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CG meeting to focus on Vietnam's economy, poverty reduction: WB official

(Xinhua)

09:21, December 01, 2011

HANOI, Nov. 30 (Xinhua) -- The Consultative Group (CG) meeting of donors for Vietnam will take place in Hanoi on December 6 focusing on restructuring the economy and poverty reduction, said World Bank Country Director for Vietnam Victoria Kwakwa at a press conference here on Wednesday, Vietnam News Agency reported.

The WB Director said that CG 2011 would discuss the restructuring of public investment and the finance-banking sector, ensuring social welfare and poverty reduction.

WB expert Deepak Mishra said that reduced economic growth in East Asian nations offers commercial and trade opportunities to Vietnam.

He said Vietnam has recorded results in reducing inflation, credit growth and currency supply, however Vietnam should be more transparent in its strategy to stabilize markets.

Despite a slowdown in economic growth, the Vietnamese economy is projected to expand by around 5.8 percent this year, the WB expert said.

He also pointed out challenges for Vietnam, including high expenditure, although foreign debt remains within a sustainable debt framework.

The restructure of state-owned businesses and the finance and banking sector will help Vietnam achieve a sustainable economic environment and lay foundations for more effective medium-term growth, he said.

Regional Director of the International Finance Corporation (IFC) Simon Andrews said the Vietnam Business Forum on the threshold of the CG 2011 has a theme of "New Period for Competitive Growth".

The meeting includes an overview of the investment environment, a dialogue with the government on building an effective and efficient banking sector, capital markets and production and distribution.

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