Vietnam's economy will stay on its path of steady growth this year, expanding 8.2 per cent and attracting a record amount of direct foreign investment, DPA QUOTED senior government officials as saying Wednesday. "The Vietnamese economy continues to record over 8.2 per cent GDP (gross domestic product) growth," said Planning and Investment Minister Vo Hong Phuc, addressing the annual Vietnam Business Forum in Hanoi. "Export turnover values will be over 39 billion dollars and newly registered foreign investment will exceed 9.5 billion, which is by far a record." Phuc told the meeting of foreign and domestic investors that the government is also on track to meet its economic goals for 2007. "The National Assembly of Vietnam has passed a socio-economic development plan for 2007 with the goal of improving efficiency, sustainability and competitiveness of the economy, with a target GDP growth rate of 8.2 to 8.5 per cent." The economy grew 8.45 per cent in 2005, which indicates a marginal decrease in this year's 8.2 per cent growth rate. Nevertheless, Vietnam remains one of the fastest expanding economies in the world. The Vietnam Business Forum is held every year so that the private sector can voice their concerns about the current business climate. Many local businesses are nervous about the changes Vietnam's imminent membership in the World Trade Organization will bring. Vietnam becomes the 150th member of the world's largest trade body on January 11, 2007. During the meeting, Deputy Prime Minister Pham Gia Khiem said that the government had gone to great lengths to improve the business environment for investors. Vietnam will continue to need foreign direct investment to grow, Khiem said, and he was positive the country will meet its targets. "It's our determination to lift Vietnam out of the state of being an underdeveloped nation, and become an industrialized country by 2020," said Khiem. The business forum traditionally takes place on the eve of the Consultative Group meeting, in which international donors announce how much they will give to Vietnam in the coming year. This year the meeting will be held December 14-15. The World Bank, which will chair the Consultative Group session, has predicted that the levels of official development assistance will be equal to, or will surpass, the record 3.74 billion dollars donated to Vietnam last year.
