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

The consultation meeting with development partners on Viet Nam’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 Viet Nam: Continued implementation of the resolution 11 would held Viet Nam to avoid factors damaging macro-economy

Ms. Victoria Kwakwa, the World Bank’s Country Director in Viet Nam, 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 Viet Nam should publicize comprehensive information relating to corporate debt.

Regarding the global economic forecast, Mr. Benedict Bingham, International Monetary Fund’s senior resident representative in Viet Nam 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.

Mr. Benedict Bingham, IMF’s Acting Resident Representative in Viet Nam: Viet Nam should speed up economic restructuring

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 Viet Nam 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 Viet Nam 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 Viet Nam to pursue its socio-economic targets.

Viet Nam welcomes more cooperation and support

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

The Government chief said Viet Nam 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 Viet Nam 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 Viet Nam, particularly in the fields of policy-making./.

Hai Minh

VGP