Vietnam successful at controlling inflation, increasing exports in 2013

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Vietnam succeeded in curbing inflation and increasing exports in 2013, according to data presented at an online government conference Monday.

In a report submitted to the government, Bui Quang Vinh, minister of planning and investment, said prices this year rose to a decade low of 6.04 percent compared to the target of 8 percent and lower.

Last year inflation was 6.81 percent.

Data compiled by the ministry showed that exports have reached an estimated US$132.2 billion year-to-date, a 15.4 percent increase, higher than the year's targeted 10 percent.

Meanwhile, the ministry estimated GDP at 5.42 percent, lower than the 5.5 percent the government had hoped for.

Vinh said the growth pace was appropriate amid the sluggish global economy and given the country's prioritization of inflation control and economic stability.

At the meeting, deputy prime minister Vu Van Ninh pointed out that the economy still had challenges, such as making bank loans more accessible to businesses, bringing down the level of bad debts, and balancing the state budget.

However, Ninh said he saw positive signs in that the country's tax collection had improved.

Many locales including Ho Chi Minh City, Hanoi, and Binh Duong had met their tax revenues for the year, he said without going into detail.

According to the Ministry of Finance, the government earned $25.74 million in revenues over the first nine months.

That represented less than 70 percent the year's target while the figure had had already hit 80 percent at the end of the same period in the recent years.

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