Vietnam will have tight fiscal and monetary policies to
fight inflation this year, while advancing a restructuring plan to enhance the
efficiency and competitiveness of the economy, the government said.
The country will use a “tight,
cautious, flexible” monetary policy and “tight, effective” fiscal measures in
2012, according to a resolution posted late yesterday on the government’s
website. It will also intensify monitoring of domestic markets and prices,
according to the resolution.
Vietnam in February last year
unveiled measures including lowering credit growth and budget-deficit targets
as policy makers tried to slow the pace of price increases. The International
Monetary Fund and the World Bank in December said the nation may undermine
progress toward economic stability if it loosens monetary policy too soon.
The resolution “suggests that
managing macro stability remains the main objective of policy makers,” Prakriti
Sofat, a Singapore-based economist at Barclays Capital, said in an e-mail.
“More is needed to strengthen the economic structure by increasing
privatization of state-owned enterprises, consolidation in the banking sector
and more efficient state investment,” she said.
The Ministry of Planning and
Investment will study and complete in the first quarter a plan for investment
restructuring, in which state capital will be focused on key infrastructure
projects, according to the resolution.
The dong was little changed at
21,031 per dollar as of 12:10 p.m. local time, according to data compiled by
Bloomberg. The benchmark VN Index (VNINDEX) of stocks closed down 0.3 percent.
Bloomberg
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