(VOVworld) – Vietnam welcomes the year 2014 with socio-economic stability. Based on 2013 successes in politics, diplomacy, economics, and culture, Vietnam renews its determination to reform and integrate itself into the world.
Vietnam embarks on a new year with good news from late last year: the National Assembly’s approval of the revised Constitution and rushed negotiations to conclude the Trans-Pacific Partnership agreement. They will provide important foundations for cooperation between Vietnam and the rest of the world.
Vietnam was able to sustain its macro-economic stability in 2013. Although the GDP grew 5.4%, lower than the targeted 5.5%, the rate was reasonable, indicating recovery. Foreign Direct Investment (FDI) reached 21.6 billion USD. Export turnover stood at 132.3 billion USD, contributing to import surplus decline. Economist Le Dang Doanh is optimistic about the economic prospects: “Vietnam’s 2013 economy grew at a higher rate. Inflation reduced, exchange rates were relatively stable and foreign currency reserves increased. These are encouraging signals. Economic prospects in the next 2 years depend on how our reform is going. If the reform pace continues, the economy is likely to grow. I was hopeful about positive changes because the Government has gone in the right direction”.
Vietnam‘s consistent development targets
The Vietnam Development Partnership Forum held for the first time in early December 2013 marked a milestone in Vietnam’s development process. The cooperation between the Vietnamese Government and foreign donors has changed. Vietnam has shifted from an aid recipient to becoming a partner of donors. At the forum, Prime Minister Nguyen Tan Dung outlined Vietnam’s major goals for 2014: maintaining the macro-economy, curbing inflation, boosting exports, controlling imports and consistently pursuing economic restructuring. The restructuring of public investment and the banking system will be particularly important. Improvement of the people’s living standards will also be prioritized, according to Prime Minister Nguyen Tan Dung:
“Social welfare and securities should be ensured in 2014. The Vietnamese government will concentrate on generating jobs and reducing poverty, targeting ethnic minority people with practical and effective policies”
Internal strength muscled up for stable development
On November 1, 2013, Vietnam welcomed its 90 millionth citizen and is now the period of the “golden population”. This is an advantage and a good opportunity for Vietnam to advance towards sustainable development and accelerate industrialization and modernization. Human resources development is one of the three strategic breakthroughs, which are set to help boost Vietnam’s competitiveness. Dr. Franz Jessen, Head of the European Union delegation to Vietnam, says Vietnam has potential because of the young workforce: “Vietnam has enormous potential. You are doing well with the education through the PISA study, where Vietnam was higher than many rich countries in the world. Vietnam has very large population and well-educated young population”.
Vietnam’s entire political system from the government to the people is gearing up efforts to fulfill the set targets, making its economy to take off.