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PM urges all sectors to curb inflation
Prime Minister Nguyen Tan Dung in a resolution issued on Tuesday called on ministers, agency heads, economic groups and local authorities to take drastic measures to curb inflation while ensuring macro economic growth of 6.5 per cent for this year.
The resolution also called on officials to spur exports and reduce the trade deficit. The Prime Minister said the State needed to ensure the country had sufficient resources to successfully implement its economic development strategy, while ensuring stability in the financial and banking system. He also said that the country needed to boost production and business development and intensify ideological activities.
He said the Government was determined to concentrate on mobilising the country's internal resources to ensure macro-economic stability, while curbing inflation to achieve economic growth of about 6.5 per cent this year.
The resolution called on the central bank to concentrate on implementing a flexible but cautious monetary policy and to strive to achieve 25 per cent credit growth and total liquidity of 20 per cent.
The State Bank of Viet Nam (SBV) was called on to improve the efficiency, credit worthiness and financial capacity of financial institutions
The Prime Minister said the SBV needed to ensure that there was sufficient money in circulation, in accord with the requirements of economic development. He said the bank had to be flexible in its approach to controlling monetary markets, in line with market rules, while trying to gradually reduce interest rates.
The resolution called on the Ministry of Industry and Trade (MOIT) to review and evaluate the supply and demand of essential commodities.
MOIT should co-ordinate with other ministries, agencies and People's Committees at the city and provincial level to boost production and business operations, while reviewing policies on promoting production and trade and goods' security to meet consumer demand.
Close monitoring of domestic and international market performance should be conducted in a timely manner, especially with regard to essential items to avoid significant price increases. The ministry should also closely monitor the financial market to minimise trade fraud and speculation, he said.
The Ministry of Finance was also called on to work with other ministries and agencies to implement drastic and synchronised measures to reduce administrative costs in accordance with the Ordinance on Prices. Any violation of price regulations would be strictly dealt with, the Prime Minister said.
The two ministries were asked to review petrol price controls to ensure trading companies operated in accordance with market principles. The ministries should use taxation and the Petrol Price Stabilisation Fund to ensure supplies and boost consumer confidence.
The Finance Ministry should work with other ministries and related agencies to control business costs and expenses, particularly with gasoline, electricity, coal, fertilisers, animal feed, medicines, sugar, milk and cement.
Under the resolution, the central bank needed to adopt a flexible approach to the management of the foreign exchange rate, while improving the balance of international payments.
The SBV must instruct commercial banks to control and monitor the use of foreign currency reserves and seek further remittances from overseas.
MOIT was asked to implement measures to boost exports and reduce the trade deficit to ensure export-turnover growth of more than 6 per cent, while keeping the trade deficit rate at about 20 per cent this year
The Ministry of Finance was called on to exceed the National Assembly's 2010 State budget revenue target by 5 per cent.
According to the resolution, the Ministry of Planning and Investment must work with the Finance Ministry and other authorities to review projects that use State capital to minimise waste.
The SBV must strictly control the business performance of credit institutions, the resolution also stated.
The resolution called on the Ministry of Information and Communications to instruct the press to intensify its ideological work, while disseminating information about the Government policies.
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