Vietnam PM pledges economic reform

Vietnams Prime Minister Nguyen Tan Dung has promised to push economic reforms and invited more foreign investment

Vietnam's Prime Minister Nguyen Tan Dung has promised to push economic reforms and invited more foreign investment

TOKYO (AFP) — Vietnam’s Prime Minister Nguyen Tan Dung promised Thursday to push economic reforms and invited more foreign investment as Hanoi tries to limit the global slump’s impact on the communist country.

Addressing a private economic forum in Tokyo, Dung also called for further aid and investment from regional powerhouses, particularly China, India, Japan, South Korea and Australia, to sustain growth in the rest of Asia.

He urged regional nations to continue coordinating their economic stimulus measures and boost trade and investment to maintain regional strength.

“Deeper regional integration and increased intra-regional linkages at different levels will be the key for Asia to be not only the first continent to overcome this crisis, but also to maintain its position as the world’s most important economic locomotive,” he said, speaking through a translator.

Although Asian nations, many of which rely on exports to the United States and Europe for growth, have been hit by the global financial crisis, intra-regional trade had softened its impact, he said.

Dung added that Vietnam would continue to restructure its economy, promote infrastructure programmes, push for administrative reforms, and put more emphasis on environmental protection.

In Vietnam, “we believe that the current crisis is… an opportunity to speed up restructuring, improve management and build the foundation for sustainable development,” he said.

Vietnam enjoyed 3.1 percent growth in the first quarter and expects five percent growth this year despite the global crisis, he said.

Despite the downturn, he said: “We believe that Vietnam will still be a dynamic economy and a reliable destination for investors.”

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