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Vietnam to cut inflation down to single digit

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October 15, 2008

Vietnam to cut inflation down to single digit

Vietnam aims to cut its inflation rate to a single-digit figure by 2010 from levels above 20 percent this year, Reuters quoted the country’s parliament as saying, in what is the communist government's biggest economic challenge since liberalisation started in the 1990s.

Annual inflation in the country of 86.5 million hit 27.9 percent in September, the 11th straight month of double-digit price rises.

"The current difficulties are that the macroeconomy is not really stable, inflation and trade deficit are still high and economic growth lacks sustainability," the National Assembly said in a report ahead of its autumn session.

It said Vietnam needs "to continue prioritising to control inflation, striving to bring the inflation rate down to single digits by 2010".

Reflecting the inflation threat, the government has cut its 2008 growth target to 6.5-7 percent from an original goal of up to 9 percent, raised interest rates three times so far this year and restricted imports of luxury goods.

The assembly's report, which has yet to be formally approved, said Vietnam's export growth was estimated to accelerate to 33.9 percent this year from 21.9 percent in 2007. The country joined the World Trade Organisation in January last year.

"After two years with the WTO membership, with a strong implementation of the policy to boost exports, expand markets, the total revenues will rise strongly to exceed targets," the report said.

The government projects exports next year to rise 18 percent to $76.7 billion and the gross domestic product in 2009 to grow 7 percent to nearly $106 billion, or a per capita income of $1,200.

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