Vietnamese and foreign economic experts have argued that amid challenges, good opportunities are lying ahead for Vietnam to deal with economic difficulties.
Speaking at the seminar “The World and Vietnam: Forecast 2012″ held in Hanoi on December 17, Dr Can Phat Luc, senior advisor to President of the Executive Board of the Bank for Investment and Development (BIDV) predicted that the global economy would likely see a downtrend but newly-emerged markets would stand firm in challenges. Growth rates and the inflow of investment capital into domestic markets will be maintained at a satisfactory level.
According to the UN “World Economics Situation and Prospects 2012″, the inflow of capital poured into developing countries will show positive signs, as $229.6 billion is predicted to be disbursed in 2012 compared to the 2011 figure of $218.6 billion.
In comparison to other regional countries, Vietnam achieves above average level and quality of growth. The country is one of the ten countries with high revenue from overseas remittance, estimated at $9 billion this year, accounting for 8 percent of GDP, Luc said.
Head of the Vietnam Institute of Economics Dr Nguyen Dinh Thien said that the Vietnamese economy needs the government’s effective management policy to weather difficulties presented by the gloomy outlook of the global economy.
Thien also highlighted the need to recover businesses by restoring confidence and carrying out strong solutions to control inflation, reduce interest rates and create the best possible conditions for them to access capital.
Another bold measure is to carry out salary reforms. Salaries should increase in line with market rules and associated with social responsibility. Improving competitive capacity is also of prime importance in restructuring the national economy, Thien added.
Chair of the Vietnam Retailers’ Association Phan The Rue said that if the country fails to save businesses, no revenues are created and no growth is seen. There will be more difficulties next year than this year, so businesses still play a crucial role in maintaining economic growth. In addition, a brighter economic picture for next year will be based on domestic resources, Rue noted.