Almost all deputies agreed with the government’s measures to curb inflation, stabilise macroeconomics and ensure social security and sustainable growth and they praised the government’s open acceptance of weaknesses and shortcomings in its management work.

NA deputies asked the cabinet to clarify the scientific basis for lowering the target of GDP growth to 7 percent and to provide more information about global economic forecasts and the country’s main sources in order to minimise external impacts on Vietnam ’s economy.

Deputy Prime Minister Nguyen Sinh Hung told the NA that lowering the GDP growth target was a reasonable adjustment after considering objective and subjective factors.

The deputy PM also forecast that by the end of this year and early next year, the inflation rate in Vietnam will fall to the level in 2007, and that the economy will be possibly stabilised by 2010 when the inflation rate declines to a one-digit number.

At the opening morning session, the legislature heard the government’s report on controlling inflation, stabilising macroeconomics, maintaining social security and sustainable development.

The NA is scheduled to work at the conference hall on May 7 to discuss draft laws on value added tax (revised), corporate income (revised) and amendments and supplements to a number of articles of the Law on Oil and Gas.