Viet Nam Human Rights
Vietnam economy recovers evidently
7/10/14
At the Government's regular
meeting in the last September, the government pledged to complete multiple
targets and key objectives on economy and society in 2014 assigned by Vietnam
National Assembly.
At the meeting, the
Government agreed with the forecast that this year Vietnam will basically achieve the
objectives and targets of the plan in which the ability to achieve the economic
growth target of 5.8% is entirely feasible. However, the Government also agreed
that Vietnamese economy still faces many difficulties and challenges such as weak
aggregate demand, difficult production and business, higher bad debt, difficulties
in the budget balance, high costs, slow restructuring, productivity, quality
volume at low competition ...
However, Prime Minister
Nguyen Tan Dung requested ministries, sectors and levels are not subjective and
satisfied but to see the strong point to promote and weaknesses to overcome,
striving to achieve the highest levels goals, targets in 2014 with a dynamic
spirit, creativity, depth, strong growth momentum over to 2015.
In addition, the government
devoted special attention to the problem of resolving the bad debt. Government
requested the State Bank of Vietnam
to further direct commercial banks to take appropriate measures to effectively
handle bad debt, engaging with business in solving bad debts. Besides, the
State Bank of Vietnam
also needs to have effective plans for dealing with purchased bad loans and
continues buying bad debts from credit institutions.
Regarding labor productivity
in 2013, Vietnam stood in
the lowest group in the Asia-Pacific region and the three lowest countries in
Southeast Asia, including Vietnam,
Myanmar and Cambodia.
This information made the Prime Minister
very impatient at the government meeting this time.
Presenting to government and
explaining to reporters, Minister of Labour, Invalids and Social Affairs Pham
Thi Hai Chuyen and Deputy Minister Doan
Mau Diep said that labor productivity of a national is calculated by taking gross
domestic product (GDP) divided by the number of workers. However Deputy
Minister Doan Mau Diep Deputy considered GDP is created by three elements including
labor, capital and technical expertise. There a fact that, a Vietnamese in South Korea
can work as much as a labour there.
Before this information,
Prime Minister Nguyen Tan Dung requested the National Council for Sustainable
Development and Competitiveness Improvment with the relevant agencies to study
problem. The comparative analysis of labor productivity need to specify the
weaknesses, limitations. More specifically, the agency should specify the labor
productivity of Vietnam
is low due to restrictions in which step, skills training, employment, or
obsolete technologies,? When this is specified, it will make formal assessment
of labor productivity of Vietnam
in any position in the region and around the world and have specific direction
to strive to improve labor productivity.
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All comments [ 10 ]
The nation’s gross domestic product (GDP) has picked up 5.54% this year from the same period last year,
The country was hit by deadly riots in after China moved an oil rig into waters claimed by Vietnam, inflaming already tetchy relations between the neighbours. However, Taiwanese and Korean businesses were hit hardest by the violence, which saw factories vandalised and set ablaze in parts of south and central Vietnam.
Hanoi has offered compensation to affected businesses by cutting tariffs and fast tracking insurance settlements.
Vietnam has also struggled with a host of longer-term economic woes, including sluggish domestic demand, a banking sector weighed down with high levels of toxic debt and record numbers of bankruptcies.
With the authorities making slow progress in cleaning up the banks, we expect the woes of the financial sector to continue to weigh heavily on the economy for the next couple of years.
Other agencies are more bullish on Vietnam’s future.
Vietnam’s growth potential is robust, given an export manufacturing sector that is well diversified and increasingly oriented toward higher value added goods, a rising share of services and manufacturing in economic output, and the growth of the private sector
The country was targeting GDP growth of around 5.8 percent this year, followed by 6.0 percent in 2015 and 6.5 percent a year for the following four years.
Vietnam has become one of the fastest-growing countries in Asia .
Small businesses have also boomed, since the government passed a new law in 2000 making it easier to set them up.
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