(CPV) - "Vietnam's economy is gradually entering a more stable macroeconomic environment after a prolonged period of heightened turbulence. Its economic growth at around 5.7 percent and year-end inflation at less than 10% in 2012", said a World Bank (WB) report. Addressing at a press conference to announce the World Bank's East Asia-Pacific Economic Update 2012 held in Hanoi on May 23, chief economic expert of the WB in Vietnam, Mr Deepak Mishra said while Vietnam's economy has started to stabilize, the significant tightening of macroeconomic policies, along with an uncertain global economic environment, are beginning to take a toll on economic growth. "Especially after the Government introduced Resolution 11 in February 2011 to stabilize the economy and to ensure social stability, the country's real GDP growth decelerated from 6.8% in 2010 to 5.9% in 2011 and further to 4.0% in the first quarter of 2012 as domestic demand slowed, affecting construction, services, and utilities", he … [Read more...] about World Bank: Vietnam’s economy becomes more stable
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World Bank: Vietnam has gained positive achievements in the war against corruption
(CPV) - So said Ms Victoria Kwakwa, World Bank's Country Director for Vietnam during an interview with a reporter from the Communist Party of Vietnam Online Newspaper. Reporter: How do you feel about the Vietnamese Government's policies and solutions on fighting corruption over the last few years? Ms Victoria Kwakwa: There has been progress in some areas. The dialogue surrounding corruption has become increasingly open and frank, the legal system is more transparent than five or ten years ago, and the government is paying greater attention to monitoring the actual level of corruption. These are positive achievements. It is important to remember that addressing corruption means addressing the underlying causes. If your boat is sinking, you don't just bale water, you fix the leak. It is the same with corruption. Vietnam has made progress in reducing administrative barriers, in making processes simpler, in making decisions more transparent- these actions also remove opportunities for … [Read more...] about World Bank: Vietnam has gained positive achievements in the war against corruption
World Bank: Vietnam navigated global financial crisis relatively well
The WB said the global financial crisis and economic recession slowed economic growth in Vietnam . The impact was apparent in the first quarter of 2009, when GDP increased only by 3.1 percent from a year earlier, or 4 percentage points below the average first-quarter growth for the last few years. However, positive signs of recovery have been emerging as a result of the government efforts to support economic activity. The government announced its stimulus package which included various measures, from an interest rate subsidy, to tax breaks, and to additional capital spending. As a result, GDP grew by 4.5 percent in the second quarter and 5.8 percent in the third, raising real GDP growth to 4.6 percent year-on-year for January-September. According to the report, the global economic recession has had a significant impact on Vietnam's external sector. Over the first eight months of 2009, exports declined by 14.2 percent year-on-year in dollar terms. Export turnover is down across most … [Read more...] about World Bank: Vietnam navigated global financial crisis relatively well
World Bank, Vietnam ink $150 million for rural electrification
"We feel proud to be associated with one of the most successful rural electrification programs in the world, with nearly 1,800 households connected to the grid every day over the last decade" said Mr. Martin Rama, acting country director for the World Bank Vietnam. "Meeting the growing demand for electricity in an efficient way, through investments like this one and trough an adequate institutional organization of the sector, will be critical to ensuring continued economic growth in Vietnam," he added. The resources, which come from the International Development Association (IDA), the WB's concessional lending arm for low income countries, will be used for the Rural Distribution Project, according to the WB. The project aims to improve the level of medium voltage service to targeted retail electricity distribution systems. It will achieve this though rehabilitating and increasing the capacity of existing distribution lines and sub-stations and standardizing them to 22, 35 and 110kV. … [Read more...] about World Bank, Vietnam ink $150 million for rural electrification
World Bank: Vietnam’s natural gas industry to triple in size in 15 years
Vietnam's natural gas sector is set to triple in size over the next 15 years, according to a World Bank report released Nov. 11. The "Vietnam Gas Sector Development Framework" report presents a vision of the infrastructure and institutions needed to overcome the challenges and realize these objectives. The report says the gas sector is facing multiple challenges, including greater demand for gas; and a potential gas shortage, which may become worse if a few key decisions for change are not made soon. "Development of the natural gas sector is a key component of Vietnam's overall economic policy and is prominent within the National Strategy for Energy Development." says Alain Barbu, Acting World Bank Country Director for Vietnam. "Vietnam wants to move toward more competitive markets with more liberalized pricing, and this should be done gradually, so that a stable pricing framework, with linkages to competitive fuel markets, can support the build-out of gas production and … [Read more...] about World Bank: Vietnam’s natural gas industry to triple in size in 15 years