VietNamNet Bridge - GDP is usually considered an important factor that shows the health of the economy in Vietnam. ADB (Asian Development Bank) has released a report showing that Vietnam is among Asia’s biggest spenders on infrastructure. The bank said Vietnam’s public and private sector investment in infrastructure has averaged 5.7 percent of its GDP in recent years, the highest proportion among South East Asian countries, and close to China’s 6.8 percent. After the release of the report, Le Dang Doanh, a renowned economist, commented that it would be better not to chase after growth rates, but to strive to have higher added value, which is more important than GDP. The comment has raised a debate that if Vietnam should continue using the GDP growth rate as an indicator to measure economic development. On this issue, Tran Anh Tuan, deputy head of the HCMC Institute for Development Studies, said GDP is not the only indicator used to give overall assessment about … [Read more...] about Is GDP an important index to measure economic development?
Measuring economic development
Le Thanh Hai, secretary of the HCMC Party Committee, said at the closing session of the 10th conference on July 4 that “for our city, the aim to increase GDP by 10 percent in 2012 will be a big challenge, but we must continue to strive to meet the goal with drastic and effective measures, and create favorable conditions for development and growth”. Mr. Hai added, “In the first six months of 2012, the city has been recovering economically with positive developments. After 16 months of implementation of Resolution 11 of the Government that focuses on cautious monetary policies and tightening of public investments there are clearer results. For example, inflation has been intercepted; GDP per capita in the first six months has increased 8.1 percent and the total turnover of retail goods and services increased by 22.3 percent. HCMC is responsible for leading and supporting enterprises to recover production. The city authorities will be more proactive in coordinating … [Read more...] about HCMC Party Committee to focus on socio-economic development
The 2012 economic development scenario drafted by the Ministry of Planning and Investment (MPI) has met mixed responses. Instead of agreeing to the optimistic targets in the context of the current big difficulties, economists say that the scenario should clearly point out the things the government needs to do to recover the national economy. The Central Institute for Economic Management CIEM believes that the national economy in the first 10 months of the year was "not so optimistic," saying that the monetary policies were not really tightened as expected. Of the investment projects kicked off in 2011, funded by the capital from the government bonds, 333 projects were not found in the list of projects subject to the state budget's capital in 2011. Central and local ministries and branches have checked their public investment projects, but in fact, the projects have only been delayed, or have been cut only on… paper. Vietnam successfully cut down the spending of 10 … [Read more...] about MPI’s 2012 economic development scenario described as illogical
Prime Minister Nguyen Tan Dung has written an article about major contents of the draft socio-economic development strategy for the 2011-2020 period and the country's key tasks in 2011. I. National situation and international circumstance 1. In continuing to follow the Party's renovation guidelines, we have, during the 2001-2010 period, created new driving force for the national development. By expanding democracy in the economy through stipulating and enacting the Enterprise Law, promoting the development of privately-run economy, stepping up State-owned enterprise equitisation and foreign investment attraction, implementing administrative reforms with the focus on administrative procedures, participating deeply and broadly into regional and international integration process, and joining the World Trade Organisation, we have been able to tap our country's inner strength and potential, make use of external resources and combine national strength with the power of our times. … [Read more...] about Socio-economic development strategy for 2011-2020 in focus
Local authorities do not want to spend money on developing infrastructure for environment protection, even though the environment pollution in economic zones and craft villages is getting more evident.Local authorities do not want to spend money on developing infrastructure for environment protection, even though the environment pollution in economic zones and craft villages is getting more evident. The survey on the environmental protection supervision conducted by the National Assembly Standing Committee's Supervision Taskforce in 15 economic zones and 48 craft villages, has found out that local authorities have been gathering strength to develop production, while ignoring the measures to protect the environment. Experts have also warned that if local authorities continue putting economic development before environment protection, the state would have to spend 3 dong from every 1 dong collected to remedy the environmental pollution. Waste treatment systems only run to welcome … [Read more...] about When economic development is put before environment protection