Economists: 2009 Will Be Tough Year for Vietnam's Economy
Local economists who gathered at a seminar on Vietnam's economic prospects in 2009 held in Ho Chi Minh City Dec 22 all have reached a common consensus that next year will be a tough year for Vietnam's economy.
Dr Vu Thanh Tu Anh, director of research at the Fulbright Economics Teaching Program, said the global economy will worsen than predicted and Vietnam's economy will surely be affected.
Signs of recession have emerged in recent months as drops in exports and tourist arrivals and rise in unemployment rate, Thanh said.
Truong Dinh Tuyen, former Trade Minister, now a member of the National Advisory Council for Finance and Monetary Policies said exports sectors will struggle to achieve the set growth rate of 13 per cent next year.
Besides, local producers will face fierce competition from Chinese rivals, Tuyen said.
Financial analyst Bui Kien Thanh said exports and FDI will fall in 2009, so will remittances.
However, Dr Tran Dinh Thien, head of the Vietnam Institute of Economics said short-term growth targets should not be dramatized, and next year will be a chance for Vietnam to boost reforms and set up a mechanism for long-term growth.
Thien hailed the US$1 billion stimulus package and benchmark interest rates cuts by the central bank.
Economists all proposed stabilizing economy and jobs generation will be top priorities for Vietnam. (Saigon Liberation)
Vietnamese
