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Foreign experts: inner strength helps Vietnam stabilise economy

(CPV/VNA) Vietnam’s inner strength and suitable policies will enable the country to stabilise the macro-economy, said participants to the Global Meeting of the Emerging Markets Forum 2008 in Hanoi on July 1.

The World Bank said it saw signs that the Vietnamese Government’s solution package to stabilise the national economy had taken effects, citing the slow-down in the price hike of non-food products in June and in monthly import growth rate as well.

The Vietnamese Government has revised this year’s GDP growth rate of 8.5-9 percent down to 7 percent in addition to cutting public spendings, postponing ineffective State-funded projects and new projects and applying a more flexible exchange rate.

Thirachai Phuvanatnaranubala, Secretary-general of the Securities and Exchange Commission of Thailand, agreed that the Vietnamese Government’s policies are on the right track.

“I have a strong confidence in the country and the measures introduced by the Vietnamese Government are already the right methods,” Thirachai told a Vietnam News Agency reporter on the sidelines of the meeting.

Thirachai said his confidence is based on the Vietnamese authorities’ eagerness to learn from international best practice and introduce international standards into the local market.

According to Bimal Jalan, former Governor of the Reserve Bank of India , Vietnam’s attraction of foreign investment and acceleration of production will help the country overcome current difficulties, including high inflation and trade deficit.

In the first six months of the year, Vietnam attracted 31.6 billion USD in foreign direct investment, 3.7 times higher than the same period last year. The country’s industrial production value rose 16.5 percent in the period.

However, Colin Grassie, Chief Executive of the Asia-Pacific region of Deutsche Bank, warned of a decline in emerging markets, including Vietnam, in the medium term, due to the effects of surging prices around the globe at present.

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