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Tag Archive for ‘Inflation’

Hanoi’s GDP Growth Expected At 8.1pct

The gross domestic product (GDP) of Vietnam’s capital city of Hanoi is forecast to grow 8.6% in the fourth quarter of this year, local media reported Monday, citing the municipal government at a meeting on Nov 9 but giving no on-year comparison. This will be the highest growth rate compared to 7.3% in the first […]

Vietnam NA Thumbed-Up 2013 Targets

A national plan for Vietnam’s socio-economic development for next year has taken shape. The National Assembly last week adopted a resolution on this plan, with 457 out of 459 delegates at the gathering agreeing on it. Despite some hiccups, Vietnam’s growth fundamentals remain in place – illustration photo The resolution said the overall target of the government’s macro-economic monitoring for 2013 was “strengthening the stabilization of the macro-economy, curbing inflation at a rate lower than in 2012 and achieving an economic growth rate higher than in 2012.” Specifically, the economic growth rate is expected to grow about 5.5 per cent, while the consumer…

Vietnam Lawmakers Demand Further Spending Cuts

Profligate government to blame for Vietnam missing deficit target, not lower budget revenues Construction workers build a bridge in Hanoi. Legislators say the government should reduce unnecessary spending and save money for important infrastructure projects. Photo: Reuters Vietnamese legislators are holding the government squarely responsible for the budget deficit exceeding the annual target this year, saying the primary factor is a lack of fiscal discipline. The state budget deficit as of mid-October was estimated at VND155 trillion (US$7.4 billion) by the General Statistics Office. That is 10.7 percent higher than the target for the whole year approved by the National…

Vietnam: Keeping inflation below 8pct in 2013

It requires constant efforts in the next 10 years to contain inflation, stabilise macro-economy, and build a firm foundation for growth. * Inflation rates should be kept at 8 percent: PM * September inflation causes concern * Keeping credit growth in harmony with inflation This was emphasized by the National Assembly in its newly adopted […]

Vietnam’s Bank Chief To Be Queried Over Irresponsible Comment

Nguyen Van Binh, governor of the State Bank of Vietnam, has received 361 requests from National Assembly delegates to make a formal explanation on Tuesday over a statement he made last week. With such number of requests, Binh is the Government member having received the most questions after stating “as the governor of the State Bank of Vietnam, I could not promise anything about the handling of non-performing loans (NPL), or bad debt,” in a National Assembly (NA) meeting…

Bloomberg: Challenges China’s New Leadership Faces

On Friday, I was on Bloomberg TV talking about China’s latest economic data for October (at the time of my interview, only the inflation figures had been announced), and some of the key challenges facing China’s ruling party as it begins its once-in-a-decade leadership transition.

Vietnam’s growth to slow down, so as inflation: HSBC

As the local economy is expected to growth at a modest rate of 5.3 percent in 2013, the annual inflation will be at around 7-8 percent, according to the latest report from Hong Kong and Shanghai Banking Corp (HSBC). Vietnam’s gross domestic product (GDP) has decreased significantly over the past few years, said HSBC’s November macroeconomic report. The country’s economic growth target would be 5.5 percent and inflation at 7-8 percent in 2013, according to the recent economic plan for 2013 submitted by the government to the National Assembly. However, potentials are still there, as the latest survey on the business…

Vietnam NA wants gold market stability

HANOI – Shortcomings in management and stabilization of the gold market should be remedied next year so that local and global gold prices can match and legitimate interests of citizens can be protected, says a resolution passed by the National Assembly (NA). The NA on Thursday gave the nod to the resolution on a socio-economic […]

Vietnam shares rally at end of session

HA NOI (VNS)– Share movements yesterday were mostly unchanged from Thursday, with indices increasing towards the end of the session. The stock market may have been boosted by the National Assembly’s economic indicators for next year, which were released on Thursday. They focus on curbing inflation at around a single digit level and encouraging higher growth than this year. Specifically, the growth rate of the country’s gross domestic product (GDP) is targeted to reach 5.5 per cent, while the consumer price index is aimed at 8 per cent. Additionally, the limits for the budget deficit and…

Gold tax in Vietnam won’t stop hoarding, experts say

An employee weighs gold rings at a jeweler’s in Hanoi. Vietnam’s central bank said last week that the government should consider levying a special consumption tax on gold. Photo: Reuters Experts say the central bank’s plan to impose a luxury tax on gold will not stop the public from hoarding the precious metal. They warn that such a move could in fact bring even more chaos to a market already fraught with dodgy practices and policy uncertainties. The State Bank of Vietnam said last week that even though the government will not ban gold holdings, it is necessary to restrict…