More than 200 policymakers, researchers, economic experts and bank managers gathered in the Central Highland resort city of Da Lat on August 28 to assess the role of monetary policies for the national economy in the post-crisis period.

The governor of the State Bank of Vietnam, Nguyen Van Giau, noted that the global financial turmoil has taken its toll on all economies, including Vietnam. Thanks to great efforts made by the government, businesses and other social sections, the country has gradually stabilised the macro economy and maintained social welfare.

However, Mr Giau and other speakers shared the view that the national economy is still confronted with many difficulties and challenges. Citing unexpected fluctuations in the world market, they said the global recession is not yet over as the US, Japan and some European countries are just snapping back.

Tran The Tuyen, editor-in-chief of Saigon Giai Phong (Liberated Saigon) newspaper – a co-organiser of the workshop – pointed out some imminent threats to the national economy such as a fall in exports, a high trade deficit and the possible return of runaway inflation. He said monetary policies should be adjusted to better serve the economy.

Cao Sy Kiem, a member of the National Monetary Advisory Council, suggested that Vietnam identify and mend weaknesses in implementing existing monetary policies and adopt a new and longer-term approach once the crisis is over.

Speakers suggested solutions to immediate difficulties in the industrial, agricultural and services sectors.

The workshop was co-hosted by the State Bank of Vietnam, Saigon Giai Phong and the Central Highland province of Lam Dong.

In another development, a report released by the General Statistics office on August 28 shows that Vietnam has overcome the worst of the global crisis and regained its growth momentum. 

Industrial production in August increased by 4.5 percent against July and by 10.6 percent from a year ago. Total retail and service revenues over the past 8 months hit VND742.7 trillion, a year-on-year increase of 18.4 percent.

Source: VOV