02:13 ET<\/span>
\n<\/span><\/p>\nVietnam has raised fuel prices for the second time in five weeks, citing higher global oil prices. <\/p>\n
The government has hiked the petrol price by 10% and diesel by 15%.<\/p>\n
Oil prices have been surging due to concerns of a shortfall in supply in the wake of the unrest in Libya and the Middle East.<\/p>\n
The price hike is likely to add to the country’s inflation woes. Consumer prices in Vietnam rose by 13.9% in March from a year ago.<\/p>\n
Last month Vietnam raised fuel prices by as much as 24%.<\/p>\n
Slowing growth <\/span><\/p>\nOn Tuesday, the statistics office estimated that the country’s economic growth slowed down in the first three months of the year. <\/p>\n
It said it expected the Gross Domestic Product (GDP) growth for the period to be around 5.4% compared to 7.3% in the previous three months. <\/p>\n
Analysts say this is the result of the various measures that the government has put in place to curb rising prices.<\/p>\n
Vietnam has devalued its currency and also increased interest rates as it tries to balance maintaining growth with keeping prices in check. <\/p>\n
The government is targeting GDP growth of between 7 and 7.5% this year, while trying to keep the inflation rate at 7% or less.<\/p>\n
Analysts say that the government will have to get its priorities clear.<\/p>\n
“The pendulum keeps swinging between pro-growth and pro-stability and the question is, have they finally got it?,” said Yougesh Khatri of Nomura. <\/p>\n
“It’s not like you can have your cake and eat it too,” he added.<\/p>\n<\/p><\/div>\n<\/p>\n
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