WB Consultative Group meeting on December 10

The bi-annual World Bank Consultative Group meeting for Vietnam will be held in Hanoi on December 10, to focus on factors laying the foundation for Vietnam's sustainable growth.

Risks include high-core inflation, low levels of foreign exchange reserves, a vulnerable banking sector, and delays in equitization of State-owned enterprises.

Victoria Kwakwa, country director for World Bank, said donors had been talking about making changes to the Consultative Group, as   Vietnam has entered a new stage of development, noting that in the future the platform would move away from resources and financial mobilization to focus on dialogue to resolve problems.

"It's more about policy dialogue, not so much about the money," she said.

However, donors are expected to release a new funding commitment for Vietnam for 2013, by the end of this year.

Last year, donors pledged nearly US$7.4 billion Official Development Assistance for Vietnam.

Bui Quang Vinh, Minister of Planning and Investment, will announce the figure for ODA for Vietnam at the end of the meeting, she said.

Speaking at a press conference on December 5, Deepak Mishra, leading economist for the bank in Vietnam, said the country will continue to face many risks to its macro-economic stability.

He predicted Vietnam’s actual Gross Domestic Product (GDP) would grow 5.2 percent by the end of 2012 instead of the planned 6.5 percent.

Source SGGP, Translated by Dan

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