(VEN) - The annual Consultative Group Meeting for Vietnam sponsored by the World Bank (WB) in coordination with the Ministry of Planning and Investment recently took place in Hanoi. Prime Minister Nguyen Tan Dung attended the meeting.
Prime Minister Nguyen Tan Dung at the Consultative Group Meeting for Vietnam on December 6, 2011 in Hanoi
Vietnam's success recognized
Many of the participants assessed that 2011 had been a hard year for Vietnam but the Vietnamese Government had made successful moves in macroeconomic management and inflation control.
Vietnam has experienced an economic growth of 5.8-6 percent and reached a total import and export value of US$202 billion, the latter of which is 170 percent of the country's gross domestic product (GDP). The US$202 billion included US$96 billion in export revenues (up 33 percent from 2010) and US$106 billion in import value (up 25 percent from last year). Trade deficit is expected to come to US$10 billion in 2011, which is 10.5 percent of export revenues (the target is no more than 18 percent). Inflation decreased gradually, while the rate of bad debts remains safe.
The Government of Vietnam is highly determined to maintain and improve macroeconomic stability and sustainable development. It approved a plan for economic development from 2011-2015 and is determined to restructure the economy focusing on investment restructuring (priority is to be given to public investment restructuring), financial sector restructuring (priority is to be given to banking system restructuring) and business restructuring (priority is to be given to state-owned enterprise restructuring).
Apart from recognizing Vietnam's successes, donors gave useful suggestions. A representative from the Group of Four (Canada, Switzerland, Norway and New Zealand), Norwegian Ambassador to Vietnam said that here in Vietnam a large number of people migrated from rural areas to major cities and that although they contributed greatly to economic development they are still at a disadvantage so the Government needs to construct more policies favoring these people.
The EU representative welcomed achievements that Vietnam obtained in 2011 and agreed that Vietnam needs to further tighten fiscal and monetary policies and promote economic restructuring. Vietnam needs to attach much importance to developing a green economy, effectively solve the gender inequality problem and control corruption, he said.
US Ambassador to Vietnam said that Vietnam needs to be more patient in Government Resolution 1/NQ-CP implementation and develop education and healthcare in accordance with the economic growth.
Maintaining a six percent growth in 2012
Giving a speech at CG 2011, Prime Minister Nguyen Tan Dung recognized all of constructive, responsible and proper opinions of donors. He said that although Vietnam is no longer a low-income country it is basically a poor country so it wishes to continue receiving assistance from donors in the coming time. He emphasized that successes that Vietnam obtained are all partially attributed to donors' and international communities' assistance.
The Prime Minister introduced Vietnam's socioeconomic development targets for 2012 including a less than 4.9 percent rate of state budget expenditure, increases in agriculture, industry and services, a six percent economic growth, and more. He said that the Vietnamese Government will apply drastic measures to restructure the economy focusing on public investment, banking system and state-owned business restructuring.
Further maintaining social security, continuing administrative reform (priority is given to improving market economy institutions), integrating deeper into international economic communities and promoting corruption control are something that Vietnam will do./.
By Chu Huynh
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