Vietnam Cuts US$2.18 Bln from Investment Projects to Curb Inflation
Vietnam has slashed VND36 trillion ( US$2.18 billion) from halting and cutting a total 3,000 projects with state-owned companies taking lead in the cut in an attempt to curb soaring inflation, the Ministry of Planning and Investment told a press conference July 23.
State-owned corporations have halted VND29.366 trillion projects, which is of great significance of the government-launched campaign to curb double-digit inflation, the state-run Nhan Dan (the People) newspaper quoted the ministry as noting.
Vietnam Shipping Lines Corp (Vinalines) and the Vietnam Shipbuilding Industry Group (Vinashin) are taking the lead by cutting VND6.2 trillion and VND6 trillion, respectively, the ministry said.
Banks loans invested by 15 state-owned corporations accounted for 52.9 per cent of their total investment figures, and making up 13.95 per cent of their total assets, which are at safe level, the ministry added.
Investments into securities, real estate and finance sectors accounted for 4.93 per cent of their total investment capital and represented 1.26 per cent of their assets.
Party Chief Manh recently called on locals and businesses to accept to further tighten belts to combat inflation after the government hiked 31 per cent prices of gasoline. (The People, VNA)
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