>> PM: Vietnam aims for average GDP growth of 7%
>> Minister: Vietnam sets inflation target at 11.75% this year
>> ADB: Vietnam must avoid “average-income trap”
Vietnam can curb inflation this year if the country successfully implements Resolution 11, said the president of the ADB Haruhiko Kuroda.
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| ADB President Haruhiko Kuroda |
At a press conference during the 44th Annual Meeting of Asian Development Bank (ADB)’s Board of Governors, the president said that Vietnam, like other countries, has been affected by the global economic changes such as higher prices of food, oil and consumer goods. But, he said, the country has issued policies to tame inflation and stabilise the economy.
“I do not think that Asia will see hyperinflation because flexibility in monetary policies will help the region ease inflation,” he noted.
According to the president, the focus of this year’s ADB meeting is inflation, sustainable economic growth and environmental protection.
ADB will fund USD2 billion for “green energy” development programme in Asia. The bank will also assist renewable energy development in the region. ADB has supported solar energy projects in India and China, wind-to-power projects in Thailand and many other power projects in developing countries, including Vietnam, Kuroda said.
Vo Hong Phuc, Minister of Planning and Investment, said the Government of Vietnam is making efforts to keep 2011 inflation at last year’s level of 11.75%.
The country targets average annual GDP growth at 7% for the next five years.
