Vietnamese economy at risk of lagging behind regional countries: expert

Vietnamese economy is at risk of lagging behind regional countries as it shows no clear signs of recovery, Tran Dinh Thien, head of the Vietnam Institute of Economics, said Thursday.

Addressing the Autumn Economic Forum opened in Vietnam's central Hue city on Thursday, Thien said that the country's economy has not made any significant progress since 2007, adding that no aggressive action was taken by the government to accelerate an economic restructuring plan.

Tran Du Lich, member of the National Assembly's Economic Committee, warned that economic challenges in 2013 would linger into next year, citing structural weaknesses of the economy as the principal reason.

In addition to existing challenges, the budget deficit has emerged as the new threat to macroeconomic stability in 2013, said Lich.

He stated that this issue needs to be included on the agenda of the upcoming session of the National Assembly, which is set to open in late October.

Vietnam's economy posted a growth rate of 5.14 percent in the first nine months of 2013, higher than the same period last year but still lower than expected.

The country set a target of achieving 5.5 percent of economic growth rate in 2013.

In 2012, the country's economy expanded by 5.03 percent, the slowest pace in more than a decade.