Vietnam regains macroeconomic stability: WB official

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Vietnam regains macroeconomic stability: WB official

Nhan Dan Online - Vietnam is entering a more stable macroeconomic environment, said World Bank (WB) Lead Economist for Vietnam Deepak Mishra.

This statement was made at a press briefing on the upcoming 2012 mid-year Consultative Group (CG) meeting, scheduled to take place in the central province of Quang Tri on June 4-5.

Mishra said that Vietnam has successfully implemented the Government’s Resolution 11, a package of measures aimed at curbing inflation, stabilising the economy and ensuring social security.

Inflation is falling, external balance is improving, the exchange rate is stabilising, the country's risk is declining and reserves are being replenished, according to the WB's latest update on Vietnam’s economic development.

However, the WB expert warned that the Vietnamese economy is slowing down and the Government needs to push through further reforms to stimulate it in the long-term.

He said a credible restructuring programme is needed with a clear timetable and an effective oversight mechanism for its implementation.

Vietnam’s economic growth rate slowed to 4.0% in the first quarter of 2012, much lower than the 5.6% in the same period last year. The WB has forecast that the Vietnamese economy will expand by 5.7% in 2012 while inflation is expected to fall to 9.5% by year-end.

The 2012 mid-year CG meeting will focus on three topics, namely Vietnam’s macroeconomic update, poverty reduction and natural disaster risk management.

Prior to the CG meeting, the Vietnam Business Forum (VBF), a platform for dialogue between the business community and the Government, will be held on May 29 in Hanoi.

This year, the private sector will replace the World Bank, the International Finance Corporation and the Ministry of Planning and Investment in hosting the VBF, said Dr Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI).

VBF Co-chairman and Eurocham Chairman Alain Cany called this transition an evolution amid rapidly changing economic contexts.

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