World Bank Country Director Ajay Chhibber said on March 27 that Vietnam will put inflation under control as a result of its current efforts and the strong fundamentals of its economy.
The government has announced measures to curb inflation and “we hope that with these measures, the situation will be brought under control,” Chhibber said in Hanoi, four days ahead of WB’s latest review of Vietnam and regional economy to be released.
The government has set forth a packet of measures that includes implementing a flexible exchange rate policy, increasing revenue and cutting public spending, putting the price hike under control, boosting exports and reducing trade deficit, and carrying out policies to support the poor.
“It is a very good packet of measures,” Chhibber said, adding that the measures focus on protecting the poor who have been hurt by the inflation and cutting of public spending.
According to Chhibber, strong fundamentals of the economy are riding on the back of strong commodity exports. He explained that on one hand, the world price hike has presented some problems for the Vietnamese economy, worsening the inflation, but on the other hand, it has brought huge benefits to Vietnam’s exporters.
He predicted that by the end of this year, “we will see lower growth and higher inflation but in that sense, Vietnam will not be different from other countries in the world.”
The government has set forth a packet of measures that includes implementing a flexible exchange rate policy, increasing revenue and cutting public spending, putting the price hike under control, boosting exports and reducing trade deficit, and carrying out policies to support the poor.
“It is a very good packet of measures,” Chhibber said, adding that the measures focus on protecting the poor who have been hurt by the inflation and cutting of public spending.
According to Chhibber, strong fundamentals of the economy are riding on the back of strong commodity exports. He explained that on one hand, the world price hike has presented some problems for the Vietnamese economy, worsening the inflation, but on the other hand, it has brought huge benefits to Vietnam’s exporters.
He predicted that by the end of this year, “we will see lower growth and higher inflation but in that sense, Vietnam will not be different from other countries in the world.”
VOVNews/VNA
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