Gov’t: inflation will go down to single digits

Prime Minister Nguyen Tan Dung has highlighted the small price growth of 0.18 percent in September, limiting the nine month consumer price index to 21 percent, but pledged to curb the inflation rate at single digit by early 2010.

Prime Minister Nguyen Tan Dung (C) at Saturday’s discussion with foreign economists

The Government leader told foreign economists at a discussion held in Ha Noi on September 20 that these achievements were the initial result of the Government’s eight-solution package implemented over the last six months.

“In the wake of world economic crisis since early April, the Vietnamese Government has immediately refocused on inflation control instead of high economic growth by cutting the growth target to between 6.5 and 7 percent from 8-8.5 percent for 2008 and 2009,” he explained.

Dung said the Government would continue tightening its monetary policy in a flexible way to ensure the economy’s liquidity as well as the fiscal policies in an effort to decrease State investments in an effort to achieve its inflation control target.

“Measures will be taken to boost exports, which should be considered a key solution to trade deficits,” he continued.

The Vietnamese Government will further speed up administrative reforms and human resource development while intensifying investments in infrastructure, emphasized the Prime Minister.

The one-day discussion was attended by economic experts from 16 international institutions, including Benedict Bingham, senior resident representative from the International Monetary Fund, and John Hendra, the United Nations Development Program’s Country Coordinator.

Also present were economists from GTZ, the World Bank, Asian Development Bank and HSBC.

Source: Viet Nam News Agency

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