Continuing to reform the investment and business climate: Turning Words into Action

The event was organised by the National Assembly’s economic committee, the Viet Nam Academy of Social Sciences, the Viet Nam Chamber of Commerce and Industry and the Central Institute for Economic Management. Opening the event, chairman of the National Assembly’s economic committee, Nguyen Van Giau, asked experts to assess the feasibility of implementing the 2015 socio-economic targets approved by the National Assembly.He said the targets concentrated on removing difficulties in production and business, restructuring the economy and improving competitiveness, efficiency and capacity.

Giau asked the forum to evaluate competitiveness through clear indexes, provide solutions for agricultural restructuring and production connectivity, discuss public debts, Official Development Assistance, imports and exports, employment, healthcare and education.

Another important issue to be discussed is the country’s global economic integration, particularly the impact of free-trade agreements and globalisation on the country’s economy, he said. In addition, export values of foreign enterprises account for more than two thirds of Vietnam’s total exports, and the foreign sector posted a high trade surplus while the domestic sector remained in deficit.

Dr Tran Dinh Thien, director of the Vietnam Institute of Economics (VIE), said growth in 2014 was characterised by expansion in one quarter higher than the previous three months but overall growth was much below the average during the 1990-2010 period.

Vietnam’s export market is diversified while its import market is too restricted, with 29% of its foreign purchases coming from China.

The amount of debt recovered by the Vietnam Asset Management Company (VMAC) is rather small, and the VAMC’s current method of addressing bad debt is unreliable and not based on market principles.

Read more …, Apr 22, 2015’s-recovery-at-spring-economic-forum.html