Prime Minister: Vietnam to Revise Down GDP Growth to 5 per cent in 2009
Prime Minister Nguyen Tan Dung told a first online cabinet meeting Monday that the government will possibly seek approval from the national assembly, the highest legislative body, to revise down GDP growth to 5 per cent for 2009 from the set 6.5 per cent.
PM Dung noted that due to impacts of the global downturn, Vietnam’s economy slowed to 3.1 per cent in the first quarter, the lowest pace over the past decade.
Tourism, industrial and service, exports, and FDI sectors had failed to reach the set targets in the period, Mr Dung said.
The government will also seek the national assembly approval to widen state budget deficit to 8 per cent of the country’s GDP as it needs more cash to stimulate consumption demand and to ensure social security, Mr Dung said.
Earlier, the World Bank and the International Monetary Fund revised down Vietnam’s GDP growth to 5.5 per cent and 4.75 per cent, respectively from 6.5 per cent and 5 per cent.
First Deputy Prime Minister Nguyen Sinh Hung assured at a business conference Vietnam’s economy will slow to 5 per cent to 6 per cent, to be led by rising domestic demand, state media said.
Vietnam’s National Assembly is scheduled to start a month-long working session from May 20. (Local sources)
Vietnamese
