Stabilising the macro-economy and controlling inflation

VNStockNews.com - It is essential to prevent an economic slowdown, maintain economic growth, stabilise the macro-economy and control inflation, said Prime Minister Nguyen Tan Dung at the monthly Cabinet meeting in Hanoi on October 1.

Addressing the two-day meeting, which opened on September 30, PM Dung noted that these tasks must be performed during the remaining months of this year.

He urged ministries, agencies and localities to continue implementing the Government’s measures for socio-economic development. “We must make the best use of internal strength and available sources,” he stressed.

He called for a more efficient disbursement of investment capital to promote production, improve people’s living standard, and speed the implementation of key national construction projects.

Regarding socio-economic development tasks for 2010, the Government leader asked ministries, agencies and localities to focus resources on restoring the national economy and achieving a higher GDP growth of around 6.5 percent, as well as creating fresh momentum for rapid, sustainable economic growth in the future.

PM Dung asked the State Bank of Vietnam to cooperate with relevant ministries and agencies and submit a new subsidised loan programme to the Government for consideration by mid-November so the Government can finalise the stimulus package for 2010.

According to a report by the Ministry of Planning and Investment, Vietnam’s economy has recovered rapidly, with an average GDP growth of 4.56% over the past nine months. Industrial turnover hit VND63.3 trillion, up 13.8% over the same period last year. The agro-forestry and fisheries sector reached VND150.5 trillion, up 2.6%. Total investment in the past nine months was estimated at VND483.2 trillion, a year-on-year increase of 14.4%. The consumer price index (CPI) remained steady, rising just 0.62% in September. Social welfare, national security and political stability were maintained.

Cabinet members said that if agencies at all levels make a great effort to implement the Government’s comprehensive measures, Vietnam could achieve a GDP growth of 6.8% in the fourth quarter of this year (excluding any losses due to natural disasters). If this quarterly target is realised, the country will record an annual GDP growth of approximately 5.2%, higher than the National Assembly’s yearly target of 5%.