Bui Tat Thang, PhD, director of the Development Strategy Institute,spoke with Dau Tu (Investment) newspaper about Vietnam's macroeconomicrequirements and preparations for future growth.
*Macro-economicstabilisation and sustainable development have been considered thepriority for economic growth in the years ahead. What is your opinionabout this?
After 30 years of studying the nation's economicrenewal, which has changed into a market economy, scientists and expertsfrom the institute realised that the nation's economy faced largechallenges – including macro-economic stabilisation and preparation forfurther growth in the upcoming years.
In the short period, thepriority is to stabilise the economy to achieve further growth. But inthe years ahead, the priority is to maintain economic growth to assurestability.
Vietnam is among the lower middle-income countries inthe world. Thus, it is vital to reach a certain rate of growth to avoidthe middle-income trap and further lagging behind, when compared toother countries.
Economic stabilisation would help setting up its growth rate. It would slao reduce unfavourable economic shocks.
*In the context of the current economy, what conditions are needed to reach these targets?
The results of economic restructuring are for the most conditions, which would ssure the success of reaching the targets.
Similarly,results of restructuring financing and banking must assure thetransparency of banking systems, the circulation of the currency, thevalue of the Vietnamese dong, and exchange rate stability, as well asreduction of interest rates.
Restructuring State-ownedenterprises must bring some success, such as properly reducing its rolein the national economy and creating a fair and competitive environment.
*Thereare many obstacles and difficulties to achieve economic restructuring,as you've mentioned above. What do you think about it?
During thetime of researching some topics we were assigned, including deepstudies on different viewpoints of development, we have found manyobstacles.
A shortage of comprehension, co-operation andconsistency in the management of the macro-economy and the overlappingand misuse of development planning, such as regional developmentplanning, were among the large obstacles.
When Vietnam tries to foster its economic renewal comprehensively, these obstacles might become a big challenge.
The target of achieving sustainable economic growth, in my opinion,would require a breakthrough thinking to draw strategy and economicpolicies to bring macro-economic stability and improve people's livingstandards .-VNA
*Macro-economicstabilisation and sustainable development have been considered thepriority for economic growth in the years ahead. What is your opinionabout this?
After 30 years of studying the nation's economicrenewal, which has changed into a market economy, scientists and expertsfrom the institute realised that the nation's economy faced largechallenges – including macro-economic stabilisation and preparation forfurther growth in the upcoming years.
In the short period, thepriority is to stabilise the economy to achieve further growth. But inthe years ahead, the priority is to maintain economic growth to assurestability.
Vietnam is among the lower middle-income countries inthe world. Thus, it is vital to reach a certain rate of growth to avoidthe middle-income trap and further lagging behind, when compared toother countries.
Economic stabilisation would help setting up its growth rate. It would slao reduce unfavourable economic shocks.
*In the context of the current economy, what conditions are needed to reach these targets?
The results of economic restructuring are for the most conditions, which would ssure the success of reaching the targets.
Similarly,results of restructuring financing and banking must assure thetransparency of banking systems, the circulation of the currency, thevalue of the Vietnamese dong, and exchange rate stability, as well asreduction of interest rates.
Restructuring State-ownedenterprises must bring some success, such as properly reducing its rolein the national economy and creating a fair and competitive environment.
*Thereare many obstacles and difficulties to achieve economic restructuring,as you've mentioned above. What do you think about it?
During thetime of researching some topics we were assigned, including deepstudies on different viewpoints of development, we have found manyobstacles.
A shortage of comprehension, co-operation andconsistency in the management of the macro-economy and the overlappingand misuse of development planning, such as regional developmentplanning, were among the large obstacles.
When Vietnam tries to foster its economic renewal comprehensively, these obstacles might become a big challenge.
The target of achieving sustainable economic growth, in my opinion,would require a breakthrough thinking to draw strategy and economicpolicies to bring macro-economic stability and improve people's livingstandards .-VNA
