Business News
Vietnam aims at single-digit inflation after going double in 2011
Dec 23, 2011, 7:50 GMT
Hanoi - The Vietnamese government set a target of single-digit inflation next year after failing to contain price rises in 2011, news reports said Friday.
'We must try to keep the inflation rate below 9 per cent while maintaining growth of 6 per cent,' the Viet Nam News newspaper quoted Prime Minister Nguyen Tan Dung as saying Thursday at a cabinet meeting.
The government had wanted to keep inflation this year to 7 per cent, but the General Statistics Office said Friday that it hit 18.6 per cent, the highest inflation level in Asia, thanks to the rising prices for food, housing and transport.
This year was the second the government had failed to contain inflation to a single-digit figure. Inflation hit 11.8 per cent in 2010.
Government efforts to tackle inflation include plans to trim public investment and the budget deficit, boost domestic production and rebalance trade, but economists said the plans have had little effect.
Economic growth was forecast at 5.9 per cent this year, lower than the 6.8 per cent of last year.
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