Gov’t prioritizes inflation curb and macroeconomic stability
18:24 | 27/09/2012
VGP – In its September regular meeting, the Government reconfirmed the necessity to continue strictly controlling prices, keeping a one-digit inflation rate and maintaining macroeconomic stability for the sake of the country’s sustainable development.
PM Nguyen Tan Dung (center) and his deputies at the Government’s September regular meeting, Ha Noi, September 27, 2102 - Photo: VGP/Nhat Bac
During the regular meeting taking place in Ha Noi on September 27, members of the Government presented their analyses and predictions of global and domestic economic situations as well as suggested measures to maintain macroeconomic stability.

Clearing bad debts while closely monitoring financial and monetary markets are some solutions to secure liquidity and safety of the banking system.

To facilitate production and business, Deputy PMs Nguyen Xuan Phuc and Hoang Trung Hai emphasized trade and investment promotion, market expansion, and export enhancement.

Some Cabinet members noted that it is necessary to tighten market management, punish commodity speculation, and combat the import of low-quality goods and counterfeits in the remaining months of 2012, especially in the coming Lunar New Year festival.

Concluding the meeting, PM Nguyen Tan Dung urged ministries and agencies to propose more effective and practical solutions.

Regarding inflation curb, the PM emphasized on increasing credit growth; controlling means of payment; stabilizing exchange rate; and keeping the interest rate from rocketing.

He also decided the budget overspending at 4.8% and the budget advance for 2012 at VND 30 trillion.

To achieve the growth rate of over 5% in 2012, PM Dung asked greater attention to be paid to the production of competitive exports (rice, aqua-products, garments, and footwear), the development of advantage services (tourism, banking, telecommunication, and aviation); clearing the inventory, especially building materials; and easing the real estate market.

Economic restructuring, the Government chief reasserted, would be promoted through restructuring public investment, State-owned enterprises and the banking system. Clearing bad debts and settling poor banks are top priorities in the process of banking restructuring, he stressed.

GDP grow rate in Q3/2012


Lending interest rate decrease

5-8% per year

Total export turnover in 9 months compared to the same period of 2011

up 18.9%

Total import turnover in 9 months compared to the same period of 2011

up 6.6%

Trade deficit

0.04% of the total export turnover

Index of industrial produciton

up 4.8%

Production value of agriculture, forestry and aquaculture

Up 3.7%

Job generation

1,130,000 laborers, around 70.6% of the year plan

Guest laborers sent to foreign markets

60,000 people

By Hoang Hanh

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