Vietnam targets to pump VND21 trillion each month into the economy or 2 percent credit growth a month to push the economic growth, said Nguyen Xuan Phuc, deputy prime minister at the on-going Congress meeting.
The target was set in the context that in the first 6 months of this year the country’s GDP posted 4.31 percent growth while it targets 6-6.5 percent GDP growth for the whole year; total retail goods and service rose 20.3 percent, CPI rose nearly 3 percent ; deposit rate cap is cut to 9 percent and lending rate cap at 13 percent p.a. and credit growth falls in the first 5 months and only rose in June, money flows are heading to priotised sectors.
The country posted 20.8 percent growth in export in H1/2012 while trade deficit accounted for 2.9 percent export value, easing the balance of payment and forex pressure.
The new plan is expected to raise Vietnam’s credit growth to 12-13 percent this year, and the new money will boost economy demand, clearing enterprises’ inventories, the government report said.
Vietnam also commits to speed up privatisation of state-own corporation, restructure the banking system, regulates the economy focusing on stable development and higher competativeness.