Vietnam 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.
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