Updated on : Thứ Sáu, 03/06/2011 - 5:16 CH
Gov’t persists in curbing inflation

VGP – The Government has asked ministries, sectors, and localities to press on adopted measures to rein in inflation at around 15% for this year.

PM Nguyễn Tấn Dũng presides over the Government’s regular meeting in May, Hà Nội, June 3 – Photo: VGP/Nhật Bắc

The Government has set other goals for these ministries, sectors and localities, including a GDP growth rate of 6%, budget overspending reduction of below 5%, trade deficit of less than 16%, and public spending cut by 10%.

These goals needed to be achieved by the year end, asserted PM Nguyễn Tấn Dũng at the May regular meeting which was held on June 1-2 in Hà Nội.  

Positive outcomes

In the context when many countries in the world have been struggling against a variety of difficulties, including price hikes, soaring inflation, food and energy security problems, and political complexity, socio-economic performance in Việt Nam showed positive signs.

These were a contraction of 5% in budget overspending, a decline in CPI, and an impressive surge of 32.8% in export turnover.

Group of solutions

However, difficulties still lie ahead, said Mr. Dũng.

He pointed out that although decreasing, inflation remains high, trade gap is yet to shrink; and the people’s living standards are low.

The Government chief requested his inferiors to resolutely implement the Resolution 11 on key solutions for controlling inflation, stabilizing macro-economy, and ensuring social welfare, to address these matters. 

In the short term, Mr. Dũng noted eight prioritized solutions: to (1) apply flexible monetary policy, prioritizing production; (2) control price hikes and prevent speculation; (3) reduce budget overspending; (4) narrow trade deficit; (5) axe public investment; (6) promote social welfare; (7) ensure social security and national defense; and (8) boost information dissemination. 

Some major indicators in first five months of 2011

(Source: Report of the Ministry of Planning and Investment)

Items

Volume

Comparison against the yearly targets

Comparison against the same period 2009

 

Volume forecast in first half

Budget collection

VND 227.2 trillion

44.6%





Budget spending

VND 299.8 trillion

41.3%





Social development investment







VND 450 trillion

FDI disbursement





95%

US $5.1 billion

Total retail sales of goods, services

Over VND 762.7 trillion



Up 22.5%



Total means of payment





Up 1.59 against end of 2010



Export turnover

US $34 billion



Up 32.8%



Import turnover

US $41.3 billion



Up 29.7%



CPI





Up 2.21%



GDP 





Up 5.6%



By Hương Giang

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