Vietnam PM Proposes Slashing GDP Growth to 7 per cent from 8.5 per cent-9 per cent

Vietnamese Prime Minister Nguyen Tan Dung on May 6 proposed at the opening working session of the National Assembly, the highest legislative body to cut the set economic growth target to 7 per cent from 8.5 per cent-9 per cent due to macroeconomic difficulties and the global economic slowdown, state media said.

 

Vietnamese lawmakers are awaiting effective solutions PM Dung will mention during the month-long session to curb soaring inflation, to stabilize the macroeconomy, ensure social welfare and a sustainable growth rate.

 

Vietnam’s economy grew 7.4 per cent in the first quarter this year, lower than 7.8 per cent in the first quarter in 2007, PM Dung told lawmakers, highlighting the main tasks will focus on curbing inflation, narrowing trade deficit reaching US$9 billion in the first quarter this year, the highest-ever.

 

The government will continue adopting the tightened monetary policy effectively, boost exports, tighten state management and restrict converting agricultural areas into industrial parks, tourism and golf projects to ensure the country’s food safety.

 

Vietnam’s consumer prices soared 21.4 per cent in April compared with a year earlier. (Government report)