Vietnam Faces Asia-High 15 Percent Inflation Rate

Posted June 6th, 2011 at 5:20 am (UTC-5)
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Vietnam says it is now hoping to contain inflation to 15 percent this year.

The forecast, released late last week and reported Monday, is the second upward revision in the estimated inflation rate in a month, and compares to a target of 7 percent at the start of the year.

The World Bank said last week that Vietnam's inflation rate would peak this month at 22 percent before falling back through the rest of the year. The rate of almost 20 percent in May was the highest of 17 Asian economies tracked by the Bloomberg news agency.

Government officials have also revised the projected rate of growth in gross domestic product to 6 percent, down from a target of 6.5 percent announced a month earlier. The target rate for inflation was set at 11.75 percent last month.