Vietnamlawmagazine

Leading representatives of foreign donor communities have expressed their confidence in the Government’s fiscal austerity measures under Resolution No. 11 which have been seen as helping the country achieve a strong domestic economy in the context of global difficulties.

World Bank country director Victoria Kwakwa at a consultative meeting of development partners on September 6 said that the measures had helped Vietnam maintain and balance its development objectives while simultaneously maintaining the social safety net.

However, high inflation, foreign exchange rates, high lending interest rates, and concerns about the health of the banking system remained troubling issues, she added.

Asian Development Bank (ADB) country director Tomoyuki Kimura recommended that Vietnam more effectively manage its public investments and step up the effort to reform its state enterprises.

Addressing the meeting, Prime Minister Nguyen Tan Dung reaffirmed Vietnam’s commitment to implementing Resolution No. 11, with priorities of curbing inflation, stabilizing the economy and ensuring social security.-