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Economy expected to prosper in 2013
The country's economy would be better next year thanks to continuous export growth and the Government's financial measures to raise demand, economists predicted.
Director of the Banking Development Institute Nguyen Thi Kim Thanh said that the country's impressive export growth this year would help its economy get back on the right track.
The country could capitalise on the export growth to increase total demand, which would lead to an inventory reduction and a rise in money circulation, Thanh said.
Despite the global economic crisis that continues to suppress demand in most large export markets, Viet Nam still earned an export turnover of US$104.2 billion in the first 11 months of 2012, up 18.4 per cent over the same period last year.
Together with this growth, a predicted increase in investment could also contribute to raising the country's total demand, Thanh said.
Vice chairman of the National Committee on Financial Supervision Ha Huy Tuan said that the Government must speed up the construction of infrastructure to reduce inventory in the construction industry. It was estimated that roughly VND60-80 trillion ($2.8-3.8 billion) worth of bonds could be issued to build infrastructure projects.
A rise in investment demand would quicken the rebound of the economy, Tuan said.
Banking expert Nguyen Tri Hieu also anticipated that the domestic economy would see improvements next year when the Government's efforts to restructure the banking industry and supervise securities and gold markets, as well as rising public investment, would see effects.
As the Government aimed for GDP growth of between 5-8 per cent next year, inflation would be roughly 8-10 per cent so that the interest rate would not be cut further and might even inch up, Hieu said.
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