Vietnam's economy to remain flat in 2013

Vietnamese economists forecast the country's economy will remain flat this year as in 2012, waiting for the actual adjustment in economic restructuring. The viewpoints were given at the launching of the Vietnam Economic Report 2013, an annual document providing an overview of the macro-economy over the past year, possible scenarios in the years to come and proposals for policy-makers. The report, which was debut in capital Hanoi on Monday, set out two economic scenarios for Vietnam with Gross Domestic Product ( GDP) growth reaching either 5.04 percent or 5.35 percent in 2013. Nguyen Duc Thanh, Director of the Center for Economics and Policy Research and editor of the report pointed out that Vietnam' s economy is facing a series of short and long term difficulties including settlement of bad debts, revival of businesses and real estate market. High interest rates have reduced the quality of business environment and the competitiveness of the economy, while local companies have yet to make full use of opportunities created by the country's integration into the World Trade Organization (WTO), Thanh added, suggesting to speeding up economic reform. The report includes seven chapters and two appendices, encompassing an overview of the global economy and Vietnam's economic performance in 2012, post-WTO inflation trends in Vietnam from 2006 to 2013, non-performing debts in the commercial bank system, international lessons and practical application to Vietnam, and Vietnam's economic prospects and policy proposals in 2013.