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August 13, 2007

PM proposes measures to control inflation
Vietnamese Prime Minister Nguyen Tan Dung has urged ministries and agencies to take drastic measures to keep the inflation rate below that of national economic growth.

At a cabinet meeting on August 12, the PM asked ministries and agencies to focus on accelerating production and export, ensuring the demand-supply balance and reining in consumer price hikes in order to stablise the macro economy and people’s life.

He also asked them to regularly provide updated information to mass media in a bid to make public the developments of consumer price indexes.

According to the General Statistics Office (GSO), the consumer price index in the first seven months of this year surged 6.19% compared with the 4.4% hike in the same period last year.

The GSO also attributed the reasons of the index hike to the price increases in the world market, natural disasters, animal epidemics, the price adjustment of major materials for production such as electricity, petroleum and coals, and the surging inflow of foreign investment that caused the high supply of foreign currencies.

To address the problem, the PM has issued several urgent measures. He entrusted the Finance Ministry and other relevant ministries and agencies to set up missions to check production and trading establishments to find out reasons causing the irrational price increases of essential commodities and services while tightening the control of expenditures, and promoting the thrift practice.

In addition, he decided to reduce import-export taxes on commodities that have high price indexes, stressing the need to keep balance in supply-demand of commodities and services. VNA


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