The economic panorama of Vietnam in 2011 was not very bright, but it is acknowledged that the Government exerted its effort to overcome difficulties when the global economy did not surpass the crisis yet. The Government issued Resolution 11, which is said the clearest message about the Government's goals: controlling inflation and stabilizing macro economics. Notably, the Government had often focused on two targets, both curbing inflation and speeding up growth. But in 2011, it gave priority to cooling inflation. The Government's package of solutions, including tightening the monetary and fiscal policies, cutting down government spending, releasing pressure on the forex market, worked quite well. Another noteworthy point is the Government confirmed that stabilizing macro-economics would be not only the mission of 2011, but also the mission of the middle and long-term reform process. At the first session of the new National Assembly in late 2011, Prime Minister Nguyen Tan Dung … [Read more...] about What expectation for the economy in 2012?
How globalization affects the economy
The Hanoi Times - The two-day Consultative Group (CG) Meeting 2008 for Vietnam ended today, with donors committing over US$ 5 billion in aid to further assist Vietnam's development process and ensure equitable and inclusive growth. During the meeting, the Government of Vietnam and the development partners discussed in depth the economic situation, the Government's recent policy response, poverty reduction and health programs, the harmonization and aid effectiveness agenda, the fight against corruption and institutional reform, and climate change issues. Attending the first morning of the meeting, Vietnam's Prime Minister H.E. Nguyen Tan Dung reviewed developments of the past year, and informed donors of the Government's main measures to tackle the global financial crisis, stressing that the government will resolutely implement solutions set to ensure stability and economic activity. The Prime Minister emphasized the need for strong cooperation between donors and the government to … [Read more...] about Donors support Vietnam’s efforts to stabilize the economy and continue with reforms amidst global economic downturn
Climate change is affecting the economy in the deltas in Vietnam. Vietnam Economic News’ reporter Khac Hieu spoke with Professor James Syvitski from the University of Colorado in the US, on the sideline of a recent international workshop in Hanoi, regarding climate change in Vietnamese deltas. What are the biggest challenges for Vietnam's deltas in the wake of climate change? Many of the hurricanes, typhoons turned when they hit the Philippines islands and go north to China but some of them come through and hit Vietnam. I think that's very difficult to predict in the future how many typhoons will be able to get through the Philippines islands and hit the Vietnamese coast. I think it's a big challenge caused by climate change. The second big challenge is that the Mekong is going to get less and less sediment from the dams that are now built in China and other ones that are being planned throughout Laos and other countries. I think that will have continuing effects on the … [Read more...] about Climate Change Challenging the Deltas
The global economic recession will not unduly impact bilateral ties with Vietnam, because the UK is focused on the nation's long-term potentials, says British Ambassador Mark Kent. Back in London as he nears one year as ambassador in Vietnam, Mark Kent had British envoys from other countries tell him: "You can't do that in one year." They were referring to many high-level bilateral visits which have taken place between the two countries this year. "I only realized how much has been done when I was back. Some of them [other British ambassadors] have had a year of no ministerial visits," Kent said in an exclusive interview with Thanh Nien Daily. In March, Vietnamese Prime Minister Nguyen Tan Dung paid his first-ever visit to the UK where he and his British counterpart Gordon Brown agreed to work together on five priority areas: trade and investment; development; international issues including climate change; education; and tackling illegal migration and organized crime. Six months … [Read more...] about Vietnam is now in the Premier League: UK envoy
Forecasts provide an important foundation for Government decisions. Ministries and every sector have to make them accurate as early possible. However, in recent times, inaccurate forecasts have led to catastrophic consequences. For the past two years, poor forecasts and the global economic downturn has forced the National Assembly (NA) to re-adjust its growth targets and consumer price indexes, resulting in major public losses. According to economic experts, forecasting is as important as planning. If planning is well done, suitable policies can be developed. If planning work is not well implemented, socio-economic development will be seriously affected. For example, traffic congestion in urban areas can be attributed to the current poor urban planning. Accurate forecasts make help agencies make correct decisions. However, inaccurate forecasts lead to the wrong decisions which will greatly affect the economy. Raising management responsibilities Regarding the shortcomings in … [Read more...] about How to avoid inaccurate forecasts