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Vietnam’s Prime Minister has called for measures to bring down soaring prices and get interest rates under control.
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PM emphasises that participation from all is important (Photo: Chinhphu.vn) |
PM Nguyen Tan Dung said the moves are necessary to ensure national macroeconomic targets for 2011.
Dung addressed the issue at a recent cabinet meeting to discuss measures for the implementation of economic goals that have been set for the year.
He stated that the current high interest rates may restrain the target GDP growth of 7.5% for 2011.
Dung said that he aims to, “Use tools to lower prices without raising interest rates,” adding that, “Banks must resist the temptation to raise interest rates.”
Dung stressed the importance of public participation, from grass-roots to the central levels, in realising the socioeconomic targets for 2011, and of scrutinising the weaknesses of 2010 - despite the fact that the national economy expanded by 6.78% last year.
According to Dung, major weaknesses included rising crime, traffic accidents, wastefulness and corruption in the realty sector.
He also expressed concern over ineffectiveness of management in both the private and public sector, as well as dishonest business practices by foreign investment firms who falsely declare losses to evade taxes.
He worried about loose management over construction and investment as it seems that more investments have been poured into energy-costing industries such as steel in recent years. This has occurred even though the steel industry posted export revenues of nearly $1 billion in 2010 and its energy consumption accounts for half of the local demand.