Conference to discuss means for developing Vietnam’s economy

Prime Minister Nguyen Tan Dung chaired a conference on Aug 20^th in Hanoi to discuss means to cope with the complex situation of Vietnam ’s economy in the last months of 2011.

According to experts, the challenging world economy with unsettled public debts in Europe and economic difficulties of the US and Asia has strongly influenced on the Vietnamese economy, blocking it from reaching the set growth and inflation control goals.

They said that the country recorded initial positive results in socio-economic performance in the first seven months of the year such as decreasing inflation, increasing exports, stable foreign exchange rate as well as increases in industrial production and service values and in the number of foreign tourist arrivals.

Furthermore, they noted that the basis of the macro economy is yet to be improved remarkably as inflation and interest rates remain high, foreign currency reserves, though added more, are not strong enough and bad debts in the banking system tend to increase.

They also suggested a number of immediate and long-term measures to deal with these issues, with the immediate one bring to continue implementing a tightened monetary policy, cutting down public investment and closely controlling the real estate market.

Concluding the working session, PM Dung praised the experts’ frank, responsible and constructive dialogue for the national economic stabilization and development.

He added that the Government’s central task by the year-end is to continue realizing quickly and effectively Resolution No. 11 on curbing inflation, stabilizing the macro economy and ensuring social security in combination with economic restructuring.

He said that the Government, ministries, branches and institutes will keep them constantly updated with emerging developments, improve forecasting capacity and renovate statistical work, thus proposing more suitable and effective macro policies.