagued with uncertainties and its volatility would have a direct impact on a deeply-integrated economy like Viet Nam, particularly in terms of prices and the export market.

In times of difficulties, he said, Viet Nam should make the most of its political and social stability to attract investment and develop the tourism and services sectors.

Dung set out particular tasks for relevant agencies to work on, such as stabilising foreign currency rates and creating a reasonable road map to adjust electricity and oil prices.

He also asked the State Bank of Viet Nam to continue phasing out the plan to lower interest rates to ensure credit growth, and at the same time to handle liquidity implemented via banking restructuring.

Dung said the auspicious development of the stock market was a good opportunity to speed up the restructuring and privatisation of State-owned enterprises.

He said the State budget should be responsibly managed to maintain the 2012 trade deficit at last year's rate of 10 per cent.

Dung directed all agencies and local authorities to continue removing impediments for enterprises in terms of manufacturing and selling products. He asked them to pay more attention to the domestic market, rural areas in particular.

Credit should be prioritised to labour-intensive and market-large sectors, while the growth target for this year should be 6 per cent.

In the first two months of the year, the country's socio-economy showed positive results.

The Index of Industrial Production (IIP) increased 3.9 percent over the same period last year. February's consumer price index was up 1.37 per cent over the previous month but much lower than the same period in 2011.

The foreign exchange market was stable and the country earned an estimated US$8.2 billion from exports, despite a downturn in some traditionally lucrative markets, including the US and the EU.

Deputy Prime Ministers Nguyen Xuan Phuc and Nguyen Thien Nhan asked ministries, sectors and localities to continue taking urgent measures to control traffic, reduce accidents and train human resources for working overseas. — VNS


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