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Posts Tagged ‘stabilize’

Zoellick: G20 must act to stabilize food prices

In Uncategorized on January 8, 2011 at 4:12 am

Free markets rather than protectionist polices are the solution to volatile food prices and the G20 should take steps to prioritize the provision of food for the poor, World Bank President Robert Zoellick said.

“The answer to food price volatility is not to prosecute or block markets, but to use them better,” Zoellick wrote in an opinion piece in Thursday’s Financial Times urging G20 leaders to put access to food at the top of its agenda.

“By empowering the poor the G20 can take practical steps toward ensuring the availability of nutritious food,” he wrote.

French President Nicholas Sarkozy will take the presidency of the G20 in 2011. In his column Zoellick set out nine action points to make sure the poorest have access to food. Such steps were needed to ensure global growth and stability, he said.

Food prices hit a record high last month, outstripping levels that prompted riots in 2008 and key grains could climb even further as weather patterns give cause for concern, the UN’s food agency said on Wednesday.

Zoellick said more work was needed to understand the relationship between international prices and local prices in poor countries. In Cambodia the local price of rice has risen by a quarter since mid-2009, while international prices have shed 15 percent.

“Factors such as transport costs, crop types and exchange rates can mean that local prices are delinked from international prices,” he wrote.

“Work could target first those commodities and countries that are most at risk from volatility.”

He also called for an international code of conduct to exempt humanitarian food aid from export bans.

Export restrictions make food price volatility worse. Ideally, countries would not impose any export bans; in 2011 they should at least agree that food for humanitarian purposes be allowed to move more freely,” he wrote.

Other steps include improving supply transparency and long-weather forecasting, creating small humanitarian reserves in disaster-prone regions and providing alternatives to export bans and price fixing.

Risk management products, such as weather insurance or a hedge on energy prices to keep transport and input costs low, should also be considered, he said.

Source: SGGP

VN continues to stabilize macro-economy, curb inflation

In Uncategorized on January 8, 2011 at 4:06 am

Deputy Prime Minister Nguyen Sinh Hung has stressed macro-economic stability and inflation curb as first, leading and consistent goals for next year.

The garment and textile sector is one of Vietnam’s key sectors (Photo: SGGP)

“This is the Government’s managing message,” the Deputy PM said at a Government conference on the implementation of the National Assembly’s resolution on socio-economic tasks and State budget for 2011 in Hanoi on Dec. 30.

Next year, he said, efforts must be made to renew growth model, step up economic restructuring, ensure social security and sustainable poverty reduction, improve people’s material and spiritual life, maintain national defense, security, social safety order as well as raise Vietnam’s position in the international arena.

In 2010, Vietnam reached targets and obtained great achievements in the context of difficulties and changes, Deputy PM Hung said, adding that the achievements and efforts of the political system helped Vietnam escape from the status of poor country and become a mid-income one.

The conference with localities, chaired by Prime Minister Nguyen Tan Dung, analysis and reviewed the outcomes and implementation of resolutions on measures to ensure macro-economic stability, curb high inflation and obtain economic growth rate of 6.5 percent in 2010.

Participants to the conference agreed that the national economy has recovered remarkably thanks to the Government’s effective management and drastic measures.

Minister of Planning and Investment Vo Hong Phuc also attributed synchronous and effective implementation of the government’s solutions to the country’s economic recovery, high growth rate and improvement of business environment.

Regarding price and commodity management and control, Finance Minister Vu Van Ninh said his ministry and the Ministry of Industry and Trade adjusted prices of electricity, petroleum in line with the market price roadmap.

Governor of the State Bank of Vietnam (SBV) Nguyen Van Giau briefed flexible and careful control of the monetary policy in order to keep growth rates of means of payment at 20 percent, credit at 25 percent, interest and exchange rate as at level as conditions and goals of the macro-economy.

Source: SGGP

Bank sector joins in to stabilize prices

In Uncategorized on December 16, 2010 at 10:04 am

The State Bank of Vietnam’s Governor Nguyen Van Giau, on Wednesday ordered that all the bank’s branches follow Prime Minister Nguyen Tan Dung’s instructions. That is to stabilize prices during the upcoming Tet holidays.

(Photo: VnExpress)

The governor asked them to ensure safe ratios in their operation, as sanction in two circulars issued in May and September this year.

Branches of the State Bank should effectively carry out currency and credit measures, that the bank instructed in November, to stabilize prices and the macro economy.

They should monitor interest rates and lending activities and make certain they are legal and in accordance with policies of the government, and the Vietnam Banking Association.

Additionally, the credit organizations’ loans should have priority for agricultural production, rural development, natural disaster recovery, exports and commodity stockpiling during the Tet holidays.

Moreover, they should sell foreign currencies to businesses, for the import of necessary goods, and implement other measures to stabilize the foreign exchange markets. They have also been asked to monitor and forecast changes in the international gold price and domestic supply to rationally import the metal.

The State Bank’s branches should monitor credit organizations to ensue their mobilization and the lending of gold, matches the criteria set out in the governor’s circular in October. Any violation from the guidelines will be monitored.

Source: SGGP

Strong measures taken to stabilize prices

In Uncategorized on November 14, 2010 at 2:29 pm

PM spells out measures to stabilize prices in rest of 2010

In Uncategorized on October 14, 2010 at 2:26 pm

Prime Minister Nguyen Tan Dung October 11 ordered ministries, relevant agencies and people’s committees to adopt measures to stabilize prices and the market in the last months of the year.

Shoppers at Ben Thanh Market in Ho Chi Minh City during Tet (Photo: SGGP)

He said the rest of the year might see difficulties in production funds, power supply, demand and supply as well as prices of essential goods. 
To ensure this year’s economic growth rate of 6.5 percent and consumer price index of 8 percent, measures to stabilize the macro-economy and boost production have to be implemented drastically, he added.
He said ministries of Industry and Trade, Agriculture and Rural Development, Health, and Construction have to complete and announce their plans for developing production and distribution systems of staple goods including petrol, fertilizer, construction steel, cement, food, and medicine in the fourth quarter at the latest.
The Ministry of Industry and Trade was ordered to check production capacity and supply system to formulate concrete plans to ensure sufficient supplies of essential goods and services for production and consumption until the first quarter of 2011 and especially during Tet (lunar New Year) 2011.
The Ministry of Finance was asked to order relevant agencies to control pricing factors, determine prices of essential goods, and keep prices of power and coal sold to producers of cement, fertilizer and paper stable.
PM Dung ordered the State Bank of Vietnam to introduce appropriate policies to enable commercial banks to withdraw money from circulation quickly, thus it will help reduce pressure of price hikes, especially in the end of the year when big money will be needed for payment of projects and bonuses.   
The Ministry of Agriculture and Rural Development was asked to steer food companies to supply sufficient foods, keep prices stable, and organize distribution systems in industrial parks, and residential and flood-hit areas.  

Source: SGGP

Capital investments help stabilize foreign exchange market

In Uncategorized on July 1, 2010 at 10:27 am

Capital investments help stabilize foreign exchange market

QĐND – Tuesday, June 29, 2010, 20:42 (GMT+7)

The inflows of overseas remittances and foreign indirect investment (FII) into Vietnam have increased in the first half of this year, raising the supplies of foreign currency in the market.

In the first six months, the total overseas remittances to the country are estimated at US$3.6 billion. According to statistics from the State Bank of Vietnam, the inflow of overseas remittances to Vietnam in the first quarter of the year was estimated at US$2.05 billion, up 30.5 percent compared to the same period last year.

Vietnam’s stock market has also showed signs of recovery, attracting almost US$350 million in FII.

The SBV said that the increase is attributed to the recovery and green shoots of the national economy.

The SBV added that the remarkable increase in overseas remittances and FII have helped to stabilize the foreign exchange market, keeping the US$/VND exchange rate at commercial banks below the ceiling rate since April 2010.

Source: VOV

Source: QDND

HCMC to provide $23mil loan to stabilize food prices during Tet

In Vietnam Economy on October 22, 2009 at 6:05 am

HCMC to provide $23mil loan to stabilize food prices during Tet

QĐND – Wednesday, October 21, 2009, 20:7 (GMT+7)

The Ho Chi Minh City People’s Committee has approved a plan to provide interest-free loans worth VND422 billion (US$23.4 million) to 13 food suppliers to secure adequate supply and stabilize prices of certain goods during Lunar New Year (Tet) next February.

The eight essential food items authorities have in mind are rice, sugar, cooking oil, poultry and meat, eggs, processed foods, fruits, and vegetables.

The supply of certain items like fruits, vegetables, processed foods, and meat will be increased, with poultry supply raised by half to 3,000 tons.

The supply of duck meat will remain unchanged at 500 tons but that of eggs will increase to 25 million, up from 15 million last year.

The administration has ordered the13 firms that will take part in the program to ensure quality, hygiene and safety, and that their prices are 10 percent lower than in the market and supply is 20-40 percent higher than normal.

The plan envisages the firms setting up 1,508 retail outlets, a three-fold increase from last year.

City vice chairwoman Nguyen Thi Hong said the program is open to more firms that can assure stable supply and distribution of foods.

This year’s loan amount is higher because there will be more items and suppliers than last year when nine firms shared VND409 billion.

Saigon Co.op will get VND100 billion compared to VND53 billion last year since the supermarket chain has agreed to supply many items.

These beneficiaries have to use the loans for the agreed purpose and repay it in six months, failing which they cannot join the program again.

Tet falls on February 15 next year.

Source: VietNamNet/SGGP

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