Vietnam to Boost Reserves for Sustainable Development Targets

Vietnamese Prime Minister Nguyen Tan Dung has just approved a new plan called the national reserve strategies by 2010 and orientations toward 2020, in a bid to support the country’s economic growth.

 

The government will tighten control over the use of national reserves to overcome negative effects for the country, such as natural disasters, epidemics and fluctuation of consumer goods.

 

Vietnam is set to double the national reserves of key goods such as foodstuffs and petroleum products and cash by 2010 and double those sources again by 2020, local Tuoi Tre newspaper said.

 

By 2010, annual food provisions per capital will be 4-5kg of rice, it noted. For petroleum products, the government will maintain national reserves at 300,000 cubic meters by 2010 and raise to 500,000 cu m by 2020.

 

Vietnam has set the target to develop its state treasury into a modern, sustained system by institutional reforms, training high-quality human resources and to build e-treasury by 2020.

 

The State Bank of Vietnam, the country’s central bank, recently bought in US$7 billion in cash to double its forex reserves, equivalent of 20 weeks of imports, and it set a target by 2010 to rein in the growing inflation fueled by increased monetary supply by foreign investments poured into Vietnam, Nguyen Dong Tien, deputy governor of SBV said.