The Government has recently decided to provide financial assistance to poor households to ensure they will enjoy the traditional Lunar New Year (Tet) festival. The decision shows the Government’s firm resolve to assist the poor who are the most vulnerable to economic difficulties.

Vietnam continues to face challenges in 2009 - the most important being to prevent the economic downturn which has resulted from the world’s financial crisis and the implementation of anti-inflation measures.

In 2008, commercial banks entered a big interest rate race, the exchange rate reached a record high of VND19,000/US$ at times, and businesses scaled down their production due to capital shortages. These are market “shocks” from which Vietnam should learn to regulate the economy in 2009.

Vietnam experienced many ups and downs in 2008, particularly the negative effects of the global financial and economic crisis. As the world is expected to go through big upheavals in 2009, the crux of the matter is how to seize opportunities, overcome difficulties and maintain stability.

2008 is considered a special year for Vietnam’s economy as the country has belonged to the World Trade Organisation (WTO) for two years, facing both opportunities and challenges on the common economic playing field.

The year 2008 saw fluctuations on the banking and finance market and the State Bank of Vietnam (SBV) devised strong measures to manage the market.

Vietnam is committed to respecting, protecting and promoting fundamental human rights in line with the United Nations Charter as well as with other international norms and practices. 

The country is facing an economic recession as its growth rate and exports have sharply decreased and sales of essential goods such as steel, cement and fertilizer have seen serious stagnation.

Vietnamese businesses have gained much experience since the country joined the World Trade Organisation (WTO) two years ago. Local businesses now know that by actively integrating into the global economy and quickly grasping opportunities they can limit their exposure to the vicissitudes of the market.

Indian President Pratibha Devisigh Patil will meet State President Nguyen Minh Triet in Hanoi on November 27 as part of her first visit to Vietnam.