|
Vietnam targets 6-6.5 pct GDP growth in 2012
Vietnam's National Assembly, or parliament, has approved a government target for gross domestic product growth next year of 6-6.5 percent as officials keep their focus on tamping down inflation, the government reported on Wednesday.
The target reflects expectations that growth may rebound modestly after economic stabilisation policies in place for much of this year held the economy back. Prime Minister Nguyen Tan Dung told parliament on Oct. 20 he expected growth this year of 6 percent. The assembly also approved an inflation target of "under 10 percent" for the year, the government website (www.chinhphu.vn) said. "The socio-economic development plan for 2012 will prioritise containing inflation, stabilising the macro-economy, maintaining economic growth at a reasonable level," it said.
Inflation this year has been Asia's worst, fuelled by a mix of factors including soaring credit growth in recent years and rising global commodity prices. The annual rise in the consumer price index peaked at 23 percent in August before easing slightly in the subsequent two months. In February the government enacted a string of measures, including a tightening of monetary and fiscal conditions, to bring down inflation and restore balance to an economy that has seen its star fade in recent years.
Exports are expected to grow 13 percent next year, the report quoted the National Assembly as saying. This year the official target was 10 percent after growth last year hit 25.5 percent following a contraction in 2009. The National Assembly also approved a target to cap the state budget deficit at under 4.8 percent of gross domestic product, the report said. This year the government is targeting a deficit of 5 percent or less.
cnbc
|
