The exchange rate between the Vietnamese dong and US dollar was stabilized over 2013. (Photo: Internet)
(VOVworld) – 2013 was a challenging year for the Vietnamese economy in which bad debts, frozen real estate market, and enterprises’ inventories continued to affect the country. In such circumstances, Government policies on macro-economic management have contributed to the Vietnamese economy’s achievements over the year.
The Vietnamese economy’s long crisis has wiped out a number of domestic companies off the market, but the government and the business community’s efforts this year have brought positive results. The national macro-economy has seen remarkable changes. Economist Tran Du Lich says:
“Vietnam’s GDP growth of 5.4% for the whole year is due to the government’s consistent policies to stabilize the macro-economy, focusing on key areas and the implementation of several policies to support the market. Although the growth hasn’t met expectations, the restructuring process and the implementation of policies over the year will boost enterprises to be restructured further in the future while market confidence will be increased.”
Vietnamese Prime Minister Nguyen Tan Dung and Deputy Prime Ministers (Photo: VOV)
In 2013, the production of the agricultural, industrial, forestry and aquaculture sectors has greatly improved. Exchange rates between the Vietnamese dong and foreign currencies have been stabilized with a rise in foreign currency reserves. The decline of dollarization in the economy and increased confidence in the Vietnamese dong are positive signs.
Economist Tran Quang Thang credits the result for the success of this year’s target of keeping inflation in single digit with a CPI of about 7%, adding: “We are confident with the government’s management of inflation control and its roadmap for increasing daily prices of electricity and petrol.”
The government approval and implementation of resolutions and plans to restructure the entire economy with a focus on reducing interest rates and financial burdens has stabilized the macro-economy. Tran Viet Anh, Director General of the Nam Thai Son Import-Export Company, comments:
“Compared to last year, the national economy has prospered in 2013. Since June it has begun to stabilize. In particular the banking interest rate for businesses is low. I hope that with such a growth rate, our economy will thrive soon. ”
2013’s exports have witnessed outstanding achievements with a turnover estimated to be more than 133 billion USD. Foreign direct investment attraction and disbursement have been on the rise. This year, Vietnam lured 16.3 billion USD of FDI, 2 billion more than the set target. Economist Tran Du Lich says again:
“I think our economy will gradually escape from the recession period with a more stable macro-economy and a high probability of domestic companies recovering. The real estate market is said to be warmer. More importantly, impending difficulties including bad debts, interest rates, and inflation will be contained. This will create good conditions to support the market and enterprises.”