Optimism
A year ago, Vietnam welcomed the year 2008 with growing confidence. The country achieved the highest economic growth rate, the highest volume of foreign investment capital and the highest export value. Many people thought about the bright prospect of the national economy in 2008 - a year after it joined the World Trade Organisation.

As a result, sectors and localities poured more investment into projects and boosted spending in the hope of meeting the yearly target ahead of schedule. Although in late 2007 many experts warned the national economy of potential risks that could cause high inflation, these warnings against complacency seemed not strong enough to be received seriously.

Heat
As a consequence, the inflation rate jumped to a record high of more than 25 percent in the middle of the year, causing negative effects on all aspects of life. Not only small- and medium-sized, but also big businesses felt the pinch of the galloping inflation. Confused sources of information, including those from State agencies, sometimes shook businesses and consumers’ confidence in the bright picture of the national economy.

The Government intervened immediately to remedy the situation by consulting researchers and international organisations and adopting urgent solutions. For the first time the Party Central Committee convened an extraordinary meeting to discuss the country’s economic situation. Shortly after that the Political Bureau issued a directive detailing solutions to curb runaway inflation and stabilise the macro economy. The Government brought the directive to life by adopting policies and measures to control the financial and monetary market.

Coldness
By the time, the incubation period of major economic powers was over and the global economy was plunged into recession following bad news of crisis, bankruptcy and swindling by leading giants from America to Europe and Asia. As part of the global economy, Vietnam is being badly affected by the decline. About 3 million Vietnamese people are expected to be out of job and the poor will be poorer.

In the face of the situation, the Government adopted many solutions to prevent a period of stagnation and decline of the national economy. Sectors, localities and people across the country are joining hands together with the Government to lessen the negative effects of the crisis.

Calmness
Vietnam gained much experience from upheavals in 2008. Even though the national economy is undergoing hard times, it still shows clear signs of recovery in 2009 on the back of its achievements in 2008, unlike periods of stagnation and decline in the past.

In 2008 Vietnam still achieved a relatively high economic growth rate compared to those in the region and the world. Its foreign investment capital tripled the previous year’s figure, representing the highest growth in the world. In addition, Vietnam is a potential market of more than 86 million consumers. In other words, the country has many favourable conditions and opportunities to weather the crisis and bounce back.

Self-confidence
Like a boat cruising through rough seas, the national economy needs a competent captain and physically strong crewmen to steer it out of stormy weather. People will be given more strength and confidence if the Government introduces specific and bold reform policies as well as solutions to overcome challenges. 

The national football team recently won the Southeast Asian Football Championship (AFF Suzuki Cup). The victory was partly attributed to players’ calmness and self-confidence.  

In the course of its history, the Vietnamese nation experienced many periods of harder times than today, but it still stood firm thanks to its calmness, self-confidence and tactfulness. It is hoped that with its strong political commitment and determination under the leadership of the Communist Party of Vietnam, the Vietnamese people will weather the storm and firmly move forward.