Credit growth of credit institutions was quite positive at 5.04 percent at the end of the first quarter of this year, much higher than the 2.16 percent rise in the same period last year, the State Bank of Vietnam (SBV)’s Deputy Governor Dao Minh Tu said at the Government’s regular press conference in March.
The average consumer price index (CPI) in the first four months of this year inched up 0.89 percent from the same period last year, the lowest rise for the first four months of a year since 2016 and clearing the way for the country to achieve its goal of keeping inflation at below 4 percent for the year as a whole, according to an official from the General Statistics Office (GSO).
The average consumer price index (CPI) in the first four months of this year inched up 0.89 percent from the same period last year, the lowest rise for the first four months of a year since 2016 and clearing the way for the country to achieve its goal of keeping inflation at below 4 percent for the year as a whole, according to an official from the General Statistics Office (GSO).
Although many forecasts said that inflation would be controlled at less than 4 percent this year, economists recommended it was still important to pay attention to inflationary pressures.
Prime Minister Nguyen Xuan Phuc has called for the continued study of fiscal and monetary policies to stimulate the country’s economy while ensuring macro-economic stability and inflation control.
Vietnam recorded a year-on-year increase of 2.79 percent in the consumer price index (CPI) in 2019, the lowest level in the past three years, the General Statistics Office (GSO) said on December 27.
Deputy Prime Minister Vuong Dinh Hue stated that this year’s inflation is controllable, at 3.3 – 3.9 percent, while chairing a November 18 meeting on the recent surge in prices of pork, an essential foodstuff.
A CPI rise at three-year low during the first half of 2019 has greatly helped stabilise the macro-economy, promote economic growth and leave much room for inflation control for the remaining of the year, according to Deputy Prime Minister Vuong Dinh Hue.
The Government has affirmed its resolve to pursue the goal of macro-economic stability and inflation control while focusing efforts on addressing existing shortcomings and limitations in a resolution adopted at its regular meeting for May.
Deputy Prime Minister Vuong Dinh Hue required ministries, sectors and localities to control the consumer price index (CPI) between 3.3-3.9 percent in 2019 while chairing a conference of the National Steering Committee on Price Management in Hanoi on January 17.
Increases in environmental protection taxes on petroleum from the beginning of next year would weigh heavily on inflation, especially as fuel prices rise worldwide, according to the Vietnam Institute For Economic and Policy Research (VEPR).
Prime Minister Nguyen Xuan Phuc has reiterated the Government’s resolve to control inflation, noting that although the consumer price index (CPI) in July fell slightly from the previous month, the pressure for inflation hike remains considerable.
The Ministry of Finance (MoF) must apply measures to curb year-on-year inflation in 2018 at below 3.7-3.9 percent, said Deputy Prime Minister Vuong Dinh Hue.
Amid the complex world situation, Vietnam needs to push ahead with reforming policies and regulations to keep up with the development pace of the global economy, said Prime Minister Nguyen Xuan Phuc.
The Government is capable of curbing the 2018 inflation rate at less than 4 percent as set by the National Assembly, according to Deputy Prime Minister Vuong Dinh Hue.
The year of 2017 is considered a successful year in inflation control, as the average CPI increased 3.53 percent over 2016 and 2.6 percent compared to December 2016, fulfilling the target of keeping the rate under 4 percent for the whole year, said Director of the General Statistics Office (GSO) Nguyen Bich Lam.
It will be difficult to control the inflation rate this year at under 5 percent, many experts said, pointing to the relatively high consumer price index (CPI) during the first half of 2016.
President of the Asian Development Bank (ADB) Takehiko Nakeo has stated that the bank will continue providing preferential loans and technical support for Vietnam’s projects in the coming time.
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