Vietnam’s prime minister made a public apology yesterday for mismanaging the economy, extending a wave of self-criticism in the ruling Communist party after a series of scandals and the arrest of business figures.

Nguyen Tan Dung told the opening session of Vietnam’s National Assembly that his government had made mistakes in policies that led to large losses at banks and state-run companies such as shipbuilder Vinashin, as well as inefficiencies in the system. He lowered the 2012 growth target to 5.2 per cent from a range of 5.2 to 5.7 per cent, which brings it into line with World Bank projections and would be the slowest growth since 1999.

“I recognise my political responsibility and my faults,” he said. “We have learnt our lesson,” he said.