Vietnam aims for single-digit inflation: official

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Vietnam's government has reaffirmed that it will take strong measures to keep inflation below 10 percent this year, a senior official said.

By the end of October, consumer prices had risen 7.58 percent over last December, and there is now pressure to achieve the original inflation target of 8 percent for 2010, Nguyen Xuan Phuc, Chairman of the Government Office, told the press on Saturday.

The government is making a coordinated effort to ensure a single-digit inflation rate, he said.

The government has ordered all ministries to tighten controls over prices and asked local media to maintain public confidence, Phuc said.

Speaking at Saturday's press briefing, Nguyen Ngoc Bao, head of the Monetary Policy Department, said both the dollar and gold prices increased in October due to fluctuations on the world market and psychological factors at home.

The government has decided to increase liqudity on the market by using its foreign exchange reserves, he said.

Vietnam's balance of payments will continue to improve in the remaining months of the year, Bao said. The State Bank of Vietnam will ensure enough capital for exporters to maintain high export growth, he added.

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