Prime Minister Nguyen Tan Dung confirmed that Vietnam honors every penny of ODA and ensures to fulfill its commitments to donors with a high sense of responsibility at the opening session of the Consultative Group Meeting 2008 in Hanoi.

The Vietnamese Prime Minister affirmed the country’s high regard of the support and assistance that the international community has given to Vietnam and pledged Vietnam would center on directing and monitoring the use of ODA to further increase its efficiency. PM Dung highlighted the vital role ODA has played in the country’s socio-economic development since 1993, noting that this source of capital has helped Vietnam immensely in upgrading its socio-economic infrastructure. ODA capital has also helped Vietnam to achieve results in a wide range of fields, such as health care, education, institutional reform, environmental protection, rural development and, particularly, in poverty reduction, the Prime Minister noted.

At the meeting, some international donors expressed their worry that Vietnam’s targeted GDP growth of 6.5% for 2009 may be higher than its practical ability.

IMF forecasts that Vietnam’s GDP growth (2009) may reach 5% compared to 6% in 2008. Inflation may reduce to one-digit number later next year because the prices of goods will be decreasing. Ayumi Konoshi, Country Director of the Asian Development Bank (ADB) in Vietnam also said that the planned 6.5% GDP growth for 2009 is high for Vietnam in global economic downturn.

The European Commission Counselor delegation in Vietnam Willy Vandenberg recommended the Vietnamese government to focus on quality of growth and investment. James W. Adams, Vice President of the World Bank (WB), who co-chaired the meeting, said he was pleased to see the Vietnamese Government’s strategies to rein in inflation and stabilize the macro-economy starting to bear fruit.

The ADB representative and the UN Resident Coordinator vowed to provide continuous support to Vietnam’s developmental endeavors. Speaking to donors, PM Nguyen Tan Dung said if Vietnam can’t preserve macro-economic stability, it would be unable to maintain its growth potential and make sure economic and political stability as well as social security. Therefore, Vietnam’s policy is stabilizing macroeconomics and maintaining growth. He wished “Vietnam honors every penny of ODA and will fulfill its commitments to donors with a high sense of responsibility.

The Vietnamese government will exert effort to further improve the effect of ODA use”. The CG Meeting will close in the afternoon of Friday, December 5. The 2008 CG meeting, themed “Stabilizing the economy and maintaining its growth potential”, will talk about the macro-economy’s policies and environment, the implementation of the 2008 plan and the mid-term of the five-year 2006-2010 socio-economic development plan, as well as Vietnam’s implementation of the millennium development goals, administrative reform and the fight against corruption.

The participants will review and assess the implementation of the Paris Statement and the Hanoi Commitment, and the plan of action to implement the Accar Action Plan.