Vietnam - Donors consult on draft economic development plan

Nhan Dan – A workshop to consult with donors on Vietnam’s socio-economic development plan for 2011-2015 was held by the Ministry of Planning and Investment in Hanoi on October 4.

The current draft focuses on curbing inflation, stabilising and restructuring the economy based on a new growth model, mobilising and utilising resources more effectively, and gradually developing advanced infrastructures, said Deputy Minister of Planning and Investment Cao Viet Sinh.

At the workshop, donors appreciated Vietnam’s draft plan for socio-economic development in the 2011-2015 period which aimed at stabilising the macro-economy and improving the quality of growth. They also expressed their support for the Vietnamese Government’s priorities in its economic changes, including the restructuring of investments.

However, they held that it is necessary to create a complete legal framework for public investment to improve its efficiency, as well as a system for monitoring and evaluating its effectiveness. Vietnam still lacks appropriate indicators to evaluate the efficiency of resource allocation.

Donors supported both two scenarios for Vietnam’s economy in 2011-2015, offering a choice between 6.5% and 7% growth but some preferred the first option which matches the current economic situation in Vietnam. Along with this, they said, the Government should review and evaluate its management of the macro-economy, especially internal shortcomings of the Vietnamese economy in the 2006-2010 period, to draw experience and reconsider the growth momentum.

The draft plan also includes supplements on such issues as developing a green economy, improving competitiveness and enhancing the role of culture in development.

The draft will receive further comments from international donors before being finalised and submitted to the National Assembly at its upcoming session, said Minister of Planning and Investment Bui Quang Vinh.

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