Prime Minister Nguyen Tan Dung, addressing investors at the Vietnam Business Forum in Hanoi on December 2, assured the business community of continued macro-economic stability and higher gross domestic product growth next year.
VCCI President Vu Tien Loc said he appreciated the Government’s efforts to improve the business environment, but there remained worries. “I recall the Prime Minister’s speech at a meeting with the business community in April,” Loc stated. “The Prime Minister was enthusiastic, but down the road to lower-level authorities such enthusiasm cooled down. At grassroots level, it seemed many civil servants were not stirred up in the least,” he said.
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Vietnam Business Forum, Dec 2014 – Full Report – English
Vietnam Business Forum, Dec 2014 – Full Report – Vietnamese
Vietnam Business Forum, Dec 2014 – Short Report – English
Vietnam Business Forum, Dec 2014 – Short Report – Vietnamese
According to the Prime Minister, “The macro-economy will continue to be stabilized, and bad debts will be reduced to 3%,” he told the annual business forum with the attendance of top people from international financial organizations, the foreign business community and economists.
Dung stressed that the foreign exchange rate and interest rate will be controlled, and inflation will be harnessed at less than 5% in 2015 to pave the way for faster economic development.
“Extra budget spending will be reduced to 5% of GDP in 2015 from 5.3% this year, while efforts will be stepped up to push GDP growth to 6.2% next year against an estimated 5.9% this year,” he said.
“We’d like to assure (you) that the public debt will not exceed the threshold (of 65% of GDP as endorsed by the National Assembly) and that all debts will be serviced in due time. And Vietnam’s public debt will remain safe,” the Prime Minister asserted.
Vietnam will continue to restructure the financial sector and quickly pull bad debt ratio to 3% in 2015.