Government office: Inflation will be reined in
Ha Noi (VNA) - The country's increased economic might and high foreign reserves will enable the government to keep inflation below 10 percent, Nguyen Xuan Phuc, Minister, Chairman of the Government Office, said at a press conference in Ha Noi on Aug. 13.Phuc stressed that Viet Nam 's foreign currency reserves have doubled over the past several years and food security is at all time high. Rice exports have been capped 4.5 million tonnes and products, such as cement and coal, will meet the demands of both domestic and export market.
He said the government will also take administrative measures to adjust inflationary indicators by reducing petrol prices, keeping coal prices in check, reducing import taxes on gold, petrol and sugar and subsidising the price of oil.
Speaking at the press conference, Deputy Minister of Finance Tran Xuan Ha, Deputy Minister of Industry and Commerce Le Danh Vinh and Deputy Governor of the State Bank Nguyen Hung Tien attributed the price surges in July to the price rises in the world market. In the first seven months of this year, the consumer price index increased by 6.19 percent compared to December last year, while the country recorded a GDP growth rate of 7.78 percent for the first half of the year.
Deputy Minister Ha said that the price increase over the past seven months remained lower than the national economic growth, and it is expected that the economic development will be stable.-Enditem
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