Thailand
Vietnam PM: Priority is to grow economy
HANOI: Vietnam needs to prioritise growing the economy with inflation under control and its export-dependent businesses struggling with declining orders, says Prime Minister Pham Minh Chinh during the government’s monthly meeting last Saturday.
Inflation in May quickened 2.43% from a year ago, the lowest level in 14 months, according to government data. But the government has reported further risks of a growth slowdown with exports contracting for a fourth month and a local property market facing a continuing crisis.
The government previously focused on curbing inflation over growth “in order to avoid impacts on citizens’ lives and that was the right decision,” Chinh said, according to a posting on the government’s website.
Chinh ordered ministers and central bank officials to prioritise policies to boost growth as businesses continue to struggle with reduced orders from overseas and cash flow problems.
The nation may see an improving economic picture in the second quarter, a separate government posting said. — Bloomberg