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Economy set to grow 6.5-7 percent in next five years
  • | VGP | March 21, 2016 08:03 PM
Deputy PM Nguyen Xuan Phuc presented a string of measures to promote socio-economic development in the 2016-2020 period at the 11th  session of the 13th National Assembly in Hanoi on March 21.


Deputy Prime Minister Nguyen Xuan Phuc speaks at the meeting

The Government figured out top tasks, including (1) ensuring macro-economic stability, striving for a higher economic growth; (2) speed up strategic breakthroughts, restructuring the economy in combination with growth modal transformation, higher productivity, efficiency, and competitiveness; (3) developing culture, enforcing democracy, social advance, ensuring social security, strengthening social welfare and improving people’s living standards; (4) actively responding to climate change, efficiently managing natural disasters; protecting the environment; (5) enhancing national defence, security, persistently safeguarding independence, sovereignty, national integrity, ensuring political security and social order; (6) boosting the quality of foreign affairs and active international integration; (7) prerfecting peace, stability, creating favourable environment and conditions for national building and protection; and (8) raising national status at international arena and trying to convert Viet Nam into a modern, industrialized country.  

Specific norms

On behalf of the Government, Deputy PM Phuc pointed out key goals on three aspects namely economics, society, and the environment.

The Government targets a 6.5-7% annual economic growth in the next five years. By 2020, a GDP per capita would touch around US$3,200-3,500. Total social investment would account for 32-34% of GDP. Meanwhile, State budget overspending would be kept to around 4% of GDP.

By 2020, the rate of agricultural labour would be around 40%. Trained labour rate would reach around 65-70%. Unemployment rate in urban areas would fall to under 4%. Healthcare insurance coverage would exceed 80% of the population. The rate of poor households would decrease yearly by 1-1.5%.

By 2020, 95% of urban residents and 90% of rural people would access clean and hygienic water. As much as 85% of hazardous waste and 95-100% of medical waste would be treated. Forest coverage would meet 42%.

To realize the aforesaid goals, Deputy PM Phuc also came up with eight solutions as follows:

Firstly, developing the socialist oriented-market economy, stabilizing the macro-economy, generating a sound environment and impetus for socio-economic development;

The Government would perfect the market economic regulations in a synchronious and modern manner; ensure fair and transparent competition among different types of enterprises; regulate interest rates and exchange rates in accordance with market regulations; raising foreign reserves; gradually restructuring State budget collection and spending; striving for less overspending.

It also targets to tighten and effectively spend public debts and mobilize non-State resources for development investment.

Secondly, accelerating economic restructuring on a pair with growth modal renovation, higher productivity, efficiency, and competitiveness;

The Government would speed up the restructuring of SOEs, focusing on equitization and withdrawal of non-core investment; create favourable ways for Vietnamese enterprises, especially private ones.

Thirdly, improving manpower quality, enhancing creations, scientific applications, as well as labour productivity;

Fourthly, developing culture and ensuring social equality; raising people’s living standards;

Accordingly, social insurance beneficiaries would be expanded. Unemployment policies will be conducted properly.  

Fifthly, actively responding to climate change and preventing natural disasters; strengthening management of natural resources and the environment by perfecting the legal system and boosting international cooperation; and strictly punishing infringements.

Sixthly, improving State management efficiency, ensuring the rights to freedom and democracy; promoting anti-corruption, anti-wastefulness; settling complaints and accusations.

The Government would focus on the administrative reform and create the best ways for both people and enterprises; building the public staff contingent with good virtue, morals, competence, responsibility and profession.

It also aims to bolster IT applications and service lease and build the national database and e-Government.

Seventhly, strengthening national security, safeguarding the national sovereignty, national integrity, ensuring political security and social order; maintaining socio-political stability, creating a peaceful environment for national building and development;

Eighthly, improving the quality of foreign affairs and actively stepping up international integration;

The Government would cement and deepen relations with partners in a practical manner with regard to national interests; improve multilateral diplomatic activities, especially within ASEAN and with the UN; strengthen international and regional cooperation to ensure national defence, security, and protection of national sovereignty; persistently promote dispute settlement via peaceful measures on the basis of international law and regional agreements.

It also targets to fruitfully realize international commitments, signed negotiated FTAs, and negotiate for new ones.

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