Showing posts with label economic development. Show all posts
Showing posts with label economic development. Show all posts

Thursday, February 24, 2011

Ninh Thuan master plan awaits PM's nod

The central province of Ninh Thuan has more than 100km of coastline. Its beautiful beaches and fertile land are the envy of the rest of the country. It is the first province to have its socio-economic master plan drafted by foreign consultancy firms. — VNA/VNS Photo Anh Ton

The central province of Ninh Thuan has more than 100km of coastline. Its beautiful beaches and fertile land are the envy of the rest of the country. It is the first province to have its socio-economic master plan drafted by foreign consultancy firms. — VNA/VNS Photo Anh Ton

HA NOI — Viet Nam's first provincial socio-economic development master plan created by two world renowned consultancy firms has been approved by leaders of central Ninh Thuan Province and is awaiting the nod from the Prime Minister.

Ninh Thuan's socio-economic development master plan to 2020 with a vision to 2030, which was developed on the basis of its nuclear industry, was presented to the Ministry of Planning and Investment in Ha Noi on Tuesday.

"This is the first province in Viet Nam to invite international consultants to construct its master plan. In the past, other provinces usually used proposals developed by domestic research institutes," said Minister of Planning and Investment Vo Hong Phuc.

The coastal province, 60km south of Cam Ranh Airport and 350km north of HCM City, would become Viet Nam's leading nuclear power centre, and needed a new orientation and vision fitting of its new status, he said.

The US$3-million master plan adopts the strategy of "accelerating economic growth" in the next 10 years with four targets: enhancing competitiveness, improving infrastructure, branding and capacity building, and boosting the competence of State agencies in the province.

The blueprint, conceived by Monitor Group from the US and Britain's ARUP, was based on a "diamond framework", a new approach in Viet Nam, to analyse what existed in the coastal central province today that would provide opportunities in the province tomorrow, said the provincial People's Committee deputy chairman, Do Huu Nghi.

The framework, developed by Professor Michael Porter from Havard Business School, was built on observations of regulations and the nature of consumer demand in the province, together with identifying the current stage of the province's development, which Monitor director Chris Malone said were "the most important sources of strength in the plan".

"At different stages of development, they need to focus on different things. So provinces like Ninh Thuan which are at an early stage of development need to focus on identifying the factors that already exist in the province and generating income from those factors, such as using the location or climate in order to generate tourism income," he said.

The province with more than half a million people decided to go for the "fast and sustainable growth" option, which consists of a 19 per cent increase in GDP per year, instead of normal growth of 13 per cent or substantial growth of 22 per cent that were also considered at the beginning.

Nghi said the decision was made after its consultants pointed out that targeted programmes and human resources training couldn't produce immediate results in the coming period.

With that model, Ninh Thuan is expected to reach GDP per capita of US$2,800 in 2020, or 85 per cent of the country's average, with industry and services accounting for 80 per cent of GDP.

The poor province, where average annual income is just over $510, would need VND260,000 billion ($13 billion) in the next ten years for such development.

A unique point about the master plan that differentiates it from others is that it outlines a number of investment projects and their implementation road maps designed to raise the capital.

"The consultants contacted potential investors while working on the master plan to ensure its feasibility," said Nghi.

ARUP's senior urban designer Slavis Poczebutas said the biggest challenge for them in the one year-long project was to achieve a balance between economic development and an "almost untouched beautiful countryside" with fertile agricultural land, WWF-preserved forests and a rich maritime ecosystem.

"The type of challenges that Ninh Thuan faces are challenges that we see all around Viet Nam. It's important how the country uses the coastal economy to create jobs and increase prosperity," said Malone.

How the province developed its economy in a way that would genuinely help the poor and cope with climate change was important at this stage of development, he said.

The consultant also said tourism and Viet Nam's first nuclear power plant, construction of which would start in 2014, would definitely be able to co-exist if there was an integrated plan in advance.

"There's more than 100km of coastline in Ninh Thuan. The tourism areas are located in the far north while the industrial zones and nuclear power plant will be located in the south," he said. — VNS

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Thursday, January 27, 2011

Laos opens first stock exchange

The first securities exchange in Laos, a joint-venture between Laos
and the Republic of Korea (RoK), opened for business on October 10
in the capital, Vientiane.


On addressing the
opening ceremony, Laos Deputy Prime Minister and Chairman of the
Securities Commission Somsavat Lengsavad highlighted the importance of a
securities market when raising capital for the country’s socio-economic
development.


The Laotian government is about to
launch its seventh five year socio-economic development plan for the
period 2011-2015. The main objectives of the plan are to eradicate
poverty, reach the UN’s Millennium Development Goals (MDGs) and create
the best possible conditions to take Laos of the list of the world’s
under developed countries by 2020 and lay the foundations for the
country’s industrialisation and modernisation, said Somsavad.


He added that it was essential for Laos to raise significant
funding and professionally qualified human resources to boost its
integration into the world international arena./.

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Friday, December 24, 2010

VN makes ‘good use of WB capital'

With funding coming from the World Bank, central Quang Binh Province launches an environmental protection project in Dong Hoi City. World Bank president Robert Zoellick said Viet Nam had made good use of funding from the bank. — VNA/VNS Photo Dinh Hue

With funding coming from the World Bank, central Quang Binh Province launches an environmental protection project in Dong Hoi City. World Bank president Robert Zoellick said Viet Nam had made good use of funding from the bank. — VNA/VNS Photo Dinh Hue

WASHINGTON — World Bank (WB) president Robert Zoellick said Viet Nam was using capital lent to the country effectively and that the bank would continue to support the country's development.

He made the statement during a meeting with Planning and Investment Minister Vo Hong Phuc, who began a five-day visit to the US on Monday.

Zoellick praised Viet Nam for its achievements in socio-economic development, implementation of the Millennium Development Goals and poverty reduction.

Phuc thanked Zoellick for the assistance the bank had given to Viet Nam and said he hoped the bank would continue to help the country with its socio-economic development.

The two sides agreed to boost co-operation in the future, focusing on developing economic infrastructure and human resources, along with poverty reduction, healthcare and education.

They also agreed to expand co-operation on climate change and public-private partnership programmes on energy and infrastructure.

The two sides discussed plans to celebrate the 35th anniversary of ties between Viet Nam and the WB next year.

The minister also met officials from the International Monetary Fund (IMF). During the meeting, they discussed global economic development and Viet Nam's economy.

They also discussed future challenges facing Viet Nam's economy as it becomes an average income nation.

Meeting with officials from the US Agency for International Development (USAID), Phuc spoke highly of USAID's assistance to Viet Nam, especially with HIV/AIDs control, implementing WTO commitments, raising its competitive capacity and developing education and training.

Phuc asked for continued assistance and for help with encouraging US investors to take part in public-private partnership projects in Viet Nam.

He also discussed the work of members of the Viet Nam-US senior advisory council and joined investment promotion activities in Nevada and California.

Phuc also held meetings with representatives of Boeing and Microsoft, during which he discussed Viet Nam's investment environment and measures to resolve difficulties faced by US businesses in Viet Nam. — VNS

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Tuesday, November 30, 2010

Nation must ‘ensure balanced development'

by Mi Bong

Tam Binh Street in HCM City's Thu Duc District is flooded after heavy rains. Experts say Viet Nam should take more steps to minimise the impacts of climate change when formulating its socio-economic plans. — VNA/VNS Photo Trang Duong

Tam Binh Street in HCM City's Thu Duc District is flooded after heavy rains. Experts say Viet Nam should take more steps to minimise the impacts of climate change when formulating its socio-economic plans. — VNA/VNS Photo Trang Duong

HCM CITY — Viet Nam should ensure that its economic and social needs are balanced, and that its development vision is long-term, experts said at a conference in HCM City on Tuesday.

While agreeing that the priority should be accorded in coming years to maintaining macroeconomic stability and sustaining the growth momentum, both national and international experts said this cannot be achieved at the expense of the natural environment.

The impacts of climate change on socio-economic development were also discussed at the two-day seminar organised by the United Nations Development Programme, Viet Nam's Academy of Social Science and the Committee for Economic Affairs of the National Assembly.

Do Hoai Nam, chairman of the Viet Nam Academy of Social Science, said the nation should develop long-term strategies that take into consideration the world economic situation in the future and its likely impacts on the Vietnamese economy.

Referring to the overall socio-economic development goals for the 2011-15 period with a vision to 2020, Nam said key tasks included inflation control, effective implementation of monetary and fiscal policies, land law amendments, and policies for developing high-quality human resources.

"A social security system that covers the entire country, especially its remote areas, is also vitally important," he said.

He called on the State Bank of Viet Nam to follow a cautious monetary policy to control credit growth and money supply. The central bank should also continue improving its capacity to supervise the financial-monetary system effectively, he added.

Climate change

Measures to protect the environment and cope with climate change were vital for sustainable economic development, he said.

Nam also stressed the important role of State management in the economic restructuring process.

John Hendra, United Nations Resident Coordinator in Viet Nam said in the current domestic and international context, achieving the two objectives of stability and growth required monitoring of all relevant indicators, including inflation, exchange rate, the level and structure of public debt, and the amount of foreign reserves.

"While we all recognise the importance of macroeconomic stability and growth, it is also important to recall that sound development is one that balances economic and social needs," he said.

He also spoke of the need to strengthen links between the National Assembly and research institutions, academic circles and individual experts.

In the first nine months of this year, Viet Nam has seen some recovery from the economic downturn. The GDP grew by 6.4 per cent in the second quarter, up from 5.83 per cent in the first, with sustained high monthly industrial output growth rates of over 14 per cent compared to the same period of last year, the seminar noted.

Inflation has cooled down in the second and third quarter. The accumulative inflation rate was 4.99 per cent till the end of August, possibly enabling the containment of annual inflation rate within the target range of 8-8.5 per cent.

Deficit concerns

However, the lending rate of over 13 per cent has created difficulties for businesses in a market that is not expanding rapidly, speakers noted.

Macroeconomic stability could be threatened if inflation is extended alongside increased pressure of trade deficit, foreign exchange and possible widening of the budget deficit, according to the speakers.

Over the last 10 years, public investments, including State budget investments and investments by State-owned enterprises have increased significantly, absorbing a lot of credit and making it very difficult to curb budget deficit, experts noted.

Vo Dai Luoc of the Viet Nam Asia-Pacific Economic Centre suggested that Viet Nam prioritises development of the private sector as a key motivating force for national economic development; and also ensure greater transparency in its financial system.

Nguyen Minh Phong of the Ha Noi-based Academy of Economic and Social Development Research said the adjustment of exchange rates effected in the recent past was necessary and correct as a measure to curb inflation.

He said that in the coming time, there was a need to adjust the exchange rate flexibly according to market situations. Businesses need to watch out for exchange rate fluctuations and accommodate them in their dealings to avoid losses, he said. — VNS

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Tuesday, October 5, 2010

High disbursement shows positive economic signs

East-West-highway
Photo: Tuoi Tre

A positive trend in economic development is reflected in the high disbursement of investment and development project funds.

Statistics show that an estimated VND92.1 trillion (US$4.7 billion) was disbursed from the State budget for development projects in the first eight months of the year, making up almost 74 percent of the annual plan.


Disbursement of Official Development Assistance (ODA) commitments reached over $1.8 billion, or 74.5 percent of the annual target and 13.5 percent increase year on year.

Foreign Direct Investment (FDI) saw up to $7.25 billion disbursed, representing an increase of 3.6 percent over the same period last year.

The Ministry of Planning and Investment (MPI) forecast that development investment this year is expected to reach VND800 trillion, accounting for 41.37 percent of gross domestic product and representing a growth of 12.9 percent year on year.

Once the disbursement is reached, it would be the second consecutive year Vietnam has surpassed the annual target for development investment, said MPI.

The trend was of primary importance for Vietnam since the country is largely dependent on investment for economic growth, the ministry explained.

The figures have shown the great efforts made by the Government, ministries, industries and local administrations to mobilise different financial sources for development amid post-crisis economic difficulties worldwide.

The figures were evidence of investors’ and partners’ confidence in Vietnam’s potential for growth, MPI said.

Problems, however, remain with cumbersome administrative procedures and limited management competence.

Experts have called on responsible agencies to move promptly in reviewing and adjusting relevant policies and streamlining administrative procedures in an effort to increase the country’s capacity to absorb investment.

The Director of the National Centre for Socio-Economic Information and Forecast, Le Dinh An, said measures to lure FDI should be associated with economic restructuring and geared to concrete industries and products.

Such an orientation should be also applied to ODA fundraising, he added.

National Assembly Vice Chairman Nguyen Duc Kien proposed an early orientation for mobilising and using ODA at a workshop in July.

He also called for relevant agencies to make objective evaluations of national debts in support of mobilising financial sources for economic development.

 

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High disbursement shows positive economic signs

East-West-highway
Photo: Tuoi Tre

A positive trend in economic development is reflected in the high disbursement of investment and development project funds.

Statistics show that an estimated VND92.1 trillion (US$4.7 billion) was disbursed from the State budget for development projects in the first eight months of the year, making up almost 74 percent of the annual plan.


Disbursement of Official Development Assistance (ODA) commitments reached over $1.8 billion, or 74.5 percent of the annual target and 13.5 percent increase year on year.

Foreign Direct Investment (FDI) saw up to $7.25 billion disbursed, representing an increase of 3.6 percent over the same period last year.

The Ministry of Planning and Investment (MPI) forecast that development investment this year is expected to reach VND800 trillion, accounting for 41.37 percent of gross domestic product and representing a growth of 12.9 percent year on year.

Once the disbursement is reached, it would be the second consecutive year Vietnam has surpassed the annual target for development investment, said MPI.

The trend was of primary importance for Vietnam since the country is largely dependent on investment for economic growth, the ministry explained.

The figures have shown the great efforts made by the Government, ministries, industries and local administrations to mobilise different financial sources for development amid post-crisis economic difficulties worldwide.

The figures were evidence of investors’ and partners’ confidence in Vietnam’s potential for growth, MPI said.

Problems, however, remain with cumbersome administrative procedures and limited management competence.

Experts have called on responsible agencies to move promptly in reviewing and adjusting relevant policies and streamlining administrative procedures in an effort to increase the country’s capacity to absorb investment.

The Director of the National Centre for Socio-Economic Information and Forecast, Le Dinh An, said measures to lure FDI should be associated with economic restructuring and geared to concrete industries and products.

Such an orientation should be also applied to ODA fundraising, he added.

National Assembly Vice Chairman Nguyen Duc Kien proposed an early orientation for mobilising and using ODA at a workshop in July.

He also called for relevant agencies to make objective evaluations of national debts in support of mobilising financial sources for economic development.

 

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Saturday, October 2, 2010

High disbursement shows positive economic signs

A positive trend in economic development is reflected in the high disbursement of investment and development project funds.


Statistics show that an estimated 92.1 trillion VND (roughly 4.7
billion USD) was disbursed from the State budget for development
projects in the first eight months of the year, making up almost 74
percent of the annual plan. Disbursement of Official Development
Assistance (ODA) commitments reached over 1.8 billion USD, or 74.5
percent of the annual target and 13.5 percent increase year on year.
Foreign Direct Investment (FDI) saw up to 7.25 billion USD disbursed,
representing an increase of 3.6 percent over the same period last year.


The Ministry of Planning and Investment (MPI)
forecast that development investment this year is expected to reach 800
trillion VND, accounting for 41.37 percent of gross domestic product and
representing a growth of 12.9 percent year on year.


Once the disbursement is reached, it would be the second consecutive
year Vietnam has surpassed the annual target for development
investment, said MPI.


The trend was of primary
importance for Vietnam since the country is largely dependent on
investment for economic growth, the ministry explained.


The figures have shown the great efforts made by the Government,
ministries, industries and local administrations to mobilise different
financial sources for development amid post-crisis economic difficulties
worldwide.


The figures were evidence of investors’ and partners’ confidence in Vietnam’s potential for growth, MPI said.


Problems, however, remain with cumbersome administrative procedures and limited management competence.


Experts have called on responsible agencies to move promptly in
reviewing and adjusting relevant policies and streamlining
administrative procedures in an effort to increase the country’s
capacity to absorb investment.


The Director of the
National Centre for Socio-Economic Information and Forecast, Le Dinh
An, said measures to lure FDI should be associated with economic
restructuring and geared to concrete industries and products.


Such an orientation should be also applied to ODA fundraising, he added.


National Assembly Vice Chairman Nguyen Duc Kien proposed an early
orientation for mobilising and using ODA at a workshop in July.


He also called for relevant agencies to make objective evaluations of
national debts in support of mobilising financial sources for economic
development./.

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Thursday, September 30, 2010

PM commits to reaching year's economic goals

Workers align a rotor for the Son La hydroelectric facility. Development of electrical resources is one of the key targets in the Government's socio-econmic plan. — VNA/VNS Photo Ngoc Ha

Workers align a rotor for the Son La hydroelectric facility. Development of electrical resources is one of the key targets in the Government's socio-econmic plan. — VNA/VNS Photo Ngoc Ha

HA NOI — Prime Minister Nguyen Tan Dung yesterday urged the Government to do its utmost to achieve the year's socio-economic goals.

Despite positive progress in its economic development plan, the country's economy was still facing challenges on its way to reaching the targeted socio-economic aim, PM Dung said yesterday at the Government's monthly meeting.

Government officials gather every month to review the socio-economic development of the month and discuss measures to stabilise the macro-economics, restrain inflation and ensure the social security for the rest of the year.

The Ministry of Planning and Investment reported that the first eight months of the year.

The industrial production continued to grow,increasing by 15.2 per cent compared to the same period last year, and the trade gap slightly decreased, the ministry said in its report.

Meanwhile, the month's consumer price index grew by 0.23 per cent over the previous month.

Good co-ordination among sectors and localities had helped agriculture improve and kept pandemics under control despite the negative impact of floods and storms, the Ministry of Planning and Investment reported.

Social security had been ensured and people's living standards had been lifted, the ministry reported.

Nevertheless, the Government pointed out shortcomings of the economy, which needed to be made good.

The domestic economy was facing the negative impact of the global market's increasing prices, especially in the last quarter of the year, Government officials said.

Firms and enterprises were still ineffective in mobilising capital sources as bank loan interest rates remained high. Epidemic diseases were at a critical point and still threatened to seriously affect production and people's lives.

The officials also discussed ways to effectively implement the socio-economic development plan next year and in the coming five years.

One of the most discussed issues was how to develop the electricity industry.

The officials agreed on a plan to introduce an open and favourable mechanism to boost electricity production. The Government would favour the socialisation of the industry, calling on the involvement and investment of all economic sectors.

Together with implementing hydro-power projects, the Government would boost the development of natural-energy generated power programmes.

Dung asked the Ministry of Industry and Trade to focus on producing electricity to avoid shortages of power, with Government playing the key role in the field with the support of all sectors. He asked the Government to set the economic growth for the next year at 7.5 per cent.

While the Government was expecting to see its GDP grow at 6.5-7 per cent this year, the consumer price index should be maintained at 7 per cent to make sure the macro-economy stabilised, he said, and the excess of imports over exports was to be kept below 18 per cent.

Dung said policies to support the nation's key programmes would be introduced and the new rural development plan would be on the next five years' economic plan.

In discussion of the 2011-15 economic plan, Government officials said the guarantee of social security should be the key factor. They asked that ministries and sectors review their own targets to set out the single goal for the country.

Special attention needed to be paid to environment protection work and sustainable development, the officials said, adding that the tasks of addressing climate change would also need great effort. Government confirmed its commitment to administrative reform and equitisation in State-run enterprises. — VNS

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Wednesday, September 29, 2010

Tuesday’s conference to discuss city’s economic restructuring

HCMC – The impacts of Vietnam’s joining WTO and HCMC’s economic restructuring for the next five years are due to be discussed by economic experts at a conference on Tuesday. 

The “Assessments of the Impacts of Vietnam’s WTO Accession and HCMC Economic Restructuring” conference will delve into issues involving the city’s economic and social development, and proposed appropriate shifts in the economic structure to ensure continued growth.

The roles of government, business and market will also be defined to facilitate the development process.  

The conference is organized by the HCMC Institute for Development Studies, and HCMC WTO Affairs Consultation Center (HCC-WTO), and supported by Beyond WTO Program under a project financed by the Australian Aid Program (AusAID) and UK Department for International Development (DFID).  

The conference takes place at a time when the country is working toward an economic restructuring strategy for the next 10 years and an economic development plan for the next five years.

In addition to Vietnam’s Social Economic Development Strategy (2011 - 2020) and Socio-Economic Development Plan (2011 - 2015), the Ministry of Planning and Investment has drafted a project to boost the country’s economic restructuring to enhance its productivity and competitiveness.

There is a need to make clear Vietnam’s arguments on facts and theories about national economic restructuring, according to a statement of HCMC.  

In the city, a program with different components is being implemented to support the city’s economic restructuring in the five years ending 2010. The city is shifting its economy towards services, industry and agriculture.  

Tu Minh Thien, director of the Investment and Trade Promotion Center of HCMC, said at a recent meeting that the city was focusing on industries such as IT, electronics, mechanical engineering and food processing.

But there is a paradox that labor-intensive industries, including garment and textiles, are making big contributions to the city’s GDP, instead of the key sectors, he said.

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Tuesday’s conference to discuss city’s economic restructuring

HCMC – The impacts of Vietnam’s joining WTO and HCMC’s economic restructuring for the next five years are due to be discussed by economic experts at a conference on Tuesday. 

The “Assessments of the Impacts of Vietnam’s WTO Accession and HCMC Economic Restructuring” conference will delve into issues involving the city’s economic and social development, and proposed appropriate shifts in the economic structure to ensure continued growth.

The roles of government, business and market will also be defined to facilitate the development process.  

The conference is organized by the HCMC Institute for Development Studies, and HCMC WTO Affairs Consultation Center (HCC-WTO), and supported by Beyond WTO Program under a project financed by the Australian Aid Program (AusAID) and UK Department for International Development (DFID).  

The conference takes place at a time when the country is working toward an economic restructuring strategy for the next 10 years and an economic development plan for the next five years.

In addition to Vietnam’s Social Economic Development Strategy (2011 - 2020) and Socio-Economic Development Plan (2011 - 2015), the Ministry of Planning and Investment has drafted a project to boost the country’s economic restructuring to enhance its productivity and competitiveness.

There is a need to make clear Vietnam’s arguments on facts and theories about national economic restructuring, according to a statement of HCMC.  

In the city, a program with different components is being implemented to support the city’s economic restructuring in the five years ending 2010. The city is shifting its economy towards services, industry and agriculture.  

Tu Minh Thien, director of the Investment and Trade Promotion Center of HCMC, said at a recent meeting that the city was focusing on industries such as IT, electronics, mechanical engineering and food processing.

But there is a paradox that labor-intensive industries, including garment and textiles, are making big contributions to the city’s GDP, instead of the key sectors, he said.

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Thursday, August 19, 2010

Plans on socio-economic development are crucial

HA NOI — Building the right development strategy for the future and mobilising resources for its implementation were critical steps for the future of the nation, Prime Minister Nguyen Tan Dung said here yesterday.

He was addressing a senior policy seminar on a draft of the National Socio-Economic Development Strategy (NSDS) for the next 10 years.

The seminar was attended by senior policymakers, representatives of research and business communities and development partners.

Dung said Viet Nam was preparing for rapid and sustainable growth to enable it to continue the growth resulting from 20 years of the doi moi (renewal) process.

He said the nation had recently crossed the per-capita income threshold to become a lower-middle-income country and now planned to become fully industrialised by 2020.

Dung said the development model that Viet Nam had relied on since doi moi was launched had led to rapid economic growth.

During this period, per-capita income had grown almost 10-fold – from less than US$100 a year in 1990 to about $1,200 in 2010. The poverty rate had also fallen from 58 per cent in 1993 to 14.5 per cent in 2008.

However, he said Viet Nam was facing challenges that had arisen from this rapid growth and improved status.

Dung's remarks were echoed by the president of the Viet Nam Academy of Social Sciences (VASS), Do Hoai Nam, who said the challenges Viet Nam faced in leaping over the ‘middle-income trap' were fierce.

He said the economic infrastructure was not well developed. Neither were urban and rural areas. The economy needed strengthening in specialised areas, there was only a small number of skilled workers, and the standards of science and technology were low compared to the region.

Nam said that to improve the situation, Viet Nam had to keep implementing its vision until 2050. "We need to specify catch-up strategies for every 10-year period," he added.

The national strategy is one of the most important documents guiding socio-economic development during the next two five-year plans. It is expected to be endorsed by the 11th Party Congress in January.

The Academy of Social Sciences will co-ordinate analytical inputs from research communities in and out of Viet Nam to provide inputs for the strategy. The World Bank will provide technical assistance to support substantive research-based evidence for senior policy makers and researchers.

Dung said that a draft of the strategy had been sent to all ministries, sectors and localities as well as big international organisations in Viet Nam to gather feedback.

He said the main objective of the strategy was for Viet Nam to become a modern industrialised country by 2020.

By 2020, GDP per capita was expected to reach about US$3,200 and real incomes about three-and-a-half times higher than at present.

The new strategy was based on five main viewpoints, said Dung. One of them was rapid development closely allied with sustainability. Democratic practices and optimal use of human resources were other key foundations.

He added that people were to be considered the main subject of the planned development - and the main resource.

Developing an increasingly independent and self-controlled economy in the context of broader international integration was also important.

Dung said the strategy aimed for three breakthroughs. These were the improvement of the socialist-oriented market economy, the quick development of human resources, and the building of a synchronised infrastructure.

The strategy highlighted the need to focus on improving the efficiency of State management.

Dung said the nation actively promoted the sharing of experiences on an international basis, strengthening resources and creating a suitable environment for national development.

The seminar led to a set of recommendations on the strategy to the Government. — VNS

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