Vietnam Economic News

Advertisements

Random Post

• Ministry vows makeover for financial markets
• How to Raise Capital for Real Estate Projects
• Wood products exports increase in seven months
• Vietnam Will Likely Export 5.5M Tons of Rice This Yr: VFA
• SCIC to Divest in 200 Enterprises in Jul-Dec 2009
• Vietnam Plans Eight Nuclear Power Plants By 2030

Vietnam Economic News

Vietnam Business » Vietnam Economic News » Vietnams economic will growth 8% in 2010

Vietnams economic will growth 8% in 2010

High-ranking officials of the International Monetary Fund (IMF) said on Monday they were upbeat on Vietnams economic growth this year, which may hit 8%, although great challenges are still there to surmount. Anoop Singh, regional director for the Asia-Pacific, told reporters at a press briefing in Hanoi on Monday that the international lender regarded highly of Vietnams growth given what the country has achieved over the past time.

Vietnams economic growth will be around 6% under the funds macroeconomic forecast, but "with this momentum, the growth could even hit 8%," Singh said on the sidelines of an international conference titled "Post-Crisis Growth and Poverty Reduction in Developing Countries" in Hanoi. The conference, jointly organized by IMF and the State Bank of Vietnam, was attended by 140 delegates from across Asia and Africa.

"Poverty reduction in Vietnam over the past decade is much better than many other countries in Asia…, and it is quite suitable to presume even higher growth for Vietnam, he said.

IMF officials also spoke highly of the relation between Vietnam and the international lender.

"I am pleased and happy about the excellent relations between IMF and Vietnam," noted John Lipsky, first vice president of IMF.

"Vietnams public debt is still lower than in many other countries, and we are not worried," he added.

However, IMF officials mentioned great challenges ahead for Vietnam, including inflation, the inadequate infrastructure, as well as the widening gap of income between the rich and the poor.

To be considered emerging markets, developing countries in Asia need to ensure health growth on the basis of macro-economic stability, invest more in the infrastructure for sustained growth, prioritize structural reform to improve competitiveness, and keep budgetary deficit under control, Lipsky said.

Speaking at the press briefing, deputy governor of the State Bank of Vietnam Nguyen Van Binh noted that Vietnam had successfully implemented financial and fiscal measures in 2008-09, which had been applauded by international experts.

"However, in order to reduce budget deficit, the mobilization of funds from the public as well as from overseas markets is important," Binh said.

Vietnam has issued sovereign bonds on international markets early this year, and will have a new programs on attracting local funds via bond issues soon, he said.

The banker also appreciated the relation with IMF, which has provided huge funds for Vietnam in the right time.

"In the past, we have been given big and necessary loans from IMF. However, Vietnam still has not utilized such sums and still keeps the money on its account of foreign reserve," Binh revealed.

Binh added that Vietnams demand for consultancy as well as financial support from IMF will rise in the coming time, and expected that the fund would work side by side with developing countries for macro-economic stability and development.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

More Vietnam Economic News:

• oyotas manufactured in Vietnam have no safety problems
• Vietnam has no rubber to sell while rubber price up
• Hoa Sen Group turns out first hot-rolled galvanized iron product
• Ford Vietnam rebuffs malfunction in minivans
• Vietnam Ethanol plant project gets off the ground
• Ho Chi Minh City build nations largest wastewater facility
• Final check for second Vietnam Metro Route in Ho Chi Minh city completed
• IMF upbeat on Vietnams growth
• AirAsias purchase of local airline stake legitimate: official
• March CPI: HCM City up 78 percent, Hanoi rises 0.75 percent

Popular Vietnam Business News

TINCOM company invest in coal production to export to Australia

Vietnam is still boosting coal exports while it is forecast to have to import coal beginning in 2013, and it has not yet reached any agreements for coal imports. TINCOM,

A Vietnamese man with 18 years sleeplessness

Dinh Sy Cang, 46, of Ha Tinh province, has not slept for 18 years, but his health is very good. Cang began having trouble sleeping when his wife, Nhung, gave

International fashion brands mark Vietnam

In late April 2010, Vincom trade centre, located at the corner of Dong Khoi and Le Thanh Ton streets in central HCM City, made its debut. The trade centre has

Gold prices down below VND28 million/tael

After rising continuously and hitting a record high of VND28 million/tael, the domestic price of gold began to slide back on May 18. SJC gold in Ho Chi Minh City

German businesses monitor Vietnams market

Asia has become a successful business story and more overseas investors want to invest in China and Vietnam, said Holger Benthien, Deputy Head of the German Business Association (GBA) in

Vietnams exports in May up 14.4 percent

During the period from January to May, Vietnam earned nearly $25.83 billion from exports, growing by 12.6 percent year-on-year and spent total $31.2 billion on imports.

HCM City tackles online game addiction

HCM City plans to develop "wholesome playing fields" for students to help treat them for online game addiction."There is one thing that has had a big influence on students personalities

Vietnam Banks hope to see profit increasing in last months of year

Lending remains the main source of income for banks, since bank services have not developed well enough. Meanwhile, bankers said income from lending has decreased, which explains why banks profit

Advertisement