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Seizing development opportunities in 2013 (14/3)
14/03/2013 - 12 Lượt xem
However, economists said that if the right policies are correctly applied, the economic crisis in Vietnam may end at the end of the second quarter. Vietnam Economic News' reporter Le Anh collected expert opinions on the issue.
Deputy Head of HCMC's National Assembly Deputy Delegation, a member of the National Assembly's Economic Committee PhD Tran Du LichThe economy is facing challenges after five years of macroeconomic instability. Although in a state of growth below potential, the Vietnamese economy would recover in 2013 if the country deploys consistent, comprehensive and effective solutions due to Government's Resolution 2 to create confidence for the market. The growth rate of 5.5 percent in 2013 could be achieved and inflation would be controlled at seven-eight percent. The Government should implement measures to support the market
in accordance with Resolution 2. In terms of fiscal policy, it needs to
learn from experience in previous years to ensure planned disbursement,
avoiding the decline in aggregate demand in the early months. In particular, the Government needs to create confidence for the market by implementing restructuring projects. 2013 would be opportunities for restructuring enterprises and making the market healthy in the drive towards long-term development. The Government recently approved an overall plan for economic restructuring associated with the transition of growth model in the 2013-2020 period. According to an overall plan, in the 2013-2015
period, it will focus on three priority areas, including public
investment, commercial bank system and corporations and State-owned
companies. In the implementation of policies and measures set out by the Government, it will impact on an increase in aggregate demand and the redistribution of resources. This is an opportunity for enterprises to adopt a new business strategy. If the right policies are correctly applied, the economic crisis in Vietnam may end at the end of the second quarter and the economy will become bright from the third quarter.
The World Bank's Lead Economist for Vietnam Deepak Mishra 
Restructuring, high interest rates, tightening monetary policy are the major bottlenecks of the Vietnamese economy. However, there are opportunities for the Vietnamese economy, such as the decline in the European economy. Therefore, many investors tend to emerging markets. Vietnam should seize these opportunities to promote the economic development. To resolve the bottlenecks of the economy, Vietnam should speed up the implementation of restructuring and focus on resolving macro problems in an effective manner. In particular, the country needs to stabilize foreign exchange reserves, resolve the outstanding issues in the banking system and should not loosen monetary policy soon. Vietnam needs to clarify the scale of bad debts and set out specific mechanisms to deal with bad debts.
Chairman of the India-Vietnam Business Forum, Vice Chairman of the Vietnam Steel Association Le Phuoc VuBusiness leaders need to take responsibility and become more realistic and less speculative in order to seize opportunities in the current difficulties. In addition, businesses need a business strategy which is consistent with existing capacity. By the end of 2015, when the ASEAN Economic Community (AEC) is formed and the members of the Trans-Pacific
Partnership Agreement cut all kinds of import and export tax, it will
be a great opportunity for Vietnamese enterprises to expand export
markets. This opportunity will continue when the flying-geese development model becomes a reality in the East Asia and Southeast Asia regions. Vietnam's potential sectors, such as electronics, information technology and computers can develop to other markets. In particular, it is necessary to resolve problems in terms of exchange rates, interest rates and inflation to
maintain confidence for enterprises in order to continue invest in
production and business activities. Enterprises need to actively
restructure and focus on high-quality human resources.
Credit Department of the State Bank of Vietnam Head Nguyen Viet Manh
The State Bank identified five key tasks and solutions in 2013. Firstly, operating flexibly the monetary
policy and interest rates in accordance with macroeconomic development
is necessary. Secondly, controlling credit growth at 12 percent and in
accordance with actual situations and allowing credit institutions for
short-term loans by foreign currencies to the end of 2013 are mentioned. The State Bank will coordinate with the Ministry of Construction to guide regulations on purchasing social housing according to the Government's Resolution 2; the ministries to implement measures in order to remove difficulties for production and business activities. Thirdly, the adjustment of exchange rates and the foreign exchange market in accordance with the relationship between supply and demand for foreign currency in the market and the international balance of payments and gradually organizing and closely sorting the gold market are mentioned. When the gold market is relatively stable, the State Bank will enter the market as the creator, contributing to ensuring the flow of the market and increasing foreign exchange reserves. Fourthly, implementing projects to deal with bad debts; establishing the property management company; and adopting decree on the organization and operation of the property management company are stressed. Finally, focusing on implementing solutions to restructure the system of credit institutions under the project approved by the Prime Minister is underlined.
HCMC Real Estate Association Permanent Deputy Chairman, PhD Do Thi Loan Government's Resolution 2 is not strongly implemented and has not affected the real estate market. The State Bank of Vietnam needs to immediately deploy VND20-40 trillion stimulus packages for the real estate market. In addition, reviewing the old
debts of enterprises and carrying out main measures to adjust interest
rates are underlined. An amendment to Decree 69 and Decree 120 to
create favorable conditions for the development of the real estate market is necessary. Enterprises need to implement the restructuring and delay the progress of implementation of projects./.
Source: VEN.
Source: VEN.
