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 VIETNAM - Minister confident on outlook for 2012

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PostSubject: VIETNAM - Minister confident on outlook for 2012    Thu Dec 29, 2011 5:29 pm

December 29, 2011

Minister confident on outlook for 2012

Managing tight monetary and financial policies to reign in inflation remained a key task for 2012, Minister of Finance Vuong Dinh Hue has said.

Hue said this was being done to stabilise the macro-economy while helping enterprises overcome their difficulties.

At a press conference earlier this week, Hue said that if the situation warranted, the ministry would ask the Government to delay and exempt tax for enterprises as it did this year.

"However, help for enterprises must have minimum impact on inflation control," he said.

As for the price of essential products, including electricity, coal, petrol and public services, the minister said market principles would prevail.

"If we fail to manage prices well, there is a danger of recurring price hikes," Hue said. "That is why price inspections are extremely important."

He added that inspections and auditing would largely focus on the Viet Nam National Petroleum Corporation and Viet Nam Electricity - and that any adjustments would be made in conjunction with supportive measures for the poor.

On restructuring the economy, Hue said work must be done on public investment, especially in State-run groups and corporations.

Other areas of concern were commercial banks, the stock market, insurance and capital, and the financial autonomy of public non-business entities.

"The ministry has completed the drafting of a project on restructuring State-run enterprises. It received ideas from the Government before submitting the outline to the Party Central Committee and Politburo for approval," he added.

Hue said he hoped the quality of commodities on the stock market would improve thanks to the acceleration of the equitisation of major State owned enterprises (SOEs), and that short and long-term measures for the stock market would soon be announced soon.

"I believe that when the macro economy improves and measures for the stock markets are applied, the market will overcome the difficulties and continue to revive and develop in 2012," the minister said.


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