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VietNamNews

Macro economy not yet stable

Update: September, 24/2013 - 08:18
A stone embankment underwent construction to prevent coastal erosion in Ro Commune in central Phu Yen Province's Tuy Hoa City. — VNA/VNS Photo The Lap

HA NOI (VNS) — Viet Nam's macro economy had been partially stabilised, but this was not yet sustainable, said Deputy Prime Minister Nguyen Xuan Phuc at the midterm review workshop on the 2011-15 socio-economic development plan yesterday.

The international workshop was jointly held by the Party Central Committee's Economic Commission, the National Assembly Economic Committee, the National Economics University and the World Bank.

Speaking at the event, Phuc said Viet Nam had witnessed several indications of macroeconomic stability over the last two years, such as low inflation and trade deficit, reduced interest rates and substantial export growth.

He also noted that macroeconomic stabilisation had yet to be firmly retained. Viet Nam has lagged behind most regional countries in regaining growth momentum following the global economic crisis, he said.

Phuc also warned that many of the country's important goals could overshoot their deadlines. Although people's living standards, especially in remote and rural areas, have improved significantly, urban crime and social conflicts in rural areas have become increasingly pressing issues.

The head of the Party Central Committee's Economic Commission, Vuong Dinh Hue, described 2013 as an important year for Viet Nam, highlighting the need to continue consolidating macroeconomic stability and advancing its recovery on the basis of growth model renovation and economic restructuring in the second-half of the 2011-15 socio-economic development plan.

Hue stressed that opinions collected at the workshop would be discussed with Party, NA and State agencies with a view to adjusting the country's socio-economic policies in the coming time.

Scholars, managers and international experts at the workshop also proposed measures for the implementation of fiscal and monetary policies to fulfill the target of mobilising social investment - which makes up over 30 per cent of the country's GDP - in the next two years.

They also discussed ways to speed up the perfection of the socialism-oriented economy, tackle structural bottlenecks hindering the growth recovery, infrastructure development and effective use of human capital. — VNS


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