Vietnam Sets Measures to Bolster Macroeconomic Stability in 2011

The Vietnamese Government has announced seven major groups of measures to implement the socio-economic development plan for 2011, with a focus on boosting the country’s macroeconomic stability.

 

Curbing inflation, stabilizing local goods prices, narrowing trade deficit, improving the balance of payments, maintaining monetary market stability, reducing the state budget deficit, putting the public debts under control are included in the first group of measures.

 

In the second group, the government urged to continue economic restructure towards improving efficiency and competitiveness of the economy by developing infrastructure, ensuring sufficient power supply, and enhancing efficiency of local enterprises.

 

The other groups are to improve the quality of domestic labor forces and push up scientific and technological application; integrate sustainable poverty reduction and healthcare programs into the social security; and enhance capacity to prevent and cope with natural disasters and climate change.

 

The government asked to further accomplish legal system, promote administrative reform, improve the efficiency of state management, practice thrift, and strengthen anti-corruption works.

 

It also urged to intensify national defense security, maintain the social order, and improve the efficiency of foreign affairs.

 

In 2011, Vietnam targets the gross domestic products to increase between 7% and 7.5% while the consumer price index will rise less than 7%.

 

The country’s export revenues are expected to grow by 10%, with the trade deficit capped at below 18% of the total exports. State budget deficit and total investments for development, meanwhile, will be around 5.35% and 40% of the GDP, respectively.

 

This year is an important year for Vietnam because it will be the first year to implement the resolution of the 11^th National Congress of the Communist Party of Vietnam, the amended political program to build the country in the transitional period to socialism and the ten year social-economic development strategy (2011-2020) and the five-year development plan (2011-2015). (chinhphu.vn)