Macro-economic stabilization and inflation curbing-top goals for 2012

The overall regular meeting of the Government, February 4, 2012 - Photo: VGP

The statement was made by PM Nguyễn Tấn Dũng at the Government’s regular meeting held on February 4.

January’s facts and figures

January’s consumer price index increased 1% in comparison with the previous month, the lowest figure within the recent three years (1.36% in 2010 and 1.37% in 2011), the Government said.

The total export and import turnover in the reviewed period is estimated at US $6.5 billion and US $6.6 billion, respectively, equal to 88.9% and 81.3% against the same period last year. Meanwhile trade deficit only accounts for 1.5% of the total export value.

The total production of aquaculture reached 364,000 tons, an increase of 2.2% against the same period last year.

The total revenue of retail sales of goods and services remarkably rose 22% compared to the same period of 2011. The number of foreign visitors to Việt Nam is estimated to climb up 8.9%.

In the time to come, many of the Cabinet members said central agencies and localities should focus on removing obstacles against businesses, particularly small and medium-sized enterprises; encourage and support credit institutions to prioritize capital to agriculture, rural development, export products; and reduce interest rates.

Regarding the interest rates, Governor of the State Bank of Việt Nam Nguyễn Văn Bình revealed that agriculture; rural development, export businesses, auxiliary industry and small and medium-sized enterprises are four main sectors to receive preferential interest rates in 2012.

Goals of 2012: Stabilizing macro-economy and curbing inflation

Concluding the meeting, PM Dũng noted that the national economy was performing well, however, industrial production, export, investment, and purchasing power slowed down in January.

The Government chief warned that the global economic outlook would still be complicated in 2012, thus, he urged inferior levels to prioritize macro-economic stabilization and inflation curbing.

For macro-economic stabilization, PM Dũng stressed that the State Bank of Việt Nam and relevant agencies must strive to keep inflation rate at one digit this year.

Regarding production development, PM Dũng requested ministries, agencies and localities to spur production, particularly agriculture production, create jobs and secure social welfare and food security.

The PM also asked inferior levels to accelerate administrative reform and fight corruption.

By Thùy Dung