Government resolve to combat inflation
(VOV) - The government is determined to manage market prices, rein in inflation, and ensure social welfare in 2013.
Prime Minister Nguyen Tan Dung was speaking at a Cabinet meting in Hanoi on November 29.
He showed the government’s resolve amidst worries about the Consumer Price Index which is likely to grow at a high rate due to increasing foodstuff demands for the upcoming traditional New Year (Tet) festival.
It was reported that the CPI fell dramatically from a record 2.2 percent in September to 0.85 percent in October and 0.47 percent in November.
He called for continued efforts to maintain macro-economic stability, safeguard social welfare and accelerate production in the remaining months of this year to create a momentum for development in the transitional year of 2013.
He was optimistic that given positive signs of the economy in the past 11 months, Vietnam is on the right track to meeting major socio-economic development targets set for 2012.
However, the Government leader pointed out grave difficulties and challenges the economy is facing, and asked relevant agencies to particularly keep a close eye on the prices of essential goods like medicines, milk, petroleum and food.
A roadmap to reduce interest rates will continue, Dung said, adding that it is a practical move to manage inflation while stimulating economic growth.
He also asked the ministries, sectors and localities to screen their revenues in parallel with managing spending to ensure state budget collection and spending are balanced, while keeping the state budget overspending rate at the level approved by the National Assembly.
The PM requested drastic measures to be taken to handle bad debts and inventories, especially in real estate, and accelerate the disbursement of investment capital, particularly government bonds, FDI, and ODA.
He noted that public investment will be safeguarded with increasing surveillance, supervision and inspection.
The Government leader required ministries, sectors and localities to press ahead with measures to ease difficulties for businesses, prioritise agricultural development, and expand export markets for the country’s advantageous products.
He demanded relevant agencies to devise plans for the traditional New Year festival, which will fall in February, 2013. He reminded them to implement social welfare policies and programmes for the poor, ensure traffic safety and food hygiene, and end cross-border smuggling of poultry.
At the meeting, the cabinet members discussed a project to renovate the collaboration mechanism in macro economy management and steering in the 2012-2020 period, and a master plan on economic restructuring in combination with a shifting growth model to improve competitiveness in quality and effectiveness.
The revised Law on Thrift Practice and Wastefulness Prevention, the Law on the Amendment and Supplement of a Number of Articles of the Residence Law were also tabled for discussion.
He showed the government’s resolve amidst worries about the Consumer Price Index which is likely to grow at a high rate due to increasing foodstuff demands for the upcoming traditional New Year (Tet) festival.
It was reported that the CPI fell dramatically from a record 2.2 percent in September to 0.85 percent in October and 0.47 percent in November.
He called for continued efforts to maintain macro-economic stability, safeguard social welfare and accelerate production in the remaining months of this year to create a momentum for development in the transitional year of 2013.
He was optimistic that given positive signs of the economy in the past 11 months, Vietnam is on the right track to meeting major socio-economic development targets set for 2012.
However, the Government leader pointed out grave difficulties and challenges the economy is facing, and asked relevant agencies to particularly keep a close eye on the prices of essential goods like medicines, milk, petroleum and food.
A roadmap to reduce interest rates will continue, Dung said, adding that it is a practical move to manage inflation while stimulating economic growth.
He also asked the ministries, sectors and localities to screen their revenues in parallel with managing spending to ensure state budget collection and spending are balanced, while keeping the state budget overspending rate at the level approved by the National Assembly.
The PM requested drastic measures to be taken to handle bad debts and inventories, especially in real estate, and accelerate the disbursement of investment capital, particularly government bonds, FDI, and ODA.
He noted that public investment will be safeguarded with increasing surveillance, supervision and inspection.
The Government leader required ministries, sectors and localities to press ahead with measures to ease difficulties for businesses, prioritise agricultural development, and expand export markets for the country’s advantageous products.
He demanded relevant agencies to devise plans for the traditional New Year festival, which will fall in February, 2013. He reminded them to implement social welfare policies and programmes for the poor, ensure traffic safety and food hygiene, and end cross-border smuggling of poultry.
Related stories:
* Keeping inflation below 8pct in 2013
* Initial success in macroeconomic stabilisation
* Bad debts are falling, says central bank
Dung underlined the need to promote the dissemination of information, especially the supply of information to the press, to create consensus among people and fulfilment of all set targets.* Keeping inflation below 8pct in 2013
* Initial success in macroeconomic stabilisation
* Bad debts are falling, says central bank
At the meeting, the cabinet members discussed a project to renovate the collaboration mechanism in macro economy management and steering in the 2012-2020 period, and a master plan on economic restructuring in combination with a shifting growth model to improve competitiveness in quality and effectiveness.
The revised Law on Thrift Practice and Wastefulness Prevention, the Law on the Amendment and Supplement of a Number of Articles of the Residence Law were also tabled for discussion.