General Secretary of The Communist Party of Vietnam Nong Duc Manh has just called on locals and businesses to further tighten belts by boosting savings, cutting non-urgent investment projects in line with government efforts to continue austere measures to curb rising inflation, which rocketed 26.8 per cent on year in June this year.
Party Chief Nong Duc Manh, one of the most powerful figures, emphasized at closing ceremony of the party plenum that Vietnam will further tighten monetary policy in combination with flexibly fiscal policy in the second half.
Manh also called for savings, cutting non-urgent investment projects, boosting exports, reducing trade deficit to curb inflation.
The Vietnamese party chief also requested removing unnecessary administrative procedures.
The government of Vietnam decided to hike prices of gasoline by 31 per cent to VND19,000 to slash huge cost of state subsidies and petroleum products rampant smuggling since the start of the year it has not raised prices of any items, Finance Minister Vu Van Ninh said.
Vietnam had subsidized VND14.5 trillion for petroleum products as it has no single oil refinery currently.
In the first six months this year, Vietnam had cut VND17 trillion investment projects, the Ministry of Finance said.
Prime Minister Nguyen Tan Dung has just recently signed a decision to increase supports for fishermen and their offshore fishing activities.
Minister of Agriculture and Rural Development Cao Duc Phat recently requested timely providing insecticides and supports for farmers in Mekong Delta, the rice basket of Vietnam.
The government of Vietnam has lowered the GDP growth rate to 7 per cent this year from 8.5 per cent-9 per cent this year, reduce credit growth rate to less than 30 per cent down from more than 50 per cent last year.
In the first half, Vietnam&rsquos economy grew 6.5 per cent. (Industry & Trade, VOV, VTCNews)
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