(VOVworld) – The Consultative Group Meeting for Vietnam opens in Hanoi on Monday themed “Foundation for Sustainable Development”. Among the participants were Prime Minister Nguyen Tan Dung, World Bank (WB) Country Director for Vietnam Victoria Kwakwa, and representatives from the government, donors, and international organizations.
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In his opening speech, Minister of Planning and Investment Bui Quang Vinh said Vietnam’s economy has faced various challenges this year. But with the government’s correct policies, the efforts of the business community and the people, and the support of international donors, the socio-economy has recorded encouraging results. GDP grew 5.2%. Inflation has been held to 7.5%. The liquidity of the credit system has been improved. Social security has been guaranteed. And economic restructuring has obtained strong preliminary results. Vinh said in 2013 – the pivotal year in the socio-economic development plan from 2011 – 2015, Vietnam will continue to focus on stabilizing the macro-economy, reducing inflation, boosting the growth rate, and accelerating those three breakthroughs in conjunction with economic growth model restructuring to create a firm foundation for the future.
“Vietnam hopes international donors will continue to assist the country as it’s an important resource for Vietnam’s poverty reduction and development investment. We pledge to closely cooperate with the donors to improve project implementation, ODA efficiency, and the dialogue methods,” Vinh says.
WB Country Director for Vietnam Victoria Kwakwa commended Vietnam’s economic stability in 2012 and encouraged tougher measures to prevent falling into the middle income trap. She said:
“What is needed now is political commitments and demonstrable actions. Proper actions will allow concrete early wins which can build confidence and the government’s efforts. As your developing partner, we know Vietnam can avoid going down the path of the middle income trap and we look forward for being able to support you to move from planning to credible implementation and actions.”
Addressing the meeting, Prime Minister Nguyen Tan Dung said despite positive changes, Vietnam’s economy is facing challenges: an unstable macro-economy; lack of resources for social welfare, poverty reduction and building new rural areas, and low competitiveness of the national economy. He said: “Such difficulties require the government to adopt more flexible and effective measures, mobilize all domestic and foreign resources, aggressively deal with short-term issues and prepare for higher growth in 2013, creating a foundation for long-term sustainable development. To successfully achieve socio-economic goals for next year, the government will focus on stabilizing the macro-economy and achieve growth higher than this year and inflation lower than this year.”
PM Dung expressed his faith that Vietnam will overcome challenges to achieve better results thanks to its own efforts and donors’ valuable support. He said: “Vietnam is set to become an industrial country by 2020 with stable politics, democracy, rule of law, consensus and improved living standards. Vietnam is determined to escape the “middle income trap” with fast and sustainable development. In addition to its own efforts and self-reliance, Vietnam hopes international donors will stand side by side and cooperate with Vietnam on its new path full of challenges and bright prospects.”
At the closing session of the CG meeting on Monday afternoon, international donors pledged to provide 6.48 billion USD in official development assistance (ODA) to Vietnam in 2013. The meeting will change its name to "Vietnam Development Partnership Forum".