Vietnam needs more economic reforms to bolster confidence: donors
Published: 10/06/2011 05:00
International development partners hailed Vietnam’s initial success in restoring economic stability, on Thursday, and called for further reforms through 2012. Vietnam’s one-day mid-year Consultative Group meeting in Ha Tinh Province included a thorough discussion and assessment of Vietnam’s Resolution 11, which was launched in February, the World Bank said in a statement. At the meeting, Minister of Planning and Investment Vo Hong Phuc said the government has made inflation control, macroeconomic stabilization, and social security its top priorities. Resolution 11 was issued to implement these objectives, he was cited as saying in the World Bank statement. While recognizing initial progress, bilateral and multilateral donors encouraged the government to direct more attention to the “structural origins” of instability. Future steps towards improvement would include the creation of sound fiscal policy and the improved disclosure of economic data and information. The donors also pledged their support for the long-term implementation of Resolution 11. IMF’s Senior Resident Representative, Benedict Bingham, noted that “while there has been some initial success, confidence in the overall success of the strategy remains fragile”. He added that, to bolster confidence, the government will need to send a strong signal that Resolution 11 will be sustained beyond 2011. Alastair Cox, Australia’s Ambassador to Vietnam, said development partners welcomed Resolution 11 and the government’s strong commitment to its full implementation to restore and sustain market confidence. “This may, however, take time, well into 2012,” he said. “We remain concerned that Vietnam will continue to suffer recurrent bouts of macro-economic instability unless significant reforms are implemented.” Earlier this month, Vietnam raised its annual inflation target to 15 percent and brought down its new economic growth target to 6 percent. The development partners urged the government to provide better social protections to poor and vulnerable people during periods of economic instability and high inflation. “We welcomed the government’s efforts to strengthen social protection, unemployment insurance and emergency assistance to the poorest households,” said Sean Doyle, EU Ambassador to Vietnam. “We wish the government every success in these efforts and particularly encourage it to channel the aid as well as possible to the poorest people, who really need it.” The full Consultative Group meets every year, usually in December, to help provide consultancy to Vietnam’s development. Informal mid-year meetings have been held in Vietnam since 1998, usually in May or June. Source: Thanh Nien |
Provide by Vietnam Travel
Vietnam needs more economic reforms to bolster confidence: donors - Business - News | vietnam travel company
You can see more
- Vietnamese airlines plan to expand new international flights
- Kien Giang promotes tourist attraction
- Giant projects heat Phu Quoc Island’s property market
- AirAsia plans Vietnam venture on Southeast Asia travel boom
- Ho Chi Minh City targets tourism revenue of $5.3 billion
- Vietnam active in G20 senior official meeting in Germany
- Banks struggle to raise capital
- Vietnam Airlines inks tourism promotion deal, Hai Phong City
enews & updates
Sign up to receive breaking news as well as receive other site updates!
- Hanoi ranked top 3 cuisine in the world in 2023
- Beautiful resorts for a weekend escape close to Hanoi
- Travel trends in 2023
- In the spring, Moc Chau is covered in plum blossoms.
- The Most Wonderful Destinations In Sapa
- Top 3 Special festivals in Vietnam during Tet holiday - 2023
- 5 tourist hotspots expected to see a spike in visitors during Lunar New Year 2023
- How To Make Kitchen Cleaned
- Health benefits of lime
- Cooperation expanding between Havard University and Vietnamese universities
-
vietnam travel
http://www.vietnamtourism.org.vn " Vietnam Tourism: Vietnam Travel Guide, Culture, Travel, Entertainment, Guide, News, and...
-
Vietnam culture, culture travel
http://travel.org.vn " Vietnam culture
-
Vietnam travel, vietnam travel news, vietnam in photos
http://www.nccorp.vn " Vietnam travel, vietnam travel news, vietnam in photos
-
Vietnam tourism
http://www.vietnamtourism.org.vn " The official online information on culture, travel, entertainment, and including facts, maps,...
-
Vietnam Travel and Tourism
http://www.vietnamtourism.org.vn/ " Vietnam Travel, Entertainment, People, Agents, Company, Vietnam Tourism information.
-
Information travel online
http://www.travellive.org "Information travel online