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The Future of Asia 2012

Vietnam's Vice President Calls For New Growth Model

Friday, May 25, 2012

TOKYO (Nikkei)--Vietnamese Vice President Nguyen Thi Doan said Friday that a new growth model is needed for her country as the current export-led model has proven to be substantially affected by global economic turmoil.

She said any new growth model would have to help expand domestic demand, improve social welfare, narrow income gaps and preserve the environment.

Speaking at the annual Future of Asia conference in Tokyo, Doan said the Vietnamese economy keeps growing quickly, but "faces high inflation rates and other production and business issues."

"We will strive to make business conditions more transparent through turning state-run companies into stock companies and disposing of nonperforming loans," she said.

Vietnam is part of negotiations on the Trans-Pacific Partnership free trade agreement. "We will actively involve ourselves in the negotiations because the pact will serve member nations' interests and lead to regional and global prosperity," Doan said.

"Vietnam will carry out domestic and institutional reforms and privatize state-run companies to meet TPP standards," she added.

Titles of speakers, names of companies, etc., were correct as of the time when the forum was held.