Inflation rate kept at 18.13 percent in 2011

The government’s efforts to stabilize the macro-economy and rein in inflation have paid off, with inflation falling to 18.13 percent this year, says Prime Minister Nguyen Tan Dung.

“We have succeeded in maintaining the macro-economic stability and bringing inflation under control,: Mr Dung told a government conference in Hanoi on December 22-23.

According to the PM, the consumer price index rose quickly in the first months of this year, but slowed down to below 1 percent in recent months, keeping the 2011 inflation rate down to 18.13 percent.

In addition, he said, Vietnam has maintained business production and ensured social welfare despite national and global complications.

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He pointed out challenges Vietnam faces in 2012 and said the key tasks are to continue to reduce inflation, stabilize the macro-economy and ensure social welfare.

Without bold measures put in place, high inflation is likely to return, affecting the macro-economic stability, warned Mr Dung.

He said Vietnam will strive to speed up economic reform and renew its growth model in 2012 aimed at achieving a GDP growth rate of 6-6.5 percent.

To achieve assigned tasks, the PM said, it is necessary to effectively implement monetary policies, strictly manage prices, ensure supply-demand balance and stabilize prices of essential goods.

PM Dung asked provinces and cities nationwide to keep the import surplus at less than 10 percent in 2012, equivalent to this year’s figure.