Most Vietnamese enterprises operate on a small scale with little capital and low labour productivity. In addition, low technological levels are considered the largest barriers to increase businesses’ competitive capacity.

Following achievements in economic reforms, the conclusion of the 10th National Party Congress showed that Vietnam was entering a new period of political reform in Vietnam.

The US Commission on International Religious Freedom recently released the 2006 annual report on the religious situation around the world. In a nine-page section regarding Vietnam, the commission still gave wrong information about the current development in the country. It even proposed that the US Government continue to keep Vietnam on the list of “countries of particular concern” (CPC).

According to Minister of Agriculture and Rural Development Cao Duc Phat, only 9 percent of businesses invest in agriculture and 7 percent of foreign direct investment (FDI) is allocated for the agricultural area while more than 70 percent of the nation’s population engage in agricultural production. Obviously, investment capital for agriculture and rural development is too low.

On May 3, the Paris-based Reporters Without Borders released an annual report, which included Vietnam on the list of countries without press freedom. This is a completely groundless fabrication denying the reality in Vietnam in an attempt to serve reactionary forces which are opposing the country.

The most remarkable signs in recent times are the satisfactory results of export-import activities. In the past fourth months, Vietnam earned US$12.1 billion in export turnover, up 25.1 percent over the same period from a year earlier. This means that the average of export turnover reached more than US$3 billion per month and this year’s total export turnover will be as much as last year’s level of more than US$36 billion.

Ten years after the 6th National Party Congress, Vietnam fulfilled or even surpassed all socio-economic development targets set for the 1991-1995 period. The country really escaped the economic crisis. In the past 10 years, Vietnam’s economy has developed steadily with an annual GDP growth rate of 7.5 percent.

Due to fluctuations in the price of gold over the past days, it is expected that the cost of petrol is likely to rise on the local market. Meanwhile, stocks have also seen constant rises on the trading floor, leading to warnings from experts about careful investments.

During the past 20 years, Vietnam’s Doi Moi (Renewal) process has been recognised worldwide as a successful example of an economy in the transitional period from a centrally planned and subsidised economy to a market economy. However, many economists have said the Renewal process is facing new challenges ahead.

Many people say that the 10th National Party Congress marks a turning point in Vietnam’s history. Can the congress fulfill its key tasks? When the congress opened, all people strongly believed that it will be successful. Only time will tell.