Inflation shouldn’t pass 10%, says vice finance minister

15-Aug-2007 Intellasia | Lao Dong | 6:40 AM Print This Post

Vietnam’s consumer price index (CPI) this year could not exceed 10%, the vice finance minister Tran Xuan Ha said at a recent press meeting held in Hanoi yesterday. At the meeting, the vice minister stated that a high inflation was due to increasing global prices and sharply soaring domestic demand on occasion of Lunar New Year (Tet) and many festivals by the year early that caused a rise in prices of consumer goods such as food, tourism services and entertainment costs.

In addition, during the first seven months of this year, the state adjusted petrol prices twice, hiked prices of electricity and coal. However, according to the minister, such a high inflation at the moment is controllable.

Answering public questions concerning economists’ forecast that Vietnam’s inflation for the whole year is not likely to be under 10%, whether the government could control or banks would adjust deposit rates in the next time or not, Ha expectedly said that the finance ministry is launching effective measures to control inflation based on current figures and data so the country’s CPI could not surpass 10% this year.

The vice minister of industry and commerce Le Danh Vinh stated at the meeting that the ministry was ordered to promote production, goods circulation, market monitoring and pricing speculation prevention.


Category: Economy

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