Vietnam feels economic pinch

Though Vietnam's economy had remained stable even amidst the current global economic crisis, it was beginning to show signs of decline, resolutions of a government meeting said.
The industrial production value has fallen by 4.4 per cent compared with the same period last year (an 8.6 per cent decrease from December).
Export turnover in January had also dropped, as have foreign direct investments.
Minister of Planning and Investment Vo Hong Phuc predicted that foreign direct investments would reduce significantly during 2009-10, compared to the previous year, due to complicated and difficult happenings in the domestic and world economies.
To cope with these difficulties, the government had already instructed ministries, industries, cities and provinces to implement resolutions on socio-economic development, beginning at the start of this year.
The Ministry of Labour, Invalids and Social Affairs (MoLISA) is planning to provide vocational training and intensify job creation in rural areas to cope with the potential influx of jobless workers returning home from cities.