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 17 Aug 2008

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Emerging MarketsTaking on


Vietnam vows to cut inflation

Vietnam's Prime Minister Nguyen Tan Dung on August 13 asked leading officials from across Vietnam to implement the government's eight solutions to push down the inflation rate to a single digit by the end of next year, reported state news agency VNA.

Currently, the year-on-year inflation rate is 27 percent.

Dung was commenting on achieving targets set by the tenth Party Congress last year. He made the remark while attending a training course in Ho Chi Minh City for more than 180 key officials from 59 cities and provinces.

He said that in the first seven months of this year, Vietnams economy reflected the results of high agricultural production, the lifting of foreign-direct investment to $45.2 billion and a 37.7 percent increase in export turnover.

Thanks to strict control, Dung said that imports were being reduced and the trade deficit was gradually narrowing. In July, the consumer-price index (CPI) increased by only 1.13 percent, the lowest since early this year.

To minimise the impact of inflation on poor and low-income people, particularly ethnic minorities, fishermen and those living in areas affected by natural disasters, the Government had guided authorities to carry out many social-security policies.

Dung also identified management practices, particularly forecasts, that had contributed to price surges and higher inflation.

"Vietnam is a poor country, but ranks second as a world importer of gold. The import of cars, including luxury vehicles, has risen by 300 percent. And credit has increased immensely," said the Prime Minister.

Because of rising prices and inflation, which also affect production costs, Dung has asked localities to solve any production and export difficulties and improve conditions for investors by effectively using investment resources and quickly solving administrative procedures.

Dung said that a cement plant with a capacity of one million tonnes a year had been completed in one province, but could not operate because no electricity had been supplied.

As for the Cuu Long (Mekong) Delta provinces, the Prime Minister told localities to concentrate on harvesting the summer-autumn rice crop and offer a reasonable price for it to support farmers. Dung also said it was necessary to strictly punish speculation and smuggling.


















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