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Single-digit inflation targeted in 2012
Controlling inflation and stabilising the economy remain the top national priorities for 2012 in a draft Government resolution on measures to implement the country's socio-economic development plan for next year.
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| A worker adjusts a cotton yarn production line at Son Nam Garment Joint Stock Company in the northern province of Nam Dinh's Hoa Xa Industrial Zone. |
"We must try to keep inflation rate below 9 per cent while maintaining growth of 6 per cent," Prime Minister Nguyen Tan Dung said in the first day of a two-day cabinet meeting.
For next year, the Government has targeted a growth rate next year of 6-6.5 per cent, inflation below 10 per cent, a 13-per-cent increase in export turnover, keeping the trade deficit under control, a State budget deficit of less than 4.8 per cent of gross domestic product (GDP), a two-per-cent reduction in poverty, and the creation of 1.6 million new jobs, with the percentage of workers who have received skills training reaching 46 per cent.
"What has been achieved in socio-economic development in 2011 is a solid foundation for the country to meet the socio-economic targets set for 2012" Dung said.
Dung and his ministers also reviewed the State budget for 2011 and discussed the budget for next year.
Minister of Planning and Investment Bui Quang Vinh said total budget revenues in 2011 have reached about VND 674.5 billion ($32.1 billion) – an increase of 13.4 per cent over targets – while spending totalled VND796 billion (nearly $38 billion). Outstanding public debt by late in the year stood at about 54.6 per cent of GDP, with foreign debt constituting 41.5 per cent of GDP.
Cabinet members and representatives from ministries, sectors and localities attending the meeting yesterday agreed that implementation of Resolution No 02/NQ-CP and Resolution No 11/NQ-CP in 2011 had been a success.
Dung asked them to further contribute their ideas for the Government's draft resolution to guide implementation of the national socio-economic development plan and State Budget for 2012.
The general objectives of the 2012 resolution would be to maintain a rational growth rate and restructure the economy with an emphasis on quality, effectiveness and competitiveness; to ensure social benefits and security while improving the people's standard of living; to consolidate national defence and protect national security as well as law and order; and to improve the performance of diplomatic efforts and international integration.
CPI to increase
The Consumer Price Index (CPI) this month is expected to surge 0.53 per cent over last month - and 18.12 per cent compared with the same period last year, said the Minister of Planning and Investment, Bui Quang Vinh.
Vinh said CPI had gradually decreased since the second quarter of this year. In the past four months, the increase was lower than 1 per cent.
This was due to drastic measures taken by the Government in curbing inflation to ensure market stability.
Statistics from the ministry indicate that total export turnover this year will reach US$96 billion, representing an increase of 33 per cent against last year. Import turnover is expected to hit $101 billion.
The growth of Gross Domestic Product (GDP) is forecast to be 5.9 per cent, lower than last year's 6.8 per cent.
Total rice productivity is expected to reach 42.2 million tonnes, 2.2 million tonnes higher than last year.
Total amount of aquatic products is expected to increase by 4.5 per cent against last year, while meat productivity is tipped to rise by 5 per cent over last year.
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