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SEPT 6 — Prime Minister Nguyen Tan Dung has helped revive Vietnam’s economy by stabilising the macro-economy, controlling inflation and bringing down bank interest rates.
Under his leadership, credit growth has been in good trends and he has helped resolve some of the challenges faced in the production and trading sectors.
His policies also helped spur industrial output especially in the processing and manufacturing industries. There is higher growth in exports and the nation’s trade deficit has been lowered.
Social security benefits have also been maintained while political and public security are well managed under his administration.
Vietnam’s economy was not too troubled by the back debt issue last year and the confidence level of foreign investors has improved and they are returning to the country.
According to the Planning and Investment Ministry, foreign direct investment into the country amounted to US$7.4046 million (RM24.472 million)with 769 new projects approved between Jan 1 and Aug 20 this year.
There has also been a rapid increase in new businesses being registered and the number of enterprises ceasing operations has declined.
Dung’s policies and solutions have also begun to bear fruits after 10,000 enterprises which were forced to halt operations last year are now back in business.
Although his administration was initially criticised, George Mason University professor in international politics, Nguyen Manh Hung said Dung consolidated his position after the seventh central committee plenum, as he had demonstrated his ability to lead his nation through troubled waters.
Dung has shown the Vietnamese that he has one of the sharpest minds in Asia and this is reflected in the way he overcame the country’s economic challenges and they way he lead the nation through difficult times with his solid leadership qualities.
When the economy slipped from being an Asian dragon to one mired in bad debts, Dung came to the fore with his resolute economic policies.
He had to make difficult decisions such as sacrificing economic growth and reigning inflation as well as cutting away the tumor in state owned companies that once were the bright spots of economic growth and socialism.
Dung, a former soldier said “I take responsibility of Vinashin” in front of the National Assembly and this is regarded as one of the most difficult statement made by one of the youngest prime minister in Vietnamese history since 1975.
A recent poll on confidence in Vietnam showed that Dung had the support of 70 per cent of the population.
However, this does not reflect his true capabilities as many leaders around him had received votes of high confidence, but remained idle and had no major achievements.
Instead of being disappointed with the poll results, Dung was determine to remain steadfast to the path that he had chosen. He did not want to drop the tough fiscal policy he had implemented to stabilise the macro-economy and contain inflation.
He continued to observe a tight foreign policy exchange and continued to operate a declining interest rate policy which are in line with inflation slow down policies despite the dissatisfaction expressed by those in the finance and property sectors.
Dung may lose some support from these groups but he has certainly gained the people’s support as the economy has started to show positive signs of growth and there has been a increasing support for his social security transformation programme.
His economic policies and his grasp on international affairs has taken him to new heights, especially after the Shangri-la dialogue, where he appeared to be one of the most influential Asian politician. He was very persuasive in the quest for peace, stability and safety in the Eastern Sea, the most important sea lane in the region.
Dung is determined to solve conflicts by adopting peaceful means and also by observing international law. He is tactical in dealing with domestic and international challenges and he does not let opportunities slip by.
With economic and social development being pushed by him, it would be difficult for Vietnam to find an alternative candidate that is stronger than Dung - a true Vietnamese leader taking the nation forward.
