Vietnam’s economy back on track from crisis

Deputy Prime Minister Hoang Trung Hai has expressed Vietnam’s readiness to join the world economy’s growth. Hai made the statement at a recent international Vietnam Summit called “A New Path to a New World”, held by the Ministry of Foreign Affairs and the Economist Conferences in Ha Noi. During the open and candid dialogue with domestic and foreign investors, the Deputy Prime Minister repeated Vietnam’s determination to effect economic reforms and facilitate foreign investment.

Vietnam’s economy back on track from crisis   - ảnh 1
Deputy Prime Minister Hoang Trung Hai addresses the conference

The Deputy Prime Minister said given the global financial crisis, Vietnam’s economic solutions have proved to be successful, with targets adjusted from economic growth to macro-economic stabilization, inflation control and social welfare: “Vietnam is optimistic about its economic prospects. Vietnam has learnt a lesson from recent crisis: every country should reform itself constantly, utilize innovation, and create a favorable and fair business climate. Vietnam is persistent in its reforms, especially administrative reforms and focus on human resource, infrastructure and science and technology. We see 2012 as a pivotal year of economic restructure with 3 breakthroughs: restructure of investment, finance and businesses with state-owned enterprises in the center. Steps will be taken to stabilize the macro-economy, curb inflation, reduce poverty and ensure social welfare. The market mechanism should be improved to create a fair competitive environment with a reformed administrative system. 

Deputy Prime Minister Hai said the government will continue to hold regular dialogues with the business community for national development and corporate benefits. He called on foreign investors to concentrate on hi-tech and infrastructure, implementing the socio-economic strategy for the next 10 years. Hai pledged to adopt a legal framework for businesses’ successes in Vietnam: “The government’s measures need the involvement of the business community, especially foreign-invested businesses. Economic growth is no longer a priority, but a stable businesses climate is. Growth relates to employment, capital and business efficiency”.

Addressing queries on the role of state-owned enterprises (SOEs) in the Vietnamese economy, the Deputy Prime Minister said there are now more than 1,000 state-owned enterprises and the number will be reduced to 650 by 2015 after being equitised and restructured: “Vietnam is better aware of SOE restructure. The economy cannot develop unless SOEs improve their competitiveness, which is very low at the moment.  SOEs used to be a priority, but such thinking has changed. The Prime Minister attaches importance to fair treatment of businesses. Prime Minister Nguyen Tan Dung and his deputies have many times visited the Intel Vietnam company to offer assistance because a strong foreign company like Intel provides momentum for economic restructure”.

At the conference, foreign delegates expressed their belief in Vietnam’s economic potential, predicting an annual growth rate as high as 8% in the near future. They were appreciative of the Vietnamese government’s efforts to restructure the economy so that Vietnam will become an industrialized nation by 2020.

Vinh Phong