'Enormous challenges' ahead for economy
Monday 22 October 2012
Printable
EmailVietnam Prime Minister Nguyen Tan Dung acknowledged a list of economic failings today at the opening of the national assembly.
Mr Dung claimed credit for stabilising inflation but listed a series of ongoing problems.
"There are enormous challenges," he said to the 500 parliamentarians. "Public dissatisfaction persists."
The growth of Vietnam's once-booming economy has slowed to around 5 per cent this year.
With credit drying up within the country, businesses have been unable to invest and the global economic slowdown has taken its toll on exports.
A year into his second five-year term, Mr Dung was publicly rebuked last week by the Communist Party following a meeting of its central committee.
The Prime Minister said he took personal responsibility for heavy losses by two state-owned shipping companies and pledged that reforms of those and other companies would speed up in 2013.
Mr Dung predicted growth of 5.5 per cent next year, with inflation at 8 per cent.
If you appreciated this article then please consider donating to the Morning Star's Fighting Fund to ensure we can keep developing your paper.
Editorial
Iraq ruling is no vindication
Defence Secretary Philip Hammond believes himself vindicated by the High Court ruling that his Iraq Historic Allegations Team (IHAT) is independent.
Features
Turmoil set to continue
A look at the causes and possible outcomes of Silvio Berlusconi and his right-wing coalition's lead in the polls.
Our government has put us at risk
Attacks such as yesterday's horrific murder in Woolwich didn't happen before the 'war on terror.' It's time we recognised the consequences of the conflicts we've unleashed