Vietnam predicts GDP growth rate of 6.7 pct

03:41 PM @ Wednesday - 01 September, 2010
An apparent recovery trend that the national economy has shown in thepast eight months provides experts with the grounds to predict thatVietnam will achieve a GDP growth rate of 6.7 percent and rein ininflation to below 8 percent this year.

According to the General Statistics Office, the country raked in 44.5billion USD in export earnings in the past eight months, representing ayear-on-year increase of 19.7 percent and a three-fold rise over theyearly plan.

In the review period, the country attained anindustrial production value of over 504 trillion VND, showing a year onyear rise of 13.7 percent which surpassed the yearly plan.

Seeingthose positive signs and the recovery of the global economy, manycabinet members at their August meeting predicted that the country’s GDPwould reach 7.18 percent in the third quarter.

They forecastthat it would grow at 6.7 percent for the whole year, surpassing the 6.5percent goal targeted by the National Assembly.

There is afavourable development in the CPI, as it rose just 0.23 percent inAugust over July, constituting a low growth rate in the fifthconsecutive month. It rose just 5.08 percent compared with December,2009.

If CPI growth is maintained at this speed and grows 0.7percent a month from now to the end of this year, it is forecasted notto exceed 8 percent as set early this year.

Experts say in thisdifficult circumstance, reining in inflation is significant as it willenable policymakers to take bolder steps in managing the macro economyand make the life of people, especially low-income earners, more stable.

Tofulfill the yearly growth targets and deal with elements that can driveprices up in the remaining months of the year, including naturaldisasters, diseases, and fluctuations in the world market, PrimeMinister Nguyen Tan Dung has in the cabinet’s August meeting askedrelevant ministries, sectors and localities to continue providingbusinesses with the best conditions they can to boost their productionand exports and lure more local and foreign investment.

He alsoasked relevant agencies to intensify the management of prices, bank loaninterest rates and the foreign exchange rate and make adjustmentssuitable for actual needs./.

(Source: http://en.vietnamplus.vn)


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