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| Ayumi Konishi, ADB country director for Vietnam, gestures while speaking to the press at the launch of the Asian Development Outlook 2010 Update (ADO Update) in Hanoi on Tuesday - Photo: TTXVN |
The report says Vietnam’s economic growth is expected to reach 6.7% this year, slightly higher than ADB’s earlier forecast, and for 2011 from 6.8% to 7.0% while lowering the inflation projection in 2010 to 8.5% and 2011 to 7.5%, respectively.
“Since the last press conference on Asian Development Outlook 2010 in April this year, Vietnam has consolidated its macroeconomic stability, and as a result we are making upward adjustments in our growth forecast for both 2010 and 2011, while lowering the projections for inflation,” Ayumi Konishi, ADB country director for Vietnam, said in a statement.
The report notes the steps taken by the Government to stabilize economy have contributed to an improvement in the external and foreign reserves positions. With an improvement in the capital account, the overall balance of payments likely turned to a small surplus in the second quarter 2010 after recording deficits since the start of last year.
Economic growth quickened in the second quarter. Especially the two laws approved by the National Assembly in June 2010 – a new Law on the State Bank of Vietnam (SBV) and a Credit Institutions Law – together with various legal documents issued by SBV and other agencies, mark important progress in strengthening the framework for monetary policy implementation and safeguarding banking system stability.
Vietnam, however, needs to be cautious in maintaining macroeconomic stability and effectively communicating such a policy stance to the public while accelerating reforms to prepare for the next ten-year period as a new Middle Income Country, according to the report.
“Vietnam should continue its efforts to ensure a better understanding of its policy stance by the public at large, supported by greater and timely availability of information and statistics. This applies not only to the Government but also to the corporate sector,” Konishi said.
“In order to promote better corporate governance of both public and private enterprises, quality and timeliness of information to be made available to the owners or shareholders and potential future investors will be the key.”
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