Rather than rush the country's growth rate, Viet Nam's goal should be to stabilise the economy, said Prime Minister Nguyen Tan Dung yesterday when asking the World Bank country director Victoria Kwakwa to continue the organisation's support for the country.
The country expected to keep inflation at 8 per cent this year (compared to 18 per cent last year) and limit overspending to 4.8 per cent of the gross domestic product (GDP), he said.
Viet Nam targeted 5.6-5.8 per cent growth in 2012 and would increase it to more than 6 per cent next year when inflation was expected to decrease to below 6 per cent.
Dung also said the Government was conducting an economic reform which would focus on public investment, State enterprises, and the banking system.
The Government leader expected the World Bank to support Viet Nam in pursuing development goals, provide policy consultancy and share experience in dealing with bank bad debts. It also hoped for an increased foreign investment and the implementation of key traffic projects.
The World Bank country director appreciated Viet Nam's policies to curb inflation over the past year. However, she suggested the country focus on helping enterprises, improving production and trade, improving technology application in production, and creating more jobs.
Kwakwa said Viet Nam should enhance its control over public investment to improve its effectiveness.
She confirmed that the World Bank would always co-operate with and support Viet Nam in its development process.
The World Bank earlier announced it would allocate US$4.2 billion for a five-year (2012-16) strategy to support the country./.