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CG meeting to focus on economy, poverty reduction

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The Consultative Group meeting of donors will take place in Hanoi on Dec. 6 focusing on restructuring the economy and poverty reduction, said World Bank Country Director in Vietnam Victoria Kwakwa.

WB Director Victoria Kwakwa said at a press conference on Nov. 30 that CG 2011 will also discuss the restructuring of public investment and the finance and banking sector, ensuring social welfare and poverty reduction.

WB expert Depak Misbra said that reduced economic growth in east Asian nations offers commercial and trade opportunities to Vietnam .

He said Vietnam has recorded results in reducing inflation, credit growth and currency supply, however Vietnam should be more transparent in its strategy to stabilise markets.

Despite a slowdown in economic growth, the Vietnamese economy is projected to expand by around 5.8 percent this year, the expert said.

He also pointed out challenges for Vietnam , including high expenditure, although foreign debt remains within a sustainable debt framework.

The restructure of State-owned businesses and the finance and banking sector will help Vietnam achieve a sustainable economic environment and lay foundations for more effective medium-term growth, he said.

Regional Director of the International Finance Corporation (IFC) Simon Andrews said the Vietnam Business Forum on the threshold of the CG 2011 has a theme of “New Period for Competitive Growth”.

The forum includes an overview of the investment environment, a dialogue with the Government on building an effective and efficient banking sector, capital markets and production and distribution./.
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