WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
Vietnam remains cautious about inflation risks: PM
Ngoc Mai 17:29, 2022/09/20
Economic resilience is essential for Vietnam to promote growth and keep inflation under control.

Vietnam aims to ensure macroeconomic stability and stands ready to address inflation risks for high economic growth, according to a prime ministerial directive issued recently.

 Production at Garment 40 company in Thanh Xuan District, Hanoi. Photo: Hai Linh 

Under Directive No.15, giving measures to promote economic development in a volatile world in the remainder of the year, the Government’s priority is to ensure financial resilience against global uncertainties and timely address any risks to the economy.

This year, Vietnam set the inflation growth target below 4%, while the consumer price index (CPI), the main gauge of inflation, expanded by 2.58% year-on-year during the eight months.

The directive also noted the necessity to maintain careful and flexible monetary policy management, focusing on tightening control of prices of strategic commodities, especially petroleum and gas products, to support supply and demand.

To ensure an independent and self-reliant economy with high economic growth, the prime minister assigned the Ministry of Planning and Investment to closely follow the global economic situation to timely adjust the Government’s policies and minimize potential impacts on the economy.

The Ministry of Finance is tasked with expanding the fiscal policy at a moderate pace with close association with monetary policy.

Chinh also asked the finance ministry to propose more measures to stabilize market prices of commodities; reduce costs for businesses and people, and strengthen supervision activities on the stock and corporate bond markets to address any violations of existing regulations.

The State Bank of Vietnam should monitor the foreign exchange market and credit growth to contain inflation and support growth.

“Commercial banks are expected to cut lending rates to share the burden of economic difficulties with the people and businesses, and channel credit into priority fields, rather than those with high risks,” stated the directive.

The Ministry of Industry and Trade is responsible for keeping sufficient supplies of essential commodities, including petrol products, and utilizing the petrol price stabilization funds to minimize impacts on economic activities.

Vietnam posted economic growth of 6.4% in the first half of 2022, higher than the 2.04% rate in the same period of 2020 and 5.74% in the first six months of last year. The Government anticipated the GDP growth to hit over 7% in the third quarter, helping the economic growth to exceed the 6-6.5% target for this year.

RELATED NEWS
TAG: Vietnam inflation Vietnam pham minh chinh Vietnam economy
Other news
22:03, 2024/11/13
Incheon-Hanoi conference marks milestone in tourism development cooperation
Hanoi and South Korea's Incheon aim to increase their visibility among Vietnamese and international travelers through a series of events to promote MICE (Meetings, Incentives, Conferences and Exhibitions) tourism and medical tourism to Vietnam.
14:21, 2024/11/12
Hanoi's businesses place focus on digital transformation
Businesses need to utilize digital technologies to streamline operations, increase efficiency, and provide greater value to customers.
03:04, 2024/11/08
Semiconductor market reaches $18.2 billion: SEMIEXPO Vietnam 2024
Vietnam a key player in tackling the challenges facing the global semiconductor supply chain.
15:52, 2024/11/07
Hanoi DigiTech 2024 connects businesses through digital products
The expo offers companies a chance to showcase their tech products and services while seeking strategic partners in e-commerce and digital technology.
14:56, 2024/11/07
Hanoi steps up investment promotion
Hanoi will continue promotion efforts with trade and tourism initiatives to achieve its investment attraction strategies.
15:17, 2024/11/04
Hiring multitaskers: Priority for Hanoi companies
Several sectors experience increased hiring demand in the remaining months of 2024