Vietnam shares experiences in economic development; Vietnam, Cambodia strengthen border security; ASEAN officials agree to boost economic integration; Tuyen Quang celebrates President Ho’s Testament anniversary

Deputy Foreign Minister Doan Xuan Hung made the statement at a high-level roundtable entitled “Economic Development and Growth Theories” in Hanoi on August 17, which brought together domestic and foreign policymakers. It was also attended by Deputy Prime Minister and Foreign Minister Pham Gia Khiem, Professor Jomo Kwame Sundaram, United Nations Assistant Secretary-General for Economic Development in the UN Department of Economic and Social Affairs (DESA) and Professor James Riedel from Johns Hopkins University of the US.

Mr Hung noted that the global financial crisis has taken its toll on all economies and created weaknesses in the financial system, requiring East Asia and Southeast Asia to formulate theories on development.

He said the meeting created a good chance for professors and policymakers to share their views and make recommendations, helping the Vietnamese government draw up appropriate development strategies.

In their presentations, the two professors looked at a number of priorities and concerns for Vietnam’s socio-economic development. They placed strong emphasis on how to implement national strategies without affecting the balance of its financial structure.

Professor Jomo said that despite its negative impact, the global financial crisis has opened up opportunities for Vietnam to reform its finance to support social equality and develop the economy.

He put forward recommendations concerning policies to attract foreign direct investment (FDI), liberalise local finance, restructure State-owned enterprises and carry out economic stimulus packages by pooling local financial resources, building and improving infrastructure and increasing services and social welfare.

He said FDI could help Vietnam meet its development goals, but FDI itself would not be the gold key to development. The crux of the matter is how to use FDI, said the professor.

As the crisis has affected export-driven economies, he suggested that the governments of Southeast Asian economies, including Vietnam, introduce conditional and effective protection policies to businesses, helping them enjoy export subsidy.

Regarding national development strategies, he also said that Vietnam should continue to promote transparency in its policies and adopt new approaches to self-reliance in a more practical manner.

Professor Jomo, who studied the financial crisis in Southeast Asia in 1997-1998, will attend a roundtable with Vietnamese policymakers on August 13 where he is to share views about building a national development strategy and examine key issues in Vietnam’s socio-economic development strategy in the next 10 years.

Vietnam, Cambodia strengthen border security

A delegation from the south-western steering committee led by its deputy head Son Song Son has paid a week-long visit to Cambodia.

During its stay from August 11-18, the delegation worked with the Cambodian Council of Ministers and the General Department of Public Security to discuss security along the borderline between the two countries.

The two sides agreed that the planting of border markers between the two countries should be completed in early 2012 as scheduled to build the borderline into one of peace, security and friendship and create favourable conditions for cross-border trade activities. Cambodia was committed to closely working with Vietnam to control and deal with reactionary forces.

While meeting with Khmer people and bonzes in Phnom Penh, the Vietnamese delegation said that Vietnamese Party and State always attach much importance to ethnic minority people, including Khmer people. They also visited Kompong Chhnang, Siem Reap, Pursat, Battambang, and Kompong Spur provinces.

ASEAN officials agree to boost economic integration

Economic ministers and officials of ASEAN have agreed to boost regional economic integration at the 41st ASEAN Economic Ministers’ Meeting (AEM) closed in Bangkok, Thailand.

At its closing session on August 16, they signed numerous important documents on trade and investment with their dialogue partners.

Participants proposed the formation of a common market within the plan to build an ASEAN Economic Community in 2015.

They also discussed the feasibility of regulations on customs alliance cooperation development and other cooperation forms to raise the association’s strength.

Vietnamese Industry and Trade Minister Vu Huy Hoang and other participants discussed plan to boost economic cooperation with the bloc’s dialogue partners and gave out measures to expand cooperation in trade and investment between the ASEAN members and China, Japan, the Republic of Korea, India, Australia and New Zealand.

They also exchanged views on efforts to overcome the global financial crisis and experiences to cope with the A/H1N1 flu epidemic.

At the four-day meeting, ASEAN signed with India the Free Trade Agreement (FTA) after six years of negotiations.

They signed an investment agreement with China that is expected to bring in trade and investment expansion among the two sides.

Ministers of ASEAN and Australia and New Zealand agreed to allow the private sector to play an active role and will study measures to get most benefits.

ASEAN Ministers also signed a letter of understanding on the Product Specific Rules of Origin with the RoK, aiming to facilitate trade between the two sides.

The AEM’s results will be submitted to the ASEAN Summit slated for late October in Thailand.

Tuyen Quang celebrates President Ho’s Testament anniversary

President Ho at Na Lua shelter in Tuyen Quang province

A meeting was held at the former Tan Trao revolutionary base in the northern province of Tuyen Quang to mark the 40th anniversary of implementing the late President Ho Chi Minh’s Testament.

Delegates and local people offered incense to the late President at Na Lua shelter where he stayed for four months in 1945 to prepare for the General Uprising in August of the same year.

To Huy Rua, a secretary of the Party Central Committee and head of the Party Commission for Information and Education, acknowledged the achievements the province has made in implementing the late President’s Testament and said it should fully exploit its potential to make a breakthrough in development.

As Tuyen Quang has a relatively high rate of forest coverage, at nearly 62 percent, it should develop a forest-based economy and help local people to live off the forests, said the Party’s politburo member.

He suggested that the province prioritise farm produce processing, exploit and process minerals, speed up economic restructuring, expand vocational training and preserve historical vestiges.

Since 2006, Tuyen Quang has attracted 36 industrial projects capitalised at over VND11 trillion and achieved an annual GDP growth rate of 13.2 percent. Last year, its per capita income reached VND8.7 million.

Thanks to economic restructuring, the province has established areas for growing cooking and cash crops of high economic value.

At the ceremony, Nguyen Sang Vang, the provincial Party Secretary, called on local Party members, officials and people of different ethnic groups to respond to exemplary role model campaigns to bring the late President Ho’s Testament to life.

PV