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Viet Nam Today
PM urges government to stay focused on inflation
08-23-2011, 09:14 pm

HA NOI — The Government's central task by the year-end is to continue implementing Resolution 11 on curbing inflation, stabilising the macro economy and ensuring social security in combination with economic restructuring.

Prime Minister Nguyen Tan Dung said at a meeting with more than 30 local economists in Ha Noi last Saturday to discuss macro-economic policies, especially financial and monetary policies, in the context of developments in the global economy.

According to experts, growing concerns over the ability of Europe and the US to pay its massive public debt have had an impact on the Vietnamese economy, hindering it from reaching the set growth and inflation control goals.

They said the country had recorded initial positive results in its socio-economic performance during the first seven months of the year, such as decreasing inflation,increasing exports, stabilising the foreign exchange rate as well as increasing industrial production, service value and the number of foreign tourist arrivals.

However, they noted that the foundation of the macro economy was yet to be improved remarkably as inflation and interest rates remained high, foreign currency reserves, though growing, were not strong enough and bad debts in the banking system were in the rise.

Participants at the meeting suggested a number of immediate and long-term measures to deal with these issues, including the continued implementation of tightened monetary policies, reduction of public investment and close control of the real estate market.

Concluding the working session, Dung spoke highly of the experts' frank, responsible and constructive suggestions for economic stabilisation and development.

He said the Government, ministries, branches and institutes would keep them constantly updated with emerging developments and improve forecasting capacity and statistical work, thus putting forth more suitable and effective macro-economic policies. — VNS

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