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An apparent recovery trend that the national economy has shown in the past eight months provides experts with the grounds to predict that Vietnam will achieve a GDP growth rate of 6.7 percent and rein in inflation to below 8 percent this year.
According to the General Statistics Office, the country raked in US$44.5 billion in export earnings in the past eight months, representing a year-on-year increase of 19.7 percent and a three-fold rise over the yearly plan.
In the review period, the country attained an industrial production value of over $504 trillion, showing a year on year rise of 13.7 percent which surpassed the yearly plan.
Seeing those positive signs and the recovery of the global economy, many cabinet members at their August meeting predicted that the country’s GDP would reach 7.18 percent in the third quarter.
They forecast that it would grow at 6.7 percent for the whole year, surpassing the 6.5 percent goal targeted by the National Assembly.
There is a favourable development in the CPI, as it rose just 0.23 percent in August over July, constituting a low growth rate in the fifth consecutive month. It rose just 5.08 percent compared with December, 2009.
If CPI growth is maintained at this speed and grows 0.7 percent a month from now to the end of this year, it is forecasted not to exceed 8 percent as set early this year.
Experts say in this difficult circumstance, reining in inflation is significant as it will enable policymakers to take bolder steps in managing the macro economy and make the life of people, especially low-income earners, more stable.
To fulfill the yearly growth targets and deal with elements that can drive prices up in the remaining months of the year, including natural disasters, diseases, and fluctuations in the world market, Prime Minister Nguyen Tan Dung has in the cabinet’s August meeting asked relevant ministries, sectors and localities to continue providing businesses with the best conditions they can to boost their production and exports and lure more local and foreign investment.
He also asked relevant agencies to intensify the management of prices, bank loan interest rates and the foreign exchange rate and make adjustments suitable for actual needs.
