The Autumn Economic Forum 2014 opens

Under the theme 'Economic Restructuring: Expectation of Vigourous and Fundamental Changes', the two-day event was co-organised by the National Assembly Economic Committee, the Vietnam Academy of Social Sciences and the Vietnam Chamber of Commerce and Industry, with support from the United Nations Development Programme.

Delivering her speech at the opening, NA Vice Chairwoman, Nguyen Thi Kim Ngan gave an overview into the nation's economic situation during the first nine months of 2014, in which she stressed the difficulties facing enterprises, the weak credit absorption capacity of the economy, and a range of prominent social issues.

The NA leader also suggested participants focus on analysing the effectiveness of Vietnam's economic restructuring, pointing out bottlenecks and reasons for the slow process, and proposing measures to remove difficulties and successful implementation of goals set for 2014 and the years to come.

According to former Trade Minister, Truong Dinh Tuyen, macroeconomic stability was better maintained, with low inflation and economic growth figures in each quarter being higher than the same period last year (QI increased by 5.09%, QII: 5.25%, the first six months of 2012: increased by 4.93%, and January-June 2013: 4.9%).

However, GDP growth was still at a lower level than its potential, Tuyen said, adding that domestic businesses seemed to be weakening.

By August 2014, FDI enterprises have accounted for 67.3% of export turnover, while the domestic sector was only at 32.7%. The value of FDI industrial production has also reached approximately 70%. This should be considered seriously, because economic growth must be associated with the accumulation of domestic resources, strengthening national capacity and increasing the strength of domestic enterprises, the former minister noted.

Addressing the forum, UN Resident Co-ordinator Pratibha Mehta praised progress in socio-economic development and ensuring social security in Vietnam in recent years. She suggested that amidst uncertainties and risks as well as opportunities, Vietnam has great potential but also needs much greater efforts, especially in strengthening business community capacity on the basis of advanced technological platforms, focusing on investment in human resources and pushing forwards institutional reform to face the challenges and seize opportunities to facilitate its development.

(Translated by Nguyen Thuy)