International experts and donors praised the Vietnamese Government’sefforts to cope with crisis, inflation and recession at the ConsultationMeeting with Development Partners on Vietnam’s Macro-EconomicSituation in Hanoi on Sept. 6.
At the meeting,many participants said that the Government’s Resolution 11/CP on basicsolutions to control inflation, stabilise the macro-economy and ensuresocial welfare have helped the nation gain positive results in itssocio-economic development in the context of global economicdifficulties due to impacts of crisis and recession.
World Bank Country Director in Vietnam Victoria Kwakwa said thatcontinuing to effectively implement the Resolution would help Vietnammaintain and balance its development target and rational growth rateas well as ensure social welfare.
According to Kwakwa,Vietnam’s considerable growth rates of 5.4 percent in the first quarterand 5.7 percent in the second quarter, a strong increase in exports, astable foreign exchange rate and increasing foreign reserves will be abasis for Vietnam to gain a higher growth rate in 2012 and in followingyears.
However, she said, the high inflation rate, newpressures on foreign exchange rates and high lending interest rates areissues that Vietnam needs to consider, and develop effectivesolutions to gradually solve.
She alsosuggested Vietnam further increase transparency in budget collection andspending, collect and publicise comprehensive information onbusinesses’ debt and pay due attention to the dissemination ofmacro-economic management policies.
Benedict Bingham,Senior representative of the International Monetary Fund (IMF) inVietnam warned that the crisis, recession, and public debts willcontinue to leave a strong impact on economies worldwide, includingVietnam .
He recommended Vietnam furtherrestructure its economy in a sustainable and effective direction andensure the sustainability of public debts and the stability ofVietnamese dong, and to avoid bad debt.
Director ofthe Asian Development Bank (ADB) Tomoyuki Kimura suggested Vietnambetter manage public investment and speed up the reform of businesses,especially State-owned enterprises.
Meanwhile, theambassadors of Japan , Australia and the Republic of Korea inVietnam proposed Vietnam bring more credits to agriculturaldevelopment and consider agriculture as a strength and a foundation ofthe economy.
The country should increase itsinvestment in resources in industry, remove difficulties for businesses,especially small and medium-sized enterprises, and consolidate foreigninvestors’ confidence, they said.
Internationalexperts, donors and ambassadors also pledged to continue to cooperateand stand side by side with Vietnam in its socio-economicdevelopment.
For his part, Prime Minister Nguyen TanDung praised donors and the practical opinions of experts and donors,saying that they will actively contribute to Vietnam ’smacro-economic management and its socio-economic development.
The PM took the occasion to affirm that the Vietnamese Government isdetermined to implement the Resolution with priorities given toinflation control and macroeconomic stabilisation, including bring theinflation rate of 18 percent in 2011 to a single digit rate in 2012 andmaintain a growth rate of 6 percent.
Vietnam isfocusing on agricultural production, small and medium-sized enterprisesand facilitating exports while ensuring social welfare for its people,he said.
Dung said the Vietnamese Government is wellaware of the results and difficulties of the country’s economy and hasdetermined to sustainably develop its resources.
Heexpressed his hope to continue receiving practical support andassistance from international experts and donors in policy consultationand resource assistance./.
At the meeting,many participants said that the Government’s Resolution 11/CP on basicsolutions to control inflation, stabilise the macro-economy and ensuresocial welfare have helped the nation gain positive results in itssocio-economic development in the context of global economicdifficulties due to impacts of crisis and recession.
World Bank Country Director in Vietnam Victoria Kwakwa said thatcontinuing to effectively implement the Resolution would help Vietnammaintain and balance its development target and rational growth rateas well as ensure social welfare.
According to Kwakwa,Vietnam’s considerable growth rates of 5.4 percent in the first quarterand 5.7 percent in the second quarter, a strong increase in exports, astable foreign exchange rate and increasing foreign reserves will be abasis for Vietnam to gain a higher growth rate in 2012 and in followingyears.
However, she said, the high inflation rate, newpressures on foreign exchange rates and high lending interest rates areissues that Vietnam needs to consider, and develop effectivesolutions to gradually solve.
She alsosuggested Vietnam further increase transparency in budget collection andspending, collect and publicise comprehensive information onbusinesses’ debt and pay due attention to the dissemination ofmacro-economic management policies.
Benedict Bingham,Senior representative of the International Monetary Fund (IMF) inVietnam warned that the crisis, recession, and public debts willcontinue to leave a strong impact on economies worldwide, includingVietnam .
He recommended Vietnam furtherrestructure its economy in a sustainable and effective direction andensure the sustainability of public debts and the stability ofVietnamese dong, and to avoid bad debt.
Director ofthe Asian Development Bank (ADB) Tomoyuki Kimura suggested Vietnambetter manage public investment and speed up the reform of businesses,especially State-owned enterprises.
Meanwhile, theambassadors of Japan , Australia and the Republic of Korea inVietnam proposed Vietnam bring more credits to agriculturaldevelopment and consider agriculture as a strength and a foundation ofthe economy.
The country should increase itsinvestment in resources in industry, remove difficulties for businesses,especially small and medium-sized enterprises, and consolidate foreigninvestors’ confidence, they said.
Internationalexperts, donors and ambassadors also pledged to continue to cooperateand stand side by side with Vietnam in its socio-economicdevelopment.
For his part, Prime Minister Nguyen TanDung praised donors and the practical opinions of experts and donors,saying that they will actively contribute to Vietnam ’smacro-economic management and its socio-economic development.
The PM took the occasion to affirm that the Vietnamese Government isdetermined to implement the Resolution with priorities given toinflation control and macroeconomic stabilisation, including bring theinflation rate of 18 percent in 2011 to a single digit rate in 2012 andmaintain a growth rate of 6 percent.
Vietnam isfocusing on agricultural production, small and medium-sized enterprisesand facilitating exports while ensuring social welfare for its people,he said.
Dung said the Vietnamese Government is wellaware of the results and difficulties of the country’s economy and hasdetermined to sustainably develop its resources.
Heexpressed his hope to continue receiving practical support andassistance from international experts and donors in policy consultationand resource assistance./.
