Vietnam capable of stabilising its economy

October 01, 2008, 14:29
Prime Minister Nguyen Tan Dung
The remark was made by Prime Minister Nguyen Tan Dung at a regular cabinet meeting held in Hanoi on October 1 to discuss measures to cope with the US financial market’s negative impact on the Vietnamese economy.

Judging from the US financial crisis, PM Dung said that the US financial crisis has negatively impacted economic growth in the US and around the world as well. For the time being, its economic downturn has negatively affected the Vietnamese economy, but not much.


Vietnam is fully capable of keeping its economic growth stable thanks to increased foreign currency reserves, strong domestic purchasing power and political stability.


In the face of the unpredictability of the US financial crisis, the Government leader asked ministries and sectors to effectively carry out eight solutions to curb inflation, stabilize the macro economy and work out specific plans to cope with possible negative impacts on the areas of their management.


It is imperative to double check deposits and investment capital at commercial banks and foreign organisations to avoid losses, said Mr Dung.

The State Bank of Vietnam (SBV) is required to follow with keen interest the fluctuations of the US dollar in order to manage the exchange rates in a flexible and proper way, and assess the investment and business operations of foreign banks in Vietnam.


The Ministry of Finance needs to strictly supervise the securities market’s activities to ensure the attraction of investment capital on a sustainable basis and assess the current financial status of financial organisations and investment funds.


Meanwhile, the Ministry of Industry and Trade should reconsider importers’ ability to make payments and to implement commitments while boosting production, business and trade activities and expanding export markets, said PM Dung.


The Government leader also requested ministries and sectors to coordinate more closely in dealing with unfavorable developments of the world economy, removing difficulties in production and accelerating the process of building important infrastructure projects.

In addition, media agencies should disseminate accurate information so as to maintain public confidence and lessen negative impacts on the national economy, the Prime Minister noted.




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