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HCM City to not lower economic targets despite inflation
The city will not lower its economic development targets despite price hikes, the city's People’s Committee Chairman Le Hoang Quan said at a meeting on July 29.
Mr. Quan said development targets will remain unchanged as he waits for departments and agencies to demonstrate their ability to overcome difficulties.
In July, the city’s consumer price index increased by 0.54 percent compared to the previous month, the lowest rate since early this year, according to director of the city’s Statistics Department.
Nationally, prices rose by 1.13 percent, he added. The dong/dollar exchange rate has been brought under control and dropped 0.79 percent compared to last month.
The city’s economy is still developing although prices are up slightly, said Quach To Dung, deputy director of the Industry and Trade Department.
The city has spent VND350 billion (US$20.8 million) subsidizing enterprises and supermarkets in an effort to stabilized prices, she added.
Interest rates stabilized in July. Banks received VND543 trillion (US$32 billion) in deposits, increases of 0.5 percent and 11.6 percent compared to June and January respectively.
As many as VND500 trillion (US$29.7 billion) was loaned, an increase of 22.8 percent since the beginning of this year.
An authority from a branch of the State Bank of Viet Nam in the city said that the bank will ensure that interest rates in August will be stable and low.
He said from now until the end of the year enterprises engaged in agriculture, export, import and production will have priority in receiving loans.
Banks need to reconsider their loan priorities, said Mr. Nguyen Trung Tin, deputy chairman of the People’s Committee.
It is not proper that production ranks fourth, after export and import. If producers don’t have sufficient funds, where goods will come from for export, Mr. Tin asked.
If production was ranked only after agriculture, supply would be ensured for export and local use, Mr. Tin added.
He asked banks not to let enterprises suffer a shortage of funds.
VNN
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