cautious monetary polices,

er prices for education services, food and foodstuffs, and housing and building materials, the General Statistics Office said in a statement.



From a month earlier, the February index rose 2.1%, the fastest on-month rise since June 2008. The figures are based on the first 23 days of the month. In January, the index rose 12.17% on year, and was up 1.74% from the previous month. The government is aiming to cap inflation at 7% for the whole of this year. "This target is looking hard to reach now, with the price of electricity to be raised by more than 15% from March," a Hanoi-based trader said, adding that prices of oil products and coal are also expected to rise in the near term. Local medIa also cited Mr. Giau as saying that the premier has agreed to trim this year's credit growth target to below 20% from 23%, as well as to limit the budget deficit to 5% of gross domestic product and cut the government's regular expenditure by 10% this year.



Vietnam to cut money supply growth to 15-16 pct -govt

Reuters 24 February 2011



Vietnam will cut money supply (M2) growth to 15-16 percent this year from an initial target of 21-24 percent, the government said on Thursday, part of a series of steps to curb double-digit annual inflation. The new target was one of seven measures the government approved on Thursday to stabilise the economy, ensure social welfare and restrain prices, the government said. "Containing inflation is the first and consistent priority of the government and local authorities," an online report of the Vietnam Economic Times newspaper quoted Deputy Prime Minister Nguyen Sinh Hung as saying.



Inflation in Vietnam, by far the highest in the region, has been in the double-digits for four months and economists say it may remain high despite recent steps by the authorities to try to relieve pressure. February's annual inflation hit a two-year high of 12.31 percent, adding urgency to government efforts to stabilise the ailing economy. Petrol distributors raised retail prices by up to 24 percent on Thursday, one day after Prime Minister Nguyen Tan Dung approved a plan to increase average electricity prices by 15.28 percent from March. The government said in a document outlining the seven new policy steps it would apply tight and cautious monetary polices, including slashing credit growth to below 20 percent from 23 percent. It aims to monitor foreign exchange market flexibly while strengthening management measures to utilise U.S. dollars held by people, businesses and banks.



The government also plans to bring total investment to 38-39 percent of the gross domestic product from 41 percent, the Vietnam Economic Times cited Hung as saying. Other measures, including bringing the trade deficit to below 16 percent of total exports from 18 percent, slashing the budget deficit to under 5 percent from a target of 5.3 percent and cutting goverment spending by 10 percent, are included in the package.
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Vietnam will cut money supply (M2) growth to 15-16 percent this year from an initial target of 21-24 percent, the government said on Thursday, part of a series of steps to curb double-digit annual inflation. The new target was one of seven measures the government approved on Thursday to stabilise the economy, ensure social welfare and restrain prices, the government said. "Containing inflation is the first and consistent priority of the government and local authorities," an online report of the Vietnam Economic Times newspaper quoted Deputy Prime Minister Nguyen Sinh Hung as saying.

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