Vietnam expects to fulfill 5-year socio-economic plan

(VOVWORLD) - Vietnam’s economy continued to grow steadily in the past nine months while the macro-economy was stable, inflation was reined in, the economy was balanced, social security was ensured, and people’s lives improved. This year is the second consecutive year Vietnam has achieved all 12 targets assigned by the NA, creating a firm foundation for fulfilling the 5-year socio-economic development plan until 2020.
Vietnam expects to fulfill 5-year socio-economic plan  - ảnh 1Prime Minister Nguyen Xuan Phuc speaks at the NA session on October 21, 2019

In a report on implementation of the 2019 socio-economic development plan presented at the ongoing session of the National Assembly, Prime Minister Nguyen Xuan Phuc said Vietnam will achieve all the targets set for this year.  

Macro-economy maintained

Despite numerous challenges at home and abroad, Vietnam has gained significant achievements in various fields. The macro-economy has been stable. This year’s GDP growth rate is expected to be 6.8%, inflation to be kept below 3%, and the budget surplus to amount to 3.4% of the GDP. Vietnam has implemented flexible monetary and fiscal policies and surpassed its revenue target. The economy has been restructured effectively and people’s lives have improved. Prime Minister Nguyen Xuan Phuc said: “In 50 years of implementing President Ho Chi Minh’s testament, Vietnam’s achievements have encouraged the public, enterprises, and domestic and foreign investors. Foreign organizations and partners have praised Vietnam as a bright spot. Vietnam ranks 8th among the world’s best investment destinations in 2019. The World Economic Forum praised Vietnam’s improved competitiveness in the pillars of mechanism, infrastructure, and skills.”

Reporting on the implementation of this year’s plan and the plan for next year, Prime Minister Phuc said Vietnam’s industrial production has grown with a focus on processing and manufacturing industries. The agriculture sector has recorded great achievements in fisheries, forestry, and livestock production. Vietnam has also progressed in foreign relations activities and international integration. The government has focused more on dealing with urgent socio-economic problems such as climate change in the Mekong River Delta.

Focusing on macro-economic stability, inflation control, and improved competitiveness

Prime Minister Phuc said he believes Vietnam’s status will continue to grow with stable politics, a stable society, and increasing public trust. But, he said, Vietnam’s economy still faces problems which will require taking advantage of the 4th Industrial Revolution and the current golden population structure before Vietnam enters the aging population stage. Vietnam intends to successfully implement the 5-year socio-economic plan until 2020, stabilize the macro-economy, control inflation, and increase the productivity, quality, efficiency and competitiveness of the economy. Vietnam will continue to strengthen innovation, fine-tune its institutions, mobilize resources, improve the business environment, strengthen national security and defense, enhance external relations and international integration, fulfill the roles of ASEAN Chair in 2020 and Non-Permanent Member of the UN Security Council in the 2020-2021 tenure, maintain national independence, sovereignty, territorial integrity, a peaceful and stable environment for development, and raise Vietnam’s status internationally. Mr. Phuc said: “Vietnam’s major targets in 2020 include a GDP growth rate of 6.8%, CPI below 4%, export value increase of 7%, a 5% difference between surplus import and export value, and total social investment amounting to 33-34% of GDP. Vietnam plans to reduce poverty 1-1.5% and the percentage of poor districts by 4%.”

To fulfill these targets, the Prime Minister asked Ministries, sectors, localities, and enterprises to fine-tune the socialist-oriented market economy, create favorable conditions for socio-economic development, maintain macro-economic stability, strengthen national security and defense, and enhance external policies and international integration. Vietnam will continue to pursue a foreign policy of independence, self-reliance, multilateralization, diversification, and strengthening ties with other countries.