Eastern Mennonite University

Level II

Chapter 6
Reading

Self and Teacher Assessment

IC3, IT, TOEFL, Best Answer
English | Vietnamese
Assessment

Domestic Economics

Self- and Teacher Evaluation

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In this chapter you have learnt how to skim, scan, find out context synonyms and summarize a paragraph. Read the article and answer the questions below within a limited time of 20 minutes.

Reading:

Vietnam PM affirms commitment to economic reform

  1. Prime Minister (PM) Phan Van Khai has affirmed Vietnam's determination to continue with the renewal policy, step up economic reform and deepen economic integration, regionally and internationally at the Opening of the "Investing in Vietnam - Insights, Strategies, and Prospects" forum in Ha Noi on Aug 17, 2004. The two-day forum involved more than 500 delegates from the local, Singaporean and other regional business communities. Representatives of the United States, the European Union, the World Bank and the United Nations Development Programme also attended the event jointly organized by Keppel Corp., Temasek Holdings, International Enterprise Singapore and Vietnam's Ministry of Planning and Investment.
  2. Speaking at the event, acting Minister for Finance and senior Minister of State for Foreign Affairs of Singapore Raymond Lim expressed his hope that the discussions at the forum will provide feedback on how Singaporean and Vietnamese enterprises could collaborate with and complement each other. He identified five key areas, namely finance, air and sea transportation, information, services and investment, where Vietnam and Singapore can build up economic connectivity. By developing these five areas of connections, Singapore hoped to create conditions that would allow each country to take advantage of the other's competitive strength. The move, Lim added, will offer a more comprehensive and compelling business proposition for investors and businessmen in a broad range of areas. He went on to say that such a partnership would not only benefit Singapore and Vietnam, but also contribute to the long-term stability, resilience and prosperity of the Association of Southeast Asian Nations (ASEAN).
  3. Prime Minister Phan Van Khai affirmed that the Vietnamese government always appreciates the role and important significance of its multi-faceted cooperation ties with Singapore. He noted that Singapore has been a leading trade partner and investor among nearly 70 countries and territories investing in Vietnam. With the implementation of the Vietnam-Singapore joint proposal on economic connectivity, PM Khai said he hoped that opportunities and prospects would be created for Singaporean as well as other foreign investors doing business in Vietnam.
  4. PM Khai presented four major tasks for the Vietnamese Government in maintaining a high economic growth rate and doubling the national GDP (Gross Domestic Product) by 2010 compared to the year 2000, based on the policy of fully tapping internal resources while taking advantage of foreign assistance.
  5. He stressed that most important is to create a stable and consistent environment and legal framework for investors, both domestic and foreign, to make long-term investment in the country. The Vietnamese Government has submitted to the National Assembly for approval bills to this end, namely a bill on competition and anti-monopoly, a unified enterprise bill and a common investment law, which will be applied to businesses of all sectors. Existing laws will also be revised to make them compatible with regulations of international and regional institutions of which Vietnam is aspiring to gain membership.
  6. The second task for Vietnam is to accelerate the reform of its State-owned enterprises to improve their operation. The PM said his government will speed up the equalization of State-owned businesses, including major ones in key sectors such as electricity supply, metallurgy, engineering, chemicals, construction, transportation, aviation, banking and insurance. Regarding foreign investment, the Vietnamese Government plans to announce detailed policies and measures in the near future to create a breakthrough in attracting the FDI (Foreign Direct Investment) flow, especially investment from multinational groups, into important fields, especially high-tech industries.
  7. The third task is to continue building uniform institutions for a market economy and developing various types of markets, including the capital market, the stock market, the monetary market and the real estate market. Due attention will also be given to the labor and science-technology markets.
  8. On the fourth task, PM Khai said Vietnam would continue its integration process by implementing its commitments and road maps aimed at international economic integration, while making necessary preparations in order to join the World Trade Organization soon.
  9. Apart from these four priorities, the PM said the Government plans to focus on upgrading its socio-economic infrastructure, especially in telecommunications and information technology, while striving to fulfill its 2001-2010 administrative reform program towards building a transparent, strong and effective administration. The forum is a good opportunity for investors to inquire into Vietnam's investment environment and also creates chances for direct contacts between potential investors and representatives of Vietnamese government agencies. (VNA)

(Source: http://itpc.hochiminhcity.gov.vn/English/business_news/business_day/Folder.2004-08-18.1125/News_Item.2004-08-18.2352)

Read the article above and answer the following questions

1. What is the topic sentence of Paragraph 6?

2. What are five key areas mentioned by the P.M.?

3. What do the following abbreviations and numbers mean?

a. August 17, 1004

b. P.M

c. 70

d. 500

e. ASEAN

f. FDI

g. GDP

4. How many tasks are discussed in the article?

5. Who is Raymond Lim?

6. Did Temasek Holdings attend the forum?

7. Summarize the article in your own words

8. Why is the forum a good opportunity for investors to inquire into Vietnam's investment?

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