At the seminar "Vietnam's Economy - Overcoming headwinds" (Photo: VGP)

At the seminar "Vietnam's Economy - Overcoming headwinds", organized by the government’s e-portal on Thursday, Deputy Minister of Planning and Investment Tran Quoc Phuong said Vietnam’s economic recovery amid fluctuations of the global economy demonstrates the flexible, resolute management of the Government and the Prime Minister as well as efforts by ministries, sectors and localities to recover and develop the economy.

Phuong said: "We see the improvement of growth drivers after each quarter. Thanks to the engagement of the entire political system, we have overcome headwinds of global inflation and changes in the fiscal and monetary policies of major countries. We highly appreciate the state bank’s monetary and exchange rate management and its efforts to ensure liquidity throughout the system, as well as the management of inflation and prices which are favorable for growth."

"Effective management of public investment has become a very important driving force for the economy. 50% of public investment capital has been disbursed in 9 months, a figure that we have not achieved in several years. We have also obtained achievements in external relations and the macro economy." said Phuong.

Associate Professor Dr. Vu Minh Khuong, Senior Lecturer at the Lee Kuan Yew School of Public Policy of the National University of Singapore, said Vietnam's economic growth can be attributed to Vietnam’s preparedness to withstand the difficult impacts of the world economy.

"Confidence in Vietnam’s economic environment and strength has grown. The government’s performance, determination, and commitment have inspired big guys like Samsung and Intel. I praise the Ministry of Planning and Investment for supporting the Government, as evidenced by growing foreign direct investment. Regarding macro management, despite many risks, the management of the exchange rate has been effective," said Mr. Khuong.

Shantanu Chakraborty, Country Director of the Asian Development Bank (ADB) in Vietnam, forecasts that Vietnam will achieve its expected growth rate of at least 5.8%, thanks to controlling inflation, recovery of growth and tourism, and stable FDI and agriculture.

Despite the growth prospects, experts have urged the Government to be more flexible in macroeconomic management, to continue to reform institutions, and to improve the investment and business environment to withstand the negative impacts of the world economy.