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Vietnam Economic News

Vietnam Business » Vietnam Economic News » Vietnam to Focus on Curbing Inflation, Stabilizing Macro-economy

Vietnam to Focus on Curbing Inflation, Stabilizing Macro-economy

The government said that it will actively but cautiously apply flexible monetary policy in the market regulation in line with international practices to ensure reasonable levels of credit growth rate and money supply in an effort to both curb inflation and reach economic growth target.

The Vietnam government gives top priority to curb inflation and stabilize the macro economy for a solid recovery, the National Assembly (NA) meeting on May 20 heard. The government will focus on boosting production, businesses to reach the GDP growth rate of 6.5% this year.

Vietnam will tighten control over operations of local commercial banks, securities companies, investment funds, insurance companies to take timely actions to prevent any risks and instability, said deputy Prime Minister Nguyen Sinh Hung at the meeting.

Hung stressed that inflation is still under control and local economy continued to show positive signs.

Reports at the meeting showed that in 2009, Vietnam state budget turnover was VND442.34 trillion, 13.4%higher than the year target and government spending of VND584.7 trillion, 19% higher than planned.

The national outstanding debts and overseas debts were within the safe levels and by December 31 last year, the national debts were equivalent to 41.9% of the countrys GDP of which overseas debts were 38.9% GDP, the report read.

As of April 15, the state budget turnovers accounted for 29.2% of the full year target, higher than that of the same period last year.

Total development investment in the first quarter this year rose 26.23% on year especially the foreign invested sector jumped 46.38%, the NA heard.

The countrys economic growth in first quarter of 2010 was higher than that of 2009 with improvement seen in all industry, agriculture and service sectors.

However, the meeting also heard some outstanding difficulties including big trade gap, high CPI in the first months of this year, high interest rates preventing companies from accessing the loans, lack of transparency in financial institutions, low credit growth rate, underdeveloped capital market, slow policy react to changes in forex, gold, property markets.

Vietnam Business And Financial News Network. Source [stox.vn]

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