Vietnam inflation cools in November to slowest this year

Picture courtesy of Vietnam News/Asian News Network

HANOI, Nov 29 (Bloomberg): Vietnam reported its slowest inflation this year while exports rose in November even as the coronavirus pandemic continues to hinder trade activity, according to the General Statistics Office in Hanoi.

Consumer price gains slowed for a fourth month to 1.48% year-on-year in November on declines in fuel, travel and transportation costs, data from the statistics office showed. Trade surplus was estimated to have narrowed to $600 million this month, it said.

Exports climbed 8.8% in November compared to a year ago. For January-to-November, exports increased 5.3%, boosting the country’s trade surplus to a record high of $20.1 billion for the period. Imports rose 13.4% in November from a year earlier.

Earlier this month, Vietnam joined 14 other countries, including China, Japan and South Korea, in signing the Regional Comprehensive Economic Partnership, the world’s biggest trade deal.

RCEP will create a large market for Vietnamese exports and help Vietnam lure more foreign investment, while enhancing policies to boost export-oriented production, Trade and Industry Minister Tran Tuan Anh said in a posting on the government’s website.

The International Monetary Fund said Nov 17, after consultations with Vietnamese leaders, that Vietnam’s economy is expected to grow 2.4% this year, with its growth rate "among the highest in the world thanks to its decisive steps to contain the health and economic fallout from Covid-19”.

Earlier this month the National Assembly approved the cabinet’s 2021 economic growth target of 6%, with an inflation target of 4%.

National Security Adviser Robert O’Brien said Vietnam must curb illegal re-routing of Chinese exports and purchase more US goods to avoid punitive American tariffs. - Bloomberg
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