A VOV reporter has asked Minister of Planning and Investment Vo Hong Phuc to elaborate on the country’s economic situation in 2009.

VOV: What do you think of the national economy in 2009?

Minister Phuc: 2009 was full of challenges due to impact of the world economic crisis on Vietnam’s economy. In December 2008, the Government already realized this problem and issued Resolution 30 to manage the economy. With great determination on the port of the Government, unanimity of the Party and people, close direction of the Party Central Committee and the observation of the National Assembly (NA), the country achieved significant results which were highly valued by the international community. While most economies in the world have faced recession, Vietnam was one of five countries boasting high economic growth rates.

VOV: What does the economic growth rate of 5.2 percent reflect?

Minister Phuc: It was an impressive figure. Donors at the Consultative Group Meeting in December 2009 considered it a big success for Vietnam. In 2010, I hope that the economy will do even better. At the year end meeting, the NA set a growth rate target of 6.5 percent. The Government plans to devise a series of measures to help the economy obtain that target. The Ministry of Planning and Investment says that with a high level of determination, Vietnam will success. Many think the country might grow at 6.5 percent or even at a higher rate.

VOV: When the economy faced challenges and difficulties, it revealed some problems in management and the inner economy. What are they?

Minister Phuc: That’s true. The quality of growth and the economic structure revealed some negative things. However, it did have one strong point in that was reaching in a focused direction. The State’s role in economic management is very important as it determines the economy’s success or failure. We can see this clearly through the global economic crisis. Both China and Vietnam managed their economies so well that the two countries have obtained certain achievements. Vice versa, some free economies faced big difficulties and they realised the importance of the State’s role, especially in controlling the financial and monetary system.

VOV: Last year you proposed that the Government cancel plans for more than 70 golf courses. How did you feel about your proposal?

Minister Phuc: Cutting down from 166 to 89 golf courses was a crucial decision. It could only be done with openness and transparency and without the give and take mechanism. There must be specific criteria, for instance the area of a course. If any course takes up a large amount of agricultural land it will be eliminated. People must accept a decision made with clear criteria. For instance, a dispute between agricultural land and a cow farm occurred at a golf course in Hanoi. The project was groundless and we proposed Hanoi reconsider it carefully. So far Hanoi leads the country having abolished 9 golf courses.

VOV: As a leader in directing a development plan, you received pressures from both local and central levels. How did you deal with the problem?

Minister Phuc: I was subject to certain pressures but I dealt with them in a lawful manner and for the common benefit. When we do things openly and transparently, not for any self interests we can feel quite at ease. Despite some individual opinions, most citizens support me.

VOV: What are the bright spots in 2009?

Minister Phuc: The economy in 2009 found some bright spots. Industry achieved a high growth rate as initial investment began promoting efficiency. Export markets expanded, helping to reduce the trade deficit. In the long-term period, the country hopes to balance trade to ensure sustainable economic development. Foreign investment will grow rapidly this year because most foreign investors at the Consultative Group Meeting and the Vietnam Business Forums are interested in the Vietnamese market. They place Vietnam third after China and India and consider the country as potential investment destination.

VOV: What are the new aspects in the Government’s management policy in 2010?

Minister Phuc: The Government had implemented strict measures in 2008 and 2009 to obtain such high growth. It will collect opinions proposed by National Assembly deputies to better manage the economy. For example, in the field of finance and banking, the Government will devise stricter measures to manage and publish open and transparent information to help citizens to make the right decisions. The macro-economy will be more stable. With proper measures, Vietnam can avoid US dollar and gold fevers.

VOV: What do you hope for 2010?

Minister Phuc: The year of the Tiger is very important for the country. I hope that all the people will do their utmost for the common benefit.

VOV: Thank you very much.