Vietnam gov’t confident inflation can be kept under 7 percent

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The government is taking coordinated measures to maintain economic stability and there are grounds to forecast inflation would be contained at under 7 percent this year, Finance Minister Vu Van Ninh said.

Containing inflation is one of the most important tasks for this year, Ninh said, noting that increasing demand for materials and growing budget deficits around the world could increase inflationary pressures.

Fiscal and monetary policies will be implemented in a flexible and cautious manner to make sure economic growth is stable, he told local news website VnExpress Monday.

The government will limit growth in both credit and money supply, he said. Vietnam has set a 28 percent growth target for money supply this year and a credit growth target of 25 percent.

Consumer prices rose 7.62 percent year-on-year in January, official figures showed. Vietnam successfully beat its annual inflation target of 7 percent in 2009, keeping inflation down to 6.52 percent, Ninh said.

Source: Thanh Nien

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