The Vietnamese government will make every effort to keep this year’s inflation at 11.75 percent, a similar level to last year, said Minister of Planning and Investment Vo Hong Phuc.

Speaking at the Vietnam Business Summit during the Asian Development Bank (ADB) 44 th Annual Meeting in Hanoi on May 3, Minister Phuc affirmed that the Vietnamese government’s top priority was to fight inflation.

According to the minister, the country’s CPI rose to 9.64 percent in the first four months of 2011, compared to a level of 7 percent set for the whole year, posing a big challenge for the country in curbing inflation in the remaining months of the year, especially in the context of complex developments in domestic and world prices.

“It requires a great effort by the Government,” Phuc stressed.

He said that due to high inflation, the Government defines this year’s GDP growth rate as 6.5 percent, slower than the initial target of 7-7.5 percent.

Explaining this issue, Governor of the State Bank of Vietnam Nguyen Van Giau said that almost all countries worldwide were facing difficulties when implementing their initial targets, which had been set before high farm produce price hikes, political unrest in Africa, and the occurrence of the earthquake and tsunami in Japan .

In early April, ADB forecast Vietnam’s inflation at 13.3 percent in 2011 while lowering the country’s GDP growth rate to 6.1 percent from a level of 7 percent it said in September, 2010./.