2012’s inflation be managed at 8 pct: cabinet meeting

All-out efforts need to be exerted to keep inflation rate at 8 percent for the whole 2012, Prime Minister Nguyen Tan Dung said.

He was speaking at the Cabinet’s monthly regular meeting in Hanoi on October 28 to review the country’s socio-economic performance in October and the past ten months.

Prime Minister Dung and his cabinet members agreed that the socio-economic situation in October and in the first ten months of the year continues to see positive changes and be on the right track to achieve the set targets.

Prime Minister Nguyen Tan Dung

Measures to rein in inflation and stabilise the macro economy continue to prove efficient, they said.

The consumer price index in October increased by 0.85 percent against September, up 6.02 percent compared to December last year and 7 percent over the same period last year, much lower than the growth rates of previous months.

Meanwhile, industrial production rose 5.8 percent and export was up 4.4 percent compared to September.

However, the cabinet members noted that the country’s socio-economic situation still faces difficulties and challenges with the macro economy not being really stable.

They suggested further, proactive deployment of measures to manage inflation, make the macro economy grow in a stable way and remove difficulties for enterprises, as well as ensure social security, sustainably reduce poverty and reinforce the corruption fight.

Concluding the meeting, PM Dung asked ministries, branches and agencies to keep a close watch on the situation and try their best to fulfill the set socio-economic targets for 2012, thus creating a firm premise for 2013 and the coming years.

The targets of curbing inflation and stablising the macro economy need to be implemented drastically and synchronously, he emphasised.

“The State Bank of Vietnam is determined to restructure its banking system and will be open and transparent in doing the work. Besides, it will continue taking measures to deal with bad debts effectively in a drastic and strict way, together with completing a master plan on bad debt settlement as soon as possible,” PM Dung said.

He asserted that the State Bank will keep a close eye on the gold market and implement related policies in a clear and transparent manner.

He instructed the ministries, sectors and localities to speed up capital disbursement for projects using State budget, Government’s bonds and investment from national target programmes.

The ministries and sectors continue solving difficulties and creating all possible favourable conditions to spur production and business, especially in the fields that the country has advantages like agriculture, tourism and services, the PM elaborated.

Along with that, attention needs to continue for ensuring social welfare and combating corruption, he added


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