Vietnam needs to change growth model: Deputy PM

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Vietnam has to change its growth model in 2011 as the country's economy has thus far only achieved fast but not sustainable growth, says Deputy Prime Minister Nguyen Sinh Hung.

Speaking at a press briefing in Hanoi on Friday, he said the economy had expanded 6.78 percent in 2010, higher than the target of 6.5 percent.

But there were still weaknesses, including economic instability and a high inflation rate of 11.75 percent, causing difficulties for citizens, he said.

Besides, interest rates were still high while many business depend on financing from banks.

"In 2011, the government is determined to change the growth model and restructure the economy for fast and sustainable economic growth," he was quoted by the Vietnam Economic Times as saying.

"This means the government has identified stability as the number one goal and it will not pursue growth at all costs," he said.

Vietnam is aiming for a 7 percent growth in 2011.

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