Ensuring stability key to sustain development: VN donors’ meeting

The World Bank-chaired mid-year Consultative Group meeting of Vietnam donors took place Thursday in Ha Tinh Province, undertaking discussions and assessments of the Vietnamese Government’s Resolution 11 aimed at restoring economic stability and ensuring sustained and stable growth.

Vietnam’s Deputy Prime Minister Nguyen Sinh Hung presided over the one-day meeting, also attended by Ms. Victoria Kwakwa, WB Country Director in Vietnam.

(L-R, front) Vietnam’s Minister of Planning and Investment Vo Hong Phuc, Deputy Prime Minister Nguyen Sinh Hung, World Bank Country Director Victoria Kwakwa and an unidentified official attend the CG meeting (Photo: Vietnam News Agency)

At the meeting, development partners congratulated the Government for the initial success in implementing Resolution 11, and committed their support for its sustained implementation.

The Government and development partners also reviewed the impacts of the macroeconomic instability on the poor and vulnerable people, as well as small and medium enterprises, and discussed measures to protect the poor from the adverse impacts.

They also heard reports from the Vietnam Business Forum and the Aid Effectiveness Forum held ahead of the CG meeting.

In his speech, Deputy Prime Minister Nguyen Sinh Hung affirmed that maintaining macroeconomic stability and ensuring social safety are long-term goals of the Government. In the near future, the Government is determined to sustain the implementation of the solutions outlined in Resolution 11, to reach the long-term goals.

Opening the meeting, Minister of Planning and Investment Vo Hong Phuc mentioned domestic and international challenges Vietnam is now facing.

Development partners and the Government discussed at length the implementation of Resolution 11 and its impacts so far, as well as how to ensure its lasting effect on the economy.

The International Monetary Fund’s Senior Resident Representative Benedict Bingham  said, “While there has been some initial success, confidence in the overall success of the strategy remains fragile. To bolster confidence, the government will need to send a strong signal that Resolution 11 will be sustained beyond 2011 and set concrete targets for the restoration and maintenance of macroeconomic stability over the medium term.”

Expressing his confidence that Vietnam will be able to weather the current problems, Mr. Ayumi Konishi, ADB Country Director for Vietnam, said, “We know Vietnam is fully aware of the fundamental structural issues as Social Economic Development Strategy 2011-2020 approved by the National Party Congress in January this year clearly recognized the challenges under the three breakthroughs to reform economic institutions, improve human skills and address infrastructure bottlenecks.” 

The meeting also discussed protecting the poor and anti – corruption in the country.

In the concluding speech, Ms. Victoria Kwakwa, WB Country Director in Vietnam, highlighted the importance of ensuring the macroeconomic stability, which is key to sustainable development, especially from the perspective of the poor and disadvantaged people.

She said she hoped that the new Cabinet, to be in place in few months, would take on board these priorities and strengthen the partnership and effectiveness of collaborative dialogue with development partners in support of Vietnam’s development.

By Tuong Thuy

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