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National economy emerges from economic doldrums
Last year, despite the impact of the global economic crisis, Vietnam’s economy rebounded quickly and kept up the momentum for the growth thanks largely to the State’s effective management.
Vietnam, on the threshold of the second decade of the 21st century, has seen rapid and drastic changes in its economy. Showing its strong spirit and wisdom, Vietnam has emerged from the global economic meltdown with encouraging achievements and international acclaim.
Dr. Vu Van Hien, a member of the Party Central Committee’s Theory Council and General Director of Radio the Voice of Vietnam (VOV) recently commented on Vietnam’s overall economic picture, management policies, and economic prospects in 2010.
Reporter: In 2009, the global economic downturn had a strong impact on many countries around the world. According to statistics, the economies of countries in which the State plays a key economic management role, maintained high growth. Vietnam and China are two cases in point. What is your take on this?
Mr. Hien: It’s true. Vietnam and China emerged early from the global economic crisis to resume steady growth. China in particularly, proved to be stabilizing factor in weathering the storm.
The crisis came from the US, the world’s biggest economy, so it greatly and adversely affected economies in Europe, Asia, Latin America and Australia.
When the crisis occurred, some countries allocated thousands of billions of US dollars to save their economies. Thanks to their states’ concerted efforts, many economies are showing signs of recovery.
Reporter: With an economic growth rate of 5.32 percent in 2009, more than 1.5 million jobs were generated. This figure is impressive when you consider that US$800 billion was spent by the US last year to create jobs. What does this mean for the market economy and related issues?
Mr. Hien: Vietnam’s economy grew at 5.52 percent last year thanks to the party’s clear-sighted leadership, the government’s effective management and the public’s joint efforts.
Strong public confidence had made the Government’s polices more suitable and efficient and its forecast economic growth more accurate.
Reporter: The world economy is predicted to bounce back in 2010. Do you think so?
Mr. Hien: In fact, the world economy showed signs of recovery in late 2009 and early 2010 and seems to be over the worst. Vietnam’s economy recovered faster and more effectively than most.
2010 promises a wealth of opportunities for the Vietnamese economy to sustain its growth despite many difficulties still lying ahead.
Reporter: The global economic recovery may entail some anxieties in 2010. What problems do you think need to be addressed?
The recovery of the world economy will increase competition among countries tougher as many countries for investment money. Subsidies will greatly impact Vietnam’s exports, while possible price hikes may trigger inflation.
Reporter: At the National Assembly meeting late last year, deputies expressed concern about investment efficiency and challenges facing the country in finding a new sustainable development model and restructuring the economy. What do you think about this issue?
Mr. Hien: The Deputies’ concerns are valid. Investment efficiency is low and a sustainable development model has not yet been put in place. Management qualification and investment experience are insufficient and planning is not being done scientifically. Sometimes Vietnam invests only partially in a project, leading to inefficiency.
Despite the low efficiency, investment has been huge, for example in hydro-electric power plants, cement plants, oil refineries, roads, bridges, irrigation projects and ports. Overall efficiency is not high but social efficiency is being maximized.
Sustainable development implies many things like how to optimize planning, which fields to invest in, and how to protect the environment and balance the economy. We must ensure economic integration and political independence and sovereignty at the same time.
We must also pay closer attention to poverty reduction and social security and welfare.
Reporter: The lesson of 2009 is that if the country wants to overcome difficulties it must rely on its citizens and it must be creative in its economic management. How should these issues be addressed this year?
Mr. Hien: The most important thing in management is creativitiy. The revolution is creative by its nature. The economy is a socialist-oriented market economy. Vietnam should grasp objective trends and subjective wills to minimize risks and negative effects while promoting the positive factors of the market.
Management must be creative, dynamic and flexible. The country’s effective macro-economic management last year helped improve businesses and public trust. Under any circumstances, the Government and citizens must be as one. Public trust is a key factor in ensuring the success of any revolution, including an economic revolution.
Reporter: What’s your evaluation of the role of VOV and the press?
Mr. Hien: The press is a mirror to reflect society. Revolutionary press, including VOV is both an entourage to reflect all aspects of society and a person to build and get involve in social processes. Press is also a soldier on the cultural and ideological front who disseminates the Party’s policies, the State’s laws and the Government’s measures to create a consensus in society.
With more than 2,000 officials, reporters, technicians and clerical staff, VOV has achieved significant results. VOV broadcasts to the East Sea 24 hours a day, enabling time 1 million people at sea to hear the VOV programmes. VOV’s puplarity and its role in society have constantlyimproved. been improved. In the near future, with four media, radio, print newspaper, online newspaper and television, VOV will be a strong revolution force.
Reporter: Thank you very much.
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