Policy Roundtable Economic perspectives and policy vision for Vietnam in 2011

On 17th February 2011, University of Economics and Business - VNU has held an important policy roundtable on “Economic Perspectives and Policy Vision for Vietnam in 2011”. Leading economic experts of Vietnam were invited to discuss on various issues facing the Vietnamese economy in 2011 and their recommendations for policy makers of Vietnam this year and further.

2011 is the beginning year for the five-year economic development plan - an important year for the development strategy of Vietnam in period 2011 - 2020. The 11th National Party Congress has ended, bringing a promising stability in the apparatus of Vietnam. However, although the world is getting over the global financial crisis, there still remain potential risks within the key economic areas. In addition, the ongoing political crises in the Middle East and North Africa are likely to cause new global risks. Regarding the Vietnamese economy, there has been no improvement in the fundamental problems in recent years. There for it is critical to clearly identify advantages as wells as disadvantages for economic development, combining with the perspectives of Vietnam to figure out the appropriate policy vision for the country.

Speakers at the roundtable included: Mr. Truong Dinh Tuyen - Former Minister of Industry and Commerce Ministry; Dr. Le Xuan Nghia - Vice Chairman of the National Committee for Financial Monitoring; Dr. Vo Tri Thanh and Dr. Nguyen Dinh Cung - Deputy Directors of the Central Institute for Economic Management; Mrs. Pham Chi Lan - the senior economic experts and former Vice President of the Vietnam Centre for Commerce and Industry.

Other attendants of the roundtable included: Prof. Dr. Nguyen Xuan Thang - Member of the Central Party Committee, Vice president of the Vietnamese Academy of Social Science; Ass. Prof. Dr. Le Bo Linh, Vice President of the Congress’ Committee for Science, Technology and Environment; Dr. Luu Bich Ho, former Director of the Institute of Policy and Strategy, Ministry of Planning and Investment; and many other prestigious economic experts of Vietnam. Assoc.Prof.PhD. Nguyen Hong Son, Rector of the University of Economics and Business - VNU chaired the Roundtable.

The Roundtable was started with an overview of the current situation of the Vietnamese economy. Economic experts attended the meeting all agreed that macroeconomic stability should be pursuit progressively in 2011 without hesitation and inconsistence as in 2010. They stated that it was rigorously necessary for Vietnam to draw a general plan to stabilize the macro economy. The reformation of the public corporations should be rightly implemented in 2011 and in the long-term. Distortions in the interest rate system due to the non performing loan made by state-owned enterprises have led to the lack of transparency and mutual trust among commercial banks and more seriously, lack of trust in the State Bank. In addition, the “destiny spin” (quoted Dr. Le Xuan Nghia) of inflation and exchange rates would lead to very bad and unpredictable situations. Experts also pointed that stimulating economic growth by increasing investment in general and public investment in particular, which was seen in the growing credits for state-owned enterprises, would become more and more ineffective and finally cause continuous inflation and macroeconomic imbalances.

The majority of attendants at the meeting are leading economic experts of Vietnam, who directly provide policy advocacy for the government or directly participate in the process of policy making and monitoring. They expect that VEPR, as an independent research centre, will contribute effectively to the processes of policy making and reviewing of Vietnam.

In the chairman position, Assoc.Prof.PhD. Nguyen Hong Son - UEB Rector has an overview on the purpose and significance of the roundtable.

Mr. Truong Dinh Tuyen, former Minister of Ministry of Commerce, member of the National Financial and Monetary Committee.

Prof. Dr. Nguyen Xuan Thang, member of the National Party Committee, Vice president of the Vietnamese Academy of Social Sciences.

 Mr. Le Xuan Nghia, vice president of the National Committee for Financial Monitorin.

Tuyet Mai - Photos: Thuy Dung

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