Vietnam - a dynamic market economy

Under the theme of “Vietnam: Asia’s Rising Star,” an international conference on Vietnam’s economic policy that convened in Hanoi on January 8 has provided a rare opportunity for high-level entrepreneurs to have specific discussions with key Vietnamese policy-makers about the prospects of investment and economic development in Vietnam.
The business round-table with the Government of Vietnam is being participated by Prime Minister Nguyen Tan Dung and representatives from the leading global companies.
Within its framework, there will be a round-table discussion between Government representatives and high-ranking executives from global companies, a meeting between foreign and domestic entrepreneurs, an exhibition and an award-giving ceremony.
The conference is a special event which allowed Vietnamese and foreign entrepreneurs to compare notes with State leaders, the Prime Minister and other Government Ministers on issues of mutual concern.
The Vietnamese Government introduced its policies to major companies, which are currently doing business or planning to invest in Vietnam while further promoting mutual understanding between the Vietnamese Government and entrepreneurs, which plays an essential role in attracting foreign investors and boosting the domestic business development.
Vietnam has maintained an average economic growth rate of 7.5%/ year. Over the past three years, the growth rate was 8.0% and is predicted to hit between 8.5-9% in 2008.
The country also reached an export growth rate of 18%/year and approximately 22%/year over the past three years.
Notably, the economy and technical infrastructure and people’s living standards have improved remarkably with a per capita income of 2007 posting a ten-fold increase over the 1988 figure and the number of poor households down to below 15%.
Positive changes have been seen in the cultural and social areas while political security and social order and safety have been maintained, thus promoting Vietnam’s international position.
Vietnam is considered to be a dynamic market economy with a wealth of prospects for development and a safe and attractive destination for foreign investors, said Prime
Since 1993, more than 50 bilateral and multilateral donors have provided a total of 42 billion USD in ODA for Vietnam on a year-on-year increase basis.
At the Consultative Group Meeting in December 2007, donors pledged to provide 5.4 billion USD worth of ODA in 2008, the highest figure so far. In 2007, Vietnam attracted 9,500 FDI projects with total registered capital of more than 100 billion USD from 80 countries and territories in the world.
PM Dung emphasized that year 2008 marks an important transitional year in the five- year period (2005-2010). The Vietnamese Government has identified five key tasks: to obtain a 9% economic growth rate and better performance on social targets; to improve the living standards of people in remote and mountainous areas, ethnic minority groups and natural disaster-prone areas along with reducing the number of poor households to 11-12%; to make strong progress in socio-economic infrastructure development and human resources training; to accelerate administrative reform and complete institutions; and to strengthen anti-corruption and wastefulness and thrift practice.
(CPV/VOV)