Vietnam’s economic growth declining due to slow structural reforms: ADB president

HANOI, Sept 20   (Xinhua)  :  Vietnam's economic growth has witnessed declining partially due to slow structure reform process, said President of the Asian Development Bank (ADB) Takehiko Nakao at a press conference held in Vietnam's capital Hanoi  Friday.
Vietnam's economic growth fell from the average 7.3 per cent in 2000-2007 period to 5.7 per cent in 2008-2013. The slow pace in structural reform as well as global uncertainty has contributed to the trend, said Nakao.
In order to solidify the gains and restore high and inclusive economic growth, Vietnam should accelerate its structural reforms, primarily for state-owned enterprises and banking sector, he said, adding that Vietnamese government needs to manage public debts through broadening the tax base and rationalizing public expenditures.
Vietnam should speed up the equitization of state-owned sector while promoting the role of small and medium-sized enterprises and the private sector, said the bank president.
Private sector has an important role to play in boosting Vietnam's competitiveness and avoiding the middle-income trap. The country should derive maximum benefits from global economic integration through increased trade and investment coming from deeper integration into the ASEAN Economic Community and various trade agreements.