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Vietnam to maintain economic targets in 2015 despite oil price decrease: PM

Xinhua, January 30, 2015 Adjust font size:

Vietnam will maintain targets of gross domestic production (GDP) growth at 6.2 percent and inflation at 5 percent in 2015 despite recent oil price decreases, Prime Minister Nguyen Tan Dung said on Friday.

Dung made the remarks at a regular meeting of the government on socio-economic situation of January 2015.

According to Dung, the targets of Vietnam's economic growth, state budget revenue and inflation in 2015 set by the National Assembly earlier were based on an expected crude oil price at 100 U.S. dollars per barrel.

However, as of Jan. 29, the world crude oil price was sold at 44.41 U.S. dollars per barrel, Vietnamese government's e-Portal quoted Dung as saying.

If the oil price keeps the current trend, Vietnam National Oil and Gas Group (PetroVietnam) will adjust its output of crude oil production in 2015 down by 1.2 million tons, said Dung.

However, representatives from the Ministry of Finance (MoF) said at the meeting that despite decrease in Vietnam's crude oil exploitation, hikes in other economic sectors will help maintain the GDP growth in 2015.

In 2014, exports of crude oil brought 107 trillion Vietnamese dong (5.07 billion U.S. dollars) to Vietnam's state budget, accounting for 12.64 percent of the national total. The figures are forecast to be 93 trillion Vietnamese dong (4.4 billion U.S. dollars) and 10.09 percent in 2015 respectively, according to the MoF. Endi