Donors raise a glass to nation’s giant economic ambitions

With the Year of the Tiger’s arrival, Vietnam’s economy is also expected to roar as a new Asian tiger with strong international donor support.

While meeting with international donors amid pre-Tet celebrations, Ministry of Planning and Investment (MPI) Minister Vo Hong Phuc said official development assistance (ODA) would play an important role in achieving the nation’s targeted 6.5 per cent economic growth rate, up from 5.32 per cent last year.

Phuc said the Vietnamese government and international donors effectively cooperated last year with the latter recognising Vietnam’s promise with a record commitment of $8 billion in ODA funds for 2010.

ODA disbursement hit $3.6 billion in 2009 and helped the country combat the global economic crisis.

“Tigers symbolise strength, speed, conquest and great success. I hope Vietnam and [international] donors will achieve such successes in 2010. This year Vietnam will grow with a tiger’s strength,” said Phuc.

Given this year’s 6.5 per cent growth target, which has been widely supported by international donors, 2010 is considered an important milestone for Vietnam’s development path.

“This year will create the preconditions for Vietnam to develop faster in the next five to 10 years as defined in the draft 2011-2020 Socio-economic Development Strategy which is to be sent for donors’ consultation,” said Phuc.

Victoria Kwakwa, World Bank Country Director in Vietnam, said Vietnam achieved considerable outcomes in 2009 despite big difficulties. However, she also warned about major challenges ahead.

She said donors were willing to cooperate with Vietnam in addressing issues relating to the economic structure in the context that Vietnam had become a middle income country.

She said Vietnam could play an important role in Asia and globally as it would chair the ASEAN in 2010. “I believe we will have more occasions for congratulating Vietnam’s success. We always stand by to ensure the success of Vietnam,” Kwakwa said.

VietNamNet, VIR

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