Macroeconomic stability, economic restructuring spotlighted

Strengthening macroeconomic stability through monetary and fiscal policies and speeding up the economic restructuring topped the agenda of the ongoing 2013 Autumn Economic Forum in the central province of ThuaThien-Hue.

The September 26-27 forum, themed “Vietnam Economy 2013 – Prospects for 2014: Striving to Implement Three Strategic Breakthroughs”, focuses on seeking major measures, especially middle-term solutions for the Vietnamese economy. 

The State and Government should have flexible policies to deal with bad debts, such as settling debts for enterprises or making breakthroughs in some stages, said Ass. Prof. Dr. Tran DinhThien, Director of the Vietnam Institute of Economics. 

Sharing this view, Dr. Tran Du Lich from the NA Economic Committee said Vietnam’s economy has not yet escaped from stagnation, which resulted from its inner factors including shortcomings in economic structure and growth model, inadequate perception on the “illness” of the economy, and lack of long-term measures.

He stressed that maintaining macroeconomic stability, accelerating economic structuring and building market confidence remain the leading goal in the time ahead. 

At the forum, delegates suggested a harmony between goals on economic growth and stability, and inflation prevention.

It is necessary to maintain total social investment capital at an appropriate rate to help businesses develop, they said, adding that if not, enterprises will fall into capital exhaustion, resulting in unemployment and loss of budget revenue. 

They agreed that in 2013, the Vietnamese economy has become stable with lower rate of inflation, low trade deficit and high surplus. However, it is forecast to continue growing slowly in short and medium terms due to high inventories and bad debts in the real estate market and investors’ falling confidence. 

The forum is jointly organised by the National Assembly Economic Committee, the Vietnam Academy of Social Sciences, the Vietnam Chamber of Commerce and Industry (VCCI) and the United Nations Development Programme (UNDP) in Vietnam.

VNA/VOV online