Inflation rate to rise

(VOV) -The Ministry of Finance has warned Vietnam’s inflation rate could rise during the last months of 2013, compounded by the bad debts of credit organisations destined to remain outstanding.

The MoF said October’s consumer price index (CPI) rose 0.49% above the previous month, 5.14% higher than last December and representing a year-on-year increase of 5.92%.

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The ten-month CPI is now 6.74% higher than the corresponding period in 2012.

October’s US$11.7 billion export turnover, a4.6% improvement, brought the year’s total export revenue to US$108 billion or 15.2% higher than the first 10 months of 2012.

October imports were valued at US$11.9 billion, up 5.6% from September. The cumulative US$108.2 billion total is 15.2 percent higher than a year ago.

As many as 1,050 foreign direct investment (FDI) projects have been licensed since the beginning of 2013, representing additional investment ofUS$19.2 billion, up65.5% on 2012 levels. Disbursed investment has reached US$9.6 billion so far this year, up 6.4% from a year earlier.

The VND71,640 billion state budget revenue, 35.7% higher than September, pushed the ten-month total to VND618,290 billion or 75.8% of the annual revenue target.

The Ministry is confident that macroeconomic stability will be maintained, interest rates will fall, and foreign exchange rates will remain controlled.
Exports are expecting higher rates of growth, while social welfare and security will be protected despite the forecast challenges.

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