Vietnam has reaped initial results from the macro-economic control measures and the economy will soonbe stabilized, said Vietnamese Deputy Prime Minister Nguyen Sinh Hung here Friday.
"Amid the declining world economy, rising petrol and food prices have resulted in high inflation rate and jeopardized the growth rates in many countries this year, including Vietnam," saidHung at the Second Vietnam Economic Forum.
The Vietnamese government has implemented a package of measuresto stabilize the economy, including strict currency regulatory measures, trade deficit control, public spending reduction and increasing support to ensure social security for the poor, he said.
"The measures undertaken by the government have proved fruitful," he said. The month-on-month CPI (Consumer Price Index) growth hasbeen lowered to 1.13 percent in July and 1.56 percent in August, compared with over three percent on monthly average in the first six months of the year.
The trade deficit in July and August stood at only 0.85 billion U.S. dollars each month, compared with 2.38 billion dollars each month in the first six months. The trade deficit for the first eight month of this year stood at around 16 billion dollars, said Hung.
Industrial production in the first eight months of this year grew by 16.3 percent, while foreign direct investment reached a record level of over 47 billion U.S. dollars in eight months, he said.
"From these initial results, I am confident that Vietnam will soon stabilize the economy and continue to gain the rapid and sustainable development in the coming years," he said.
The Forum is held by Vietnamese Ministry of Planning and Investment, Vietnamese News Agency and Asia News Network. With the theme of Sustaining the Growth, the forum drew 600 participants from home and abroad.