Gov’t holds macro-economic consultation with development partners

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Hanoi Times English - 34 month(s) ago 5 readings

Gov’t holds macro-economic consultation with development partners

The consultation meeting with development partners on Vietnam’s macro-economic situation

The Hanoitimes - Prime Minister Nguyen Tan Dung o­n Tuesday chaired a consultation meeting with development partners o­n Vietnam’s macro-economic situation.

Participants to the event include leaders of some of Vietnamese ministries and agencies, experts, sponsors and Ambassadors.

Frank discussion

The participants focused o­n analyzing the country’s first eight month macro-economic issues, forecasting the progress of realizing socio-economic development plans for 2011 and 2012, discussing the prospect of the global economy in the remaining months of 2011 and 2012, and putting forward solutions to the Vietnamese Government.

Experts and sponsors spoke highly of the Vietnamese Government’s efforts to cope with the global economic recession and soaring inflation.

As part of these efforts, the Government earlier this year adopted Resolution 11 detailing key solutions to inflation control, macro-economic stabilization, and social welfare issues. The participants noted that these measures have produced positive results.

Ms. Victoria Kwakwa, the World Bank’s Country Director in Vietnam, said the continuation of the resolution 11 would help achieve double objectives of securing and balancing development targets, reasonable growth rates, and social welfare.

She, however, added that high inflation and interest rates and concerns of banking system’s “strength” should be given effective solutions.

Ms. Victoria Kwakwa suggested that Vietnam should publicize comprehensive information relating to corporate debt.

Regarding the global economic forecast, Mr. Benedict Bingham, International Monetary Fund’s senior resident representative in Vietnam and Laos stressed the consequences of the global economic recession and public debt will continue to cause strong impacts o­n every economy, including the Vietnamese economy.

He proposed stronger economic restructuring toward higher efficiency and sustainability and stronger protection of the value of Vietnamese dong.

Economic restructuring would not o­nly contribute to stabilizing the macro-economy, balancing economic indicators but also creating investment opportunities and raise investors’ confidence in the country’s prospect.

Meanwhile, Asian Development Bank’s Country Director Tomoyuki Kimura recommended Vietnam better manage public investment and speed up the renovation of businesses, particularly the State-owned enterprises.

Ambassadors from Japan, the Republic of Korea, and Australia suggested that Vietnam should further accelerate credit disbursement for agriculture, considering this sector as o­ne of the country’s advantageous fields.

The experts, sponsors and diplomats affirmed their continued cooperation and support for Vietnam to pursue its socio-economic targets.

Vietnam welcomes more cooperation and support

Addressing the event, PM Dung praised the frank ideas and comments by the development partners.

The Government chief said Vietnam will persist in implementing the resolution 11, placing the focus o­n curbing inflation, stabilizing the macro-economy, and ensuring social welfare.

The inflation tends to dip and is expected to be kept at 18% this year. The Government plans to pull it down to o­ne digit next year.

PM Dung also informed the development partners about other key targets for 2011 like the credit growth rate of below 20 percent, and the growth rate of total payment means under 15%. Concerning budget overspending, the Government sets the target at 4.8 – 4.9%.

He said Vietnam has reviewed both achievements and shortcomings and is determined to overcome these shortcomings and called o­n the development partners to grant more support and assistance to Vietnam, particularly in the fields of policy-making.

VGP

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