Vietnam is a well-developing nation
Effected on the recession of the international economy and expenditure decline of large markets such as North America and Europe, Vietnam has difficulties in many fields; especially in exporting some mainly items as garment. On the other hand, going down in demand of world’s goods and materials results low price, which is the opportunity to import. Therefore, Vietnam trade deficit decreases slightly in comparison with previous time. Beside, not only Vietnam has been affected negatively by economic recession but also Vietnam’s competitors who occupy large market shares take more influence on it. Also, Vietnam has opportunity to boost high export value products such as garment, shoe-leather and woodwork. Mr. Rama assesses that Vietnam export maybe loses its strength a little bit in late this year and early 2009 but will be better than predicted.
World Bank appraises that Vietnam has power in export and competence with a big sum of FDI capital consecutively flown into Vietnam in recent years. That is the motivation for the Vietnam economic development. World Bank’s Director in Vietnam affirmed to accompany with Vietnam Government in the anti-poverty struggle. He pledged that Vietnam will receive USD 1 bil from World Bank’s annual aid in order to cross out hunger and reduce poverty aiming to a better life for the Vietnamese.
Furthermore, World Bank lists Vietnam as one of five developing countries which can be received credit of USD 1.5 bil in 3 years following the conditions of the Development and Reconstruction Bank. With this sum of money, World Bank values that Vietnam is a well-developing country and credit-worthy this loan. Mr. Rama said “ World Bank is willing to provide capital to Vietnam”. He thought inflation or deflation is not the top concern of Vietnam now, the priority of Vietnam Government is to stabilize macroeconomic, maintain growth potentiality. It is expected that consultancy group conference of sponsors for Vietnam (4-5 Dec, 2008) will focus on topics of macroeconomic stability and growth potentiality maintenance. Namely, consultancy group and representative of sponsors will assess the process of socio-economic strategy in the period of 2006 and 2010, obtained advances for millennium objectives, up-to-date of poverty situation in Vietnam.
Other contents of the conference are issues on environment and climate change, management quality promotion and institution reform. At CG conference 2007, sponsors pledged supporting more than USD 5.4 bil to develop economy and reduce poverty in Vietnam.
