Viet Nam inflation reached 23pc in August

Agence France-Presse. Hanoi

Vietnam's inflation reached an annual rate of 23 percent this month, official estimates said Wednesday, adding a one-year price spiral, which has hurt businesses and consumers alike.

There, the 12 month of just an increase in the consumer price index said the General Statistical Office.

Food costs were the main drivers, rising 34 percent.

One of the five highest inflation said worldwide Communist Viet Nam the United Nations in May. It remains however to see the three-digit numbers of 80's under a recent peak of 28.3 per cent in August 2008, and by far.

Inflation was reported at 22 percent on year in July.

Long time focused on growth, moved the Government this year to the economic stabilization of the many imbalances that contain a large trade deficit, weak currency and inefficient government spending and inflation.

It raised key interest rates, swore, cut government spending, and ordered that growth in credit or loans, remains under 20 percent. Authorities also try that control to reduce the gold trade and the prevalence of dollars into the economy.

But Vietnamese banker expressed doubt that the efforts are successful.

"I have the impression that our economic situation is getting worse," said the official of a major private bank refuses, be named.

On Monday, the Government has announced, minimum wage increase would be up to almost half in the big cities from 1 October in an attempt to deal with the workers with rising prices.

Businesses in Hanoi and the southern economic centre of Ho Chi Minh City have to their employees at least 2 million dong ($95) figures per month.

But there is doubt whether the higher wages will be enough to meet employees, while companies complain that their load are added to higher wages, help.

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