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Monday, December 11 2017
Tiếng Việt
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Date 11/12/2016-15:44:00 PM
Vietnam Development Forum: Facilitating and action oriented Government – New driving force for development
(MPI) – On December 9th 2016, in Ha Noi, the MPI in collaboration with the World Bank held Vietnam Development Forum (VDF) with the theme: “Facilitating and action oriented Government – New driving force for development”. Minister of the MPI Nguyen Chi Dung and WB’s Country Director Ousmane Dione co-chaired the Forum. Prime Minister Nguyen Xuan Phuc attended and spoke in the Forum.

Minister Nguyen Chi Dung speaking in the Forum opening. Photo: Duc Trung (MPI)

In the Forum opening, Minister Nguyen Chi Dung assessed that there were many domestic and international fluctuations in 2016. This is the first year to implement Five-year Socio-Economic Development Plan for 2016-2020, first year of the new Government term in the context of many difficulties and challenges of Vietnam’s economy. Many measures have been issued and drastically carried out to improve business climate, remove obstacles of production and business, accelerate the disbursement of public investment capital. Thereby, Vietnam’s economy has overcome the big difficulties in the first and second quarter, recovered and developed since the early third quarter.

According to assessments of the Government, 2016’s socio-economic achievements are still rather good, reflecting good resilience of the economy. GDP growth of this year is expected to be around 6.3 – 6.5%. Agriculture, forestry, fishery growth has recovered; Production of industry, construction and service has increased higher than the same period last year; Inflation has been curbed; Business climate continues to be improved; Economy has been restructured with three breakthroughs; Climate change, environmental protection, green growth and sustainable development… have been paid attention.

However, Vietnam’s economy has been facing difficulties and challenges such as danger of falling behind, middle income trap, climate change and international integration, against many unpredictable fluctuations in the region and the world… In 2016-2020 term, Vietnam Government committed to build facilitating and action oriented Government with the goals of turning the solutions into actions and targets, plans into real outcomes.

The Minister desired the development partners to provide comments, recommendations relating to: Reviewing, identifying Vietnamese economic prospects, impact factors, challenges and providing solutions to deploy socio-economic orientation; Multi-dimensional impact of international political background to Vietnam’s economy, bilateral and multilateral trade agreements; International experiences in processing relations between public debt and growth.

Whole scene of the Forum. Photo: Duc Trung (MPI)

Regarding Vietnamese economic prospects in 2016-2020, representatives believed that growth momentum has been limited, growth rate of labor productivity has been reduced over 20 years, labor productivity of domestic firms is much lower than that of FDI firms, real growth of FDI firms is faster two times than domestic ones.

Representatives of International Monetary Fund (IMF) Johnathan Dunn emphasized the factors which could impact growth outlook and policy implications to create new motivation for sustainable development. Macro reform should focus on modernizing the regulatory framework of monetary policy with more flexible exchange rate and risk prevention tool. Besides, expediting NPLs will raise supportability of credit system for the competitiveness of private firms.

As for sustainable fiscal and public debt management for growth, representatives shared and discussed experiences of other countries in the world in terms of fiscal adjustment, capital mobilization for infrastructural development and social issues while public debt has risen highly. Thereby, they provided policy recommendations and suitable approach for Vietnam. Mr. John Panzer, Director of the Global Practice for Macroeconomics and Fiscal Policy for Asia – Euro region of the WB said that Vietnam should improve predictability and reliability of policy direction, consistently and intentionally implement fiscal adjustment following appropriate roadmap, set out measures for better fiscal adjustment and debt management in order to strongly develop domestic bond market.

At the VDF 2016, representatives also assessed that there are many difficulties and challenges in the process of implementing Socio-Economic Development Strategy in period 2011-2020, including issues of labor productivity, environment, poverty reduction, social welfares and financial mobilization for agenda of ambitious development next years. Thereby, international community and development partners at the Forum committed to support Vietnam gradually becoming a high-middle income country. They will not only provide aids, but also cooperate and support Vietnam to carry out the commitments and goals set forth, improve financial management capability, control public debt, develop private sector and cope with climate change…/.

Nguyen Huong
Ministry of Planning and Investment

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