Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade XRPUSD, Bitcoin and Cryptocurrencies

BUY & SELL XRPUSD | View XRPUSD News & Updates

Buy Sell XRPUSD, Bitcoin and Cryptocurrencies

Donors say Vietnam economy still unstable   2011-06-11 - Tuoi tre

Vietnam has made some progress in stabilizing its economy but has more difficulties to overcome, donors said at the mid-year Donor’s Consultative Group Meeting held in Ha Tinh yesterday.




Deputy PM Nguyen Sinh Hung said foreign reserves increased by US$2 billion in the first five months.


The fiscal deficit was likely to be 5.3 percent of GDP this year and the government hoped to reduce to reduce it to below 5 percent, he added.


Deputy governor of the State Bank of Vietnam Nguyen Van Binh said the gap between official and black-market exchange rates had narrowed since the implementation of Resolution No.11.


The donors hailed the positive impacts of Resolution No.11 on curbing inflation and stabilizing the economy.


But they listed some negatives that threatened the success of Resolution No.11.


Benedict Bingham, senior resident representative of the International Monetary Fund, said:


“The stability of the dong is temporary and Vietnam’s economy is still unstable.”


Australian ambassador Allaster Cox said: “The government has to attract the participation of the private sector in the fight against inflation.”


It also needed to improve the effectiveness of state-owned enterprises, he added.


The British and EU ambassadors said investors were concerned about the lack of transparency in economic information.


Hung assured the donors that the government would continue to use public funds effectively, reduce the fiscal deficit, and support small and medium-sized firms.

Other news

Billion-dollar projects become scarcer   2011-06-10

Oversupply brings bitterness to steel manufacturers   2011-06-09

Enterprises and agencies slow to react to shipping surcharges   2011-06-08

Land use purpose transfer brings golden opportunities to investors   2011-06-08

Internet opens up endless business opportunities   2011-06-08

Internet opens up endless business opportunities   2011-06-08

Petrol price to stay unchanged   2011-06-08

CFO Summit 2011 to discuss how to optimize capital mobilization   2011-06-08

In price storm, Vietnamese businessmen still wasting their money   2011-06-08

Friday trades snap six-day rally   2011-06-07

Vietnam attempts to keep car buyers away with heavy taxation   2011-06-07

Sky falls in on private airlines   2011-06-06

Banks and logistics companies shaking hands to become stronger   2011-06-05

Land prices fall in Ha Noi's outskirts   2011-06-05