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Lawmakers target real GDP growth with CPI targets
06/08/2010 - 84 Lượt xem
National Assembly lawmakers Monday set a target band of 8.5-9.0 percent for real GDP growth.
The National Assembly (NA) approved a draft resolution on socio-economic development plans and another on the 2008 state budget with 89.45 percent of votes in favor. In the process, 2008’s target band for (nominal) gross domestic product (GDP) was set at 8.5-9.0 percent, or more.
NA Deputy Vo Hong Phuc, who doubles as Minister of Planning and Investment, said “Economic growth of 8.5 to 9 percent is quite reasonable and assures harmony between economic growth and environmental protection. But that the [change in the] Consumer Price Index (CPI) should be kept below seven percent, as proposed in the draft resolution, is rather infeasible. It would lead to more government price subsidies”.
In clarification, Mr. Phuc said, “The world’s gasoline price is increasing sharply, but has not changed in Viet Nam due to policies to curb CPI hikes and gas subsidies. Someone can thus profit by smuggling petrol out of Viet Nam, and they surely will. Meanwhile, the cost of subsidizing gasoline has climbed to some VND10 trillion [US$617 million]”.
Eventually, 61 percent of NA deputies agreed CPI growth (“inflation”) should stay below GDP growth, without putting forward a specific figure --that is, they voted for positive, not negative, “real” GDP growth, growth adjusted for inflation.
Legislators also approved an article on land certificates stating all certificates for land use rights will be granted by 2010.
Source: SGGP
