workshop in Ho Chi Minh City, where economists pointed out differing
trends in the national economy that are difficult to forecast.
Dr. Tran Dinh Thien from the Vietnam Economic Institute said that the
national economy was looking good as GDP growth has been high for
consecutive years and in the third quarter it is likely to reach 7.18
percent, with inflation under control at 5.08 percent in the first eight
months.
He warned however, at the two-day workshop on
September 21, that the macro-economy has shown uncertain signs and was
very difficult for economists to forecast.
He also complained of slow reforms in the internal structure.
Thien, urged immediate reforms in the State budgets, public investment and State-owned economic groups.
He also called for the State Bank of Vietnam to hold an independent
position, and more efforts to develop the supporting industries and
regional economies.
Salary reforms in the State
economic sector and improving the handling of the macro-economy were the
other steps that the senior economist urged to be taken.
Dr. Vo Dai Luoc pointed out the nation’s illogical macro-economic
developments that need to be addressed, such as high inflation, the
highest interest rates on deposits and loans in the world and an
inflated Vietnamese dong amidst fixed exchange rates.
To address these problems, Luoc called on the State to introduce economic adjustments.
The State should also ensure reasonable growth and control inflation when handling the macro economy, he emphasised.
The World Bank’s Acting Economic Head, Keiko Kubota, recognised
Vietnam’s efforts to reach to the world’s average income level of 1,100
USD thanks to its drastic economic growth.
However she
pointed out that the development was based on the renewal process which
has been losing its momentum and has been threatened with emerging
challenges in management as well as poverty and imparity.
The Vietnamese economy is still highly competitive and has yet to fall
into the income trap, the senior economist from the world’s largest
development bank said.
She called on Vietnam’s
development strategy to focus its economic growth on the private sector
and prevent the real estate market from overheating.
Top priority should be given to pre-empting crises and supporting
productivity including human resources, urbanisation and infrastructure,
the WB economist concluded.
The two-day workshop, was
held in the nation’s largest economic hub under the co-sponsorship of
the National Assembly’s Economic Committee and the Vietnam Academy of
Social Sciences. It drew representatives from the Party, National
Assembly and Government as well as senior experts, both from Vietnam and
abroad./.
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