Vietnam will continue tightening the monetary and fiscal policies in 2012, said the Deputy Prime Minister Vu Van Ninh at the opening government meeting on December 22.
These contents will be shown in the government’s resolution on measures to manage, direct and implement socio- economic development and state budget in 2012, Deputy Prime Minister added.
The targeted major economic indicators for 2012 including Gross Domestic Product (GDP) growth at 6-6.5%, Consumer Price Index (CPI) growth lower than 10%, export turnover growth at 13%, trade deficit about 11-12% of export turnover, investment capital for social development around 33.5% GDP have been built and put into draft of resolution, Ninh said.
In 2012, State Bank will continue to implement tight and prudent monetary policy, ensuring pro-activiness and flexibility, harmonious combination between monetary policy and fiscal policy. The Central Bank will direct and control to ensure credit growth in 2012 from 15 to 17% and total payment of 14 to 16%.
For fiscal policy, the Government will strengthen the management on collecting and cutting expenditure, reducing state budget deficit to under 4.8% GDP in 2012 and lower levels in subsequent years.
Together with the tightening of monetary and fiscal policies, the Government will also enhance controlling markets, prices, consistently implement comprehensive measures to encourage export, restrict import and trade deficit.
2012 will be a base year in implementation of economy restructure with three important breakthrough: investment restructure focusing on public investment, finance and banking system restructure focusing on commercial banks, corporate restructure focusing on state-own enterprises. Ninh stressed.
The world economy is forecasted to be in slow recovery and instability in 2012 the affects the domestic economy, Ninh said.