VIETNAM: VIETNAMESE NATIONAL ASSEMBLY HEARS ECONOMIC REPORT BY PRIME MINISTER VO VAN KIET , ABOUT ECONOMIC GROWTH, SMUGGLING, CORRUPTION AND MEETING DEMANDS OF ASEAN IN FORTHCOMING YEAR
Record ID:
646294
VIETNAM: VIETNAMESE NATIONAL ASSEMBLY HEARS ECONOMIC REPORT BY PRIME MINISTER VO VAN KIET , ABOUT ECONOMIC GROWTH, SMUGGLING, CORRUPTION AND MEETING DEMANDS OF ASEAN IN FORTHCOMING YEAR
- Title: VIETNAM: VIETNAMESE NATIONAL ASSEMBLY HEARS ECONOMIC REPORT BY PRIME MINISTER VO VAN KIET , ABOUT ECONOMIC GROWTH, SMUGGLING, CORRUPTION AND MEETING DEMANDS OF ASEAN IN FORTHCOMING YEAR
- Date: 3rd October 1995
- Summary: Initials Script is copyright Reuters Limited. All rights reserved.
- Embargoed: 18th October 1995 13:00
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- Location: HANOI, VIETNAM
- City:
- Country: Vietnam
- Reuters ID: LVAEZOK6FKNA7X76FBD052C4YMSV
- Story Text: Vietnam's Prime Minister Vo Van Kiet opened a new session of the National Assembly on Tuesday (October 3), setting ambitious new economic goals and paying tribute to recent achievements in foreign policy.
During the parliament's opening session, Kiet said Vietnam's economy had performed well but "could do better". The country needed to gear up its financial system and tackle smuggling and corruption, Kiet added.
Kiet set a target of 9.5 to 10 percent economic growth for 1996, against 9.5 percent this year.
Exports, at 4.7 billion U.S. dollars, were 30 percent higher than in 1994, Kiet said, though he did not mention growth in imports, which is expected to produce another trade deficit.
Kiet called for industrial growth of at least 14 percent in 1996 to fuel "fast, stable and effective economic growth." Kiet, a communist reformer who has presided over an average 8.2 percent growth since 1992, pinpointed weaknesses holding back Vietnam's gradual shift to a market economy.
"We cannot stand the rising tide of smuggling, corruption and fraud which caused losses of hundreds of billions of dong of state and people's money," he said.
Kiet listed diplomatic relations with the United States, membership of the Association of Southeast Asian Nations (ASEAN) and conclusion of a framework economic accord with the European Union as among foreign policy achievements this year.
Challenges included meeting the demands of ASEAN and its free trade area AFTA, preparations for World Trade Organisation (WTO) membership, and getting into the U.S. market.
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