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NEWS UPDATES 17 February 2010

Vietnam expects 6.5% GDP growth in 2010

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Vietnam’s economy will likely grow 6 percent-6.5 percent this year and there are clear signs that the government is focusing on maintaining macroeconomic stability with national reserves of $35 billion, reported

“Vietnam does not fall short of dollars as it is holding an estimated $35 billion, including the country’s reserves of $15 billion, $10 billion in deposits held by institutions and the remaining $10 billion owned by local people,” Vo Tri Thanh, Vo Tri Thanh, deputy head of the Planning and Investment Ministry's Central Economic Management Institute said.

“Almost all of the dollar holdings are in stock,” Thanh emphasised, urging to shift these cash flows to the domestic economy. Thanh also hailed efforts by the government to force state-owned corporations to sell their dollar holdings to local banks.

Thanh admitted pressures on the forex market, not attributing it to a $1.5 billion deficit in the country’s balance of international payments last year.

The liquidity pressures will remain as the country’s credit growth is limited at 25 percent this year plus possibly a rise in bad debts, Thanh cautioned.

This year inflation will likely be 8.5 percent-10 percent, higher than 6.86 percent last year, he predicted.


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