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Government targets economic downturn prevention

Published: 01/11/2008 05:00

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VietNamNet Bridge – Cabinet members have agreed to continue taking concerted efforts to curb inflation, stabilise the macro economy, stave off the economic downturn, maintain a reasonable and sustainable growth, and ensure social security.

Photo: CPV
The targets were put on Nov. 1 at the government’s regular meeting focusing on the implementation of socio-economic tasks in the first 10 months, measures needed for the remaining months of 2008, and the plans for the next year.

Participants held that Vietnam , which has suffered from few impacts posed by the ongoing world financial crisis, has made progress last month when inflation has been put under control, consumer price index dropped by 0.19 percent from September, and the flow of foreign direct investment kept increasing.

The country’s industrial production value reached 55.6 trillion VND (3.48 billion USD) this month, a year-on-year increase of 15.4 percent, while its export earnings were estimated at 5.1 billion USD and import turnover was valued at 5.8 billion USD.

However, the cabinet members forecast the national economy will face more difficulties and challenges, especially negative impacts caused by the global financial crisis, until the year end.

They discussed three groups of major solutions, which concentrate on the well performance of monetary and fiscal policy to stabilise the macro economy, steeping up production and improving the quality of the economic growth, and boosting exports and ensuring the sufficient supply of necessary goods for production and the daily life.

Based on the current situation and prospects for the two remaining months, the Ministry of Planning and Investment calculated that the country’s gross domestic product (GDP) growth is likely to hit 6.7 percent, export turnover reach 64 billion USD and import value, 83 billion USD, both down 1 billion USD compared with the set targets for the whole year.

The ministry also predicted that the consumer price index (CPI) will stand at 22 percent by the year-end, while the GDP will grow by 6.5 percent year-on-year and exports will fetch 70 billion USD in 2009.

At the meeting, Prime Minister Nguyen Tan Dung asked relevant ministries and agencies to continue with eight groups of solutions, with priority placed on the execution of flexible monetary policy to rein in inflation and keep the economic growth pace.

The PM urged the Finance Ministry to work out tax policies and incentives to help businesses, particularly those engage in exports and employ a large number of workers, step up production.

He also ordered the acceleration of the tempo of projects funded by the state budget and government bonds, and building of a proper roadmap for the electricity price increase in 2009.

(Source: VNA)

Update from: http://english.vietnamnet.vn//politics/2008/11/811463/

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