Dinar Daily
Welcome to Dinar Daily Discussions.

Logging in with your USERNAME allows you to participate in discussions, see what has recently been posted, and other options. Guests have limited abilities.

We are NOT a guru forum. We are a dinarian forum. The opinions expressed on the forum do not reflect the of opinion of Dinar Daily specifically, but rather reflect the views of the individual posters only.

Disclamer:

We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."




Join Us for Dinar Discussions and More -- We Keep it REAL
 
HomeSearchFAQLog inRegister
YOU MUST Sign in with your USERNAME to POST
Follow us on TWITTER
DINAR INFORMATION LINKS

PARTNER SITES
Key Words
Adam Montana, AdminBill, Benjamin Fulford, Currency Exchange, David Schmidt, Dinar, Dinar Guru, Dinar Recaps, Dinar Rv, Dinar Scam, Dr Clarke, Frank26, Gary Larrabee, Gurus, Guru Hunters, JerzyBabkowski, Kaperoni, Kenny, Monetary Reform, Mnt Goat, My Ladies, Okie, Poppy, RamblerNash, Ray Renfrow, Redenomination, Revaluation, Ssmith, TNTBS, Tnt Tony, WING IT, We Are The People, Willis Clark, WSOMN, Yosef, Zap
Share | 
 

 Vietnam foreign reserves to grow by $5 billion: PM

View previous topic View next topic Go down 
AuthorMessage
lexie
Elite Member
Elite Member
avatar

Posts : 1812
Join date : 2011-06-24

PostSubject: Vietnam foreign reserves to grow by $5 billion: PM   Sat Oct 15, 2011 11:52 am

October 14, 2011


Vietnam foreign reserves to grow by $5 billion: PM


Vietnam’s economy will grow by 5.9 percent this year and foreign reserves will increase by US$5 billion, Prime Minister Nguyen Tan Dung has said during a meeting on the country’s macro-economy in 2011.


Addressing the business community at the meeting, the Prime Minister admitted that the country’s economy is in difficulty but it has managed to gain considerable results.


He said economic growth in the first three quarters of this year was in an upward trend, and the full-year growth was expected to be 5.9 percent compared with the 6-percent target, which he said was “acceptable” amid economic difficulties.


As for the battle against inflation this year, Dung said the Consumer Price Index was under the government’s control and tended to gradually fall down.


Another good sign of the economic development, he said, was that the export turnover in the year to September rose by 34 percent over the same period last year, reducing the trade gap to below 10 percent from the 20 percent posted last year.


He affirmed that the exchange rate was under the flexible management of the State Bank of Vietnam.


“Another good point is that the balance of payment will post a surplus this year after two consecutive deficits,” the Prime Minister said.


“This will enable Vietnam to increase foreign reserves by $4-5 billion.”


According to the International Monetary Fund, Vietnam’s foreign reserves in the first half were recorded at around $13.5 billion.


Prime Minister Dung said Vietnam’s overspending this year was estimated at 4.9 percent, down by 0.4 percent compared with estimates.


He said overspending had dropped thanks to the increased budget collection.


As for the complaints that the budget collection of 25 percent of GDP was too high, causing difficulty to businesses, he affirmed that the rate was reasonable.


“The budget collection includes incomes from the land use right auction and crude oil exports.


“If these incomes are excluded, the tax collection only accounts for 15 percent of GDP, which is equal to the rate in the neighboring countries and does not hinder businesses,” he explained.


The Prime Minister also admitted that challenges and risks were still lurking ahead for the country’s economy.


He said despite the government and businesses’ efforts, only 1.55 million new jobs were created this year, failing to meet the target of 1.6 million.


“This is a weakness that we should improve as soon as possible,” he said.


http://www.vietfinancenews.com/2011/10/vietnam-foreign-reserves-to-grow-by-5.html



*****************
"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER, THE WORLD WILL KNOW PEACE"
Back to top Go down
View user profile
 
Vietnam foreign reserves to grow by $5 billion: PM
View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Dinar Daily :: OTHER INVESTMENTS :: OTHER CURRENCIES - DONG - ZIM - YUAN - etc-
Jump to: