|
OVER 70 union leaders will witness first-hand how Vietnam wrestles with an inflation rate of over 25 per cent when they visit the country next week.
Vietnam's experience should help drive home the message that the way to secure workers' future is to manage inflation, and spur competitiveness and growth, NTUC deputy secretary-general Heng Chee How said on Wednesday.
He was speaking at a ceremony at the Orchid Country Club where 73 branch leaders were recognised for their work.
'If you had gone to Vietnam say two or three years ago, the main learning points will be about their fast developing economy and their young, ambitious workforce,' he said.
'This time round, you will see an additional aspect...You will see how such a high rate of inflation is affecting their economy and the lives of their people, and what measures they are taking to deal with the challenge.'
Vietnam has faced one of its biggest challenges, with yearly inflation in double-digits for seven consecutive months. It soared to 25.2 per cent this May, the highest since 1992.
Rising prices have outpaced wage increases and fuelled strikes in the first three months of this year.
The Vietnamese currency, the Dong, has also been losing value and threatens to accelerate inflation by raising import costs.
Union leaders said the four-day visit to Ho Chi Minh City is timely, given that inflation is key concern among union members and Singaporeans as a whole.
| 
