Government retains annual growth target of 6.5 percent

The Government has said it would persist in its efforts to attain a GDP growth rate of 6.5 percent set for the year.

The Cabinet in its monthly meeting on May 5

The statement is contained in a resolution issued by the Government on May 7 following its regular meeting for April where the annual targets were discussed and adjusted.
Key targets for the year are to curb inflation at 8 percent and reduce the budget deficit to 6 percent of the GDP.
The Government has asked the State Bank of Vietnam to take urgent and appropriate measures to reduce deposit interest rates to 10 percent and lending interest rates to 12 percent, and keep the exchange rate reasonable.
Drastic measures will be adopted to boost exports, monitor imports, and reduce the trade deficit to less than 20 percent of total export turnover, the resolution said.
Taxation policies and technical barriers will be adopted to limit import of non-essential goods and boost production and consumption of local goods, helping reduce the country’s balance of payments, it added.

By L.Nguyen – Translated by Hoang Yen

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