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Vietnam aims for single-digit inflation by Q3 2009

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September 27, 2008

Vietnam aims for single-digit inflation by Q3 2009
Vietnam has reduced the rate of price increases over the course of this year and expects to to see inflation fall to the single-digits in late 2009, Reuters quoted Deputy Prime Minister Pham Gia Khiem as saying Friday.

"We are encouraged that so far we have been able to control inflation," Khiem, who also serves as foreign minister, told the Asia Society think-tank in New York.

He said a combination of public and private belt-tightening measures brought the rate of monthly price increases down to 1 percent in the third quarter of 2008, from 3 percent in the first quarter.

"We hope it can be brought down to single digits by the third quarter of next year," he said through a translator.

Vietnam has adopted various measures to try to counter a widening trade deficit and inflation that has been in double digits for 11 straight months, including raising interest rates and restricting imports of luxury goods.

September consumer prices are estimated to have risen by 27.9 percent from a year earlier, but easing from the annual pace seen last month, according to government statistics.

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