Nguyen Thanh Tung, director of the Institute of Fisheries and Economic Planning at the Directorate of Fisheries, speaks to the Kinh Te Viet Nam va The gioi (Viet Nam & World Economy) newspaper. It is true to say that aquaculture plays a vital role in the nation's economy. How do you rate its contribution to the country's economic development? The volume of aquatic products exceeds 2 million tonnes each year and the country's 3,260-km coastline from north to south has created many coastal ecosystems. These include numerous lagoons, salt-lakes and mangrove forests. These large aquaculture zones contribute greatly to economic development, as well as improving the lives of the local people on the islands and in coastal areas. At present, many coastal localities are focusing on expanding their aquaculture operations, including rearing seafood. Can you tell more about this? Currently, many coastal areas in provinces such as Kien Giang, Khanh Hoa, Phu Yen, Hai Phong, Quang Ninh and Nghe … [Read more...] about Marine resources vital for economy
Economy
New path towards a socialist-oriented market economy
The core economic philosophy expressed in the documents adopted by the 11th National Congress of the Communist Party of Viet Nam is that the economy must be restructured and the model of growth shifted in order to ensure rapid but sustainable development. Three strategic breakthroughs are a precondition to implementing this philosophy, with the accomplishment of institutions necessary for a socialist-oriented market economy the key breakthrough that directly affects the process of shifting the model of growth. Doing so does not necessarily require an enormous investment of financial resources and therefore could be accomplished in a rather short time with determination and the proper understanding. After more than 20 years of pursuing the policy of doi moi (renewal), our country has recorded important achievements in building the institutions of a socialist-oriented market economy. Thanks to these achievements, we have been able to mobilise various resources for … [Read more...] about New path towards a socialist-oriented market economy
Viet Nam makes list of hottest economies
View of HCM City - the country's largest economic hub. HSBC forecast the country's gross domestic product (GDP) would grow by 5.7 per cent this year. — VNA/VNS Photo Trong Duc HA NOI — The World in 2050, a research publication issued by the Hongkong and Shanghai Banking Corp (HSBC) earlier this month, ranks Viet Nam among 26 fast-growth economies in the world. These economies are still at a very low level of development but have made great progress in improving fundamentals, it says. As they open themselves to the technologies available elsewhere, they should enjoy many years of "copy and paste" growth ahead, the study forecasts. This group includes China, India, the Philippines, Malaysia, Bangladesh, Uzbekistan, Kazakhstan, Turkmenistan, Egypt, Jordan, Peru, and Ecuador. The study divides the Top 100 economies into three categories: fast growth – with an expected annual growth rate of more than 5 per cent; growth (between 3 and 5 per cent); and stable (less than 3 … [Read more...] about Viet Nam makes list of hottest economies
Get tough on economy: experts
A Vietnamese financial expert has predicted an economically gloomier year for 2012 as the recession bottomed out. "Stronger measures must be taken to restructure the economy," director of the Vietnam Institute of Economics, Tran Dinh Thien, told a conference held by the National Financial Supervisory Committee on Jan 9. "The world is on eve of a financial crisis and this has revealed the instabilities of Vietnam in the global economy. It will be a very hard year for Vietnam and the recession will reach its bottom." Thien said the nation entered the year with a more fragile economic base following the economic downtrend, high inflation and the trade and State budget deficits that took root many years ago. He added that stagnation combined with high inflation poses a great danger to the economy that worries economists about a trade-off between growth and stability. If the Government prioritises curbing inflation, economic stagnation will grow worse, and if focus is put on curing economic … [Read more...] about Get tough on economy: experts
HCM City resolves to revamp economy
Customers shop at a Co.op Mart in HCM City's Cu Chi District. The city is aiming to lower its consumer price index to below the national level in 2012. Last year, inflation in the city doubled to nearly 16 per cent. — VNA/VNS Photo Thanh Vu HCM CITY — City authorities this year will focus on restructuring economy and lowering the CPI (consumer price index) below the national level. In 2011, the city was unable to reach four of its 22 targets on the economy, society and environment. The city's GDP (gross domestic product) grew 10.3 per cent, although it had been targeted to reach 12 per cent, and the CPI doubled, to nearly 16 per cent. In 2012, socio-economic figures have been readjusted to reflect the new situation. Revised targets include the GDP to grow 10 per cent; export turnover to reach 15 per cent; total investment of society to rise to VND215 trillion (US$10 billion) or one-third of GDP; State budget to reach VND234 trillion; total spending from the State budget … [Read more...] about HCM City resolves to revamp economy