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Vietnam official: Tight policy until economy "healthy"
Vietnam will continue to implement its package of economic stabilisation measures, known as 'Resolution 11', until inflation falls into single digits and public debt drops to a "manageable" level, a senior official said on Wednesday.
"The implementation of 'Resolution 11' will continue until we bring the macroeconomic indicators back to normal, to where we were developing in a healthy environment a few years back before the economic crisis," Vice Minister of Planning and Investment Dang Huy Dong told an investment conference. "Inflation will need to be brought down to single digits. National public debt will be reduced to a healthy and manageable level," he said, without giving a time frame. Dong said "Resolution 11", which includes tighter monetary and fiscal policy, has shown "signs of improvement, signs of achievement", including slowing inflation and rising foreign exchange reserves. He did not give further details.
The government's statistics office estimated annual consumer price inflation in September to be 22.4 percent, edging down from 23.1 percent the month before. Public debt and publicly guaranteed debt totalled 53 percent of gross domestic product last year, according to the International Monetary Fund.
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